TCRAP_Public/070216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, February 16, 2007, Vol. 10, No. 34

                            Headlines

A U S T R A L I A

ACACIA DEVELOPMENTS: To Declare Dividend on March 26
ACCANTIA HEALTH: Members' Final Meeting Set for March 20
ADVANCED MARKETING: Wants to Employ Focus Management as Advisors
APN NEWS: Board Recommends Consortium's AU$6.10-Per-Share Offer
BAYSIDE MANAGEMENT: Liquidator to Present Wind-Up Report

BRIGHTPOINT: Earns US$9.7 Mil. in Quarter Ended Dec. 31, 2006
CHURCH & DWIGHT: Reports US$138 Million Net Income for FY2006
ENESCO GROUP: Has Until Feb. 28 to File Schedules & Statement
ENESCO GROUP: Court Approves Shaw Gussis as Bankruptcy Counsel
EPPERSTONE PTY: To Declare First and Final Dividend on April 5

FIRST NATIONAL (FINANCE): Creditors Must Prove Debts by March 8
FIRST NATIONAL (LIMITED): To Declare Interim Dividend on March 9
FLEET SYSTEMS: Proofs of Debt Due on March 8
GEO GROUP: Finalizes Pricing for New US$365 Million Term Loan B
GLOBUS TOURISM: Shareholders' Final Meeting Set on March 14

HOUSEBOAT INDUSTRIES: Names R. A. Sutcliffe as Liquidator
JAMES HARDIE: ASIC Commences Civil Proceedings
THC SOLUTIONS: Receiver and Manager Resigns from Post


C H I N A   &   H O N G  K O N G

AMPLE INTERNATIONAL: Court to Hear Wind-Up Petition on March 21
ASIA ALUMINUM: Moody's Reviews B1 Ratings for Possible Downgrade
ASIA ALUMINUM: Ratings Unaffected by Delay of Results, S&P Says
ASIA MEDICINE: Wind-Up Hearing Slated for March 21
BANK OF CHINA: Looks to Buy Abroad

BANK OF CHINA: Scraps US$74 Million Fund as Yuan Rises
CHINA CONSTRUCTION: Starts Mobile Phone Stock Market Services
CHINESE CLUB: Liquidation Hearing Set for March 21
CITIC GROUP: Joins GE Capital on AsiaSat Take-Over Bid
EASTAR INDUSTRIES: Amended Petition to be Heard on February 21

GILLE LIMITED: Members' Final Meeting Slated for March 13
HEGEL LIMITED: Creditors Must Prove Debts by March 9
OMERAS ASIA: Petition Hearing Slated for March 21
SILVERETTE LIMITED: Members and Creditors to Hear Wind-Up Report
UNIMASTER INVESTMENTS: Creditors Must Prove Debts by February 23

VESTA LIMITED: Members to Meet on March 13
YAMAHA MOTOR: Members' Final General Meeting Set on March 15
ZTE CORP: Joins Samsung to Develop 3G Mobile Base Stations
ZTE CORP: Inks Agreement to Produce Vodafone Handsets


I N D I A

AES CORP: Buys Alstom & Exelon Coke-Fired Plants for US$611 Mil.
AES: EDC Stake Sale to Gov't Won't Affect Ratings, Fitch Says
BHARTI AIRTEL: Enters Infrastructure Sharing MOU with Vodafone
BHARTI AIRTEL: Group Can Buy Vodafone's 5.6% Stake for US$1.6BB
BHARTI AIRTEL: Ties Up with GSMA for Money Transfer Program

BRITISH AIRWAYS: GMB Union Rejects Pension Offer; Warns Strike
BRITISH AIRWAYS: New Baggage Charging Policy Takes Effect
INDEPENDENT NEWS: APN Board Accepts AU$6.10-Per-Share Offer
INDIAN OVERSEAS BANK: Net Profit Ups 25% in December '06 Quarter
INDIAN OVERSEAS BANK: Names New Central Statutory Auditors

JIK INDUSTRIES: Plans Debt & Equity Issue; Board to Meet Feb. 9


I N D O N E S I A

ALCATEL-LUCENT: Partner Company Launches Content Services
ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts
BANK INDONESIA: Asks Market Not To Be Aggressive to SBI Decrease
HANOVER COMPRESSOR: Call for Partial Redemption is on Feb. 28
MEDCO ENERGI: To Set Up Subsidiary and Release Shares Via IPO

NORTEL: Achieves First Multi-Vendor Live MIMO-Powered WiMAX Call
PERTAMINA: Wants to Acquire Operational Oil Blocks in Sudan
PERTAMINA: Competes in Tender for Makasar Oil and Gas Blocks


J A P A N

ATARI INC: Posts US$47-Mil. Net Revenue in Quarter Ended Dec. 31
BANCO BRADESCO: Posts BRL6.4 Bil. Net Income in Full Year 2006
BANCO BRADESCO: Plans to Increase Capital by US$1.81 Billion
CNET NETWORKS: Files Amended 2005 Annual Report with SEC
CNET NETWORKS: Debt Payment Prompts S&P to Withdraw Ratings

JAPAN AIRLINES: To Further Cut Fuel Surcharges On Passenger Fare


K O R E A

BURGER KING: To Sell 23 Mil. Shares in Secondary Public Offering
CLOROX CO: Dec. 31 Balance Sheet Upside-Down by US$33 Million
CLOROX CO: Declares US$0.31 Per Share Quarterly Dividend
CLOROX CO: Richard Carmona & Edward Mueller Elected to Board
DYNCORP INT'L: Posts US$517.5 Million Third Quarter 2007 Revenue

TOWER AUTOMOTIVE: Panel Wants Stutman as Special Counsel
TOWER AUTOMOTIVE: Seeks to Lift Stay in Delphi's Case
TOWER AUTOMOTIVE: Completes Lansing Factory Sale to Woodbridge
* Moody's Says Successful Nuclear Accord Positive for SK Ratings


M A L A Y S I A

PUTERA CAPITAL: Unit Completes Sale & Purchase Agreement w/ MAAB
SOUTH MALAYSIA: RCSLS Holders' Meeting Slated for February 28
SUREMAX GROUP: Bursa to Suspend Trading of Securities on Feb. 21
SUREMAX GROUP: Appoints Two New Directors to Subsidiaries
TAP RESOURCES: Unit Receives Court's Wind-Up Order

TECHVENTURE BERHAD: Reveals Proposals Under Regularization Plan
SOLECTRON CORP: Michael Cannon Resigns as CEO; Joins Dell
TENGGARA OIL: Trading of Securities to be Suspended Today


N E W   Z E A L A N D

AIR NEW ZEALAND: Agrees to Terminate Agreements with Qantas
AIR NEW ZEALAND: EPMU to Pursue Legal Action After Failed Talks
B C AND P: Names Joint Liquidators
C R P INDUSTRIES: Liquidation Hearing Slated for March 15
DIVERSIFIED ENGINEERING: Proofs of Claim Due on April 30

EAST COAST: Court Hears Liquidation Petition
INDIAN FOOD: Faces Liquidation Proceedings
MOWBRAY COLLECTABLES: Posts NZ$315,000 Interim Operations Profit
NZ WINDFARMS: Orders 14 New Windflow 500 Turbines
NZ WINDFARMS: Confirms JV with Babcock and Brown and Nat'l Power

PACIFIC EDGE: Chris Swann Is New Board Chairman
PACIFIC EDGE: Posts NZ$1MM Interim Net Loss for 6 Mos. to Sept.
PICK TIMBER: Court Sets Liquidation Hearing on March 15
ROCK EQUIPMENT: Court Appoints Joint Liquidators
STARSHIP AUTOMOTIVE: Crichton and Horne to Act as Liquidators

TEKNOW (NZ): Court to Hear CIR's Liquidation Petition
W D JONES: Creditors' Proofs of Claim Due on March 9
WANDERLUST HOLIDAYS: Liquidation Hearing Slated for Feb. 22


P H I L I P P I N E S

UNION BANK: 2006 Net Income Drops 8.8% to PHP2.51 Billion
UNIVERSAL ROBINA: Net Income Up 388% in December '06 Quarter


S I N G A P O R E

ADVANCED MICRO: Raj N. Master Takes Corporate Fellow Position
COMPACT METAL: Completes Restructuring & Debt Purchase Agreement
COMPACT METAL: Directors Take More Direct Shares
DRESDNER ASSET: Creditors Must Prove Debts by February 26
LEAR CORP: Shareholder to Vote Against American Real's Buyout

LEAR CORP: To Unveil First Quarter 2007 Results on April 25
THYE CHEONG: Court to Hear Wind-Up Petition on February 23
VANDASHIMA (SINGAPORE): To Receive Claims Until March 9


T H A I L A N D

BANGKOK BANK: Profit Ups 3.4% in 4Q But Falls 12% In Full Year
BANGKOK BANK PCL: Cuts Fixed-Deposit Rates by 3.75% to 4.25%
THAI AIRWAYS: Gets US$10MM Off Airbus Jets Due to Delivery Delay
TMB BANK: Cuts Fixed Deposit Rates From 4.25% to 3.25%


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ACACIA DEVELOPMENTS: To Declare Dividend on March 26
----------------------------------------------------
Acacia Developments Pty Ltd will declare a first and final
dividend for its creditors on March 26, 2007.

Creditors must submit their proofs of debt by March 9, 2007, to
be included in the distribution of dividend.

The liquidator can be reached at:

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

                   About Acacia Developments

Acacia Developments Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


ACCANTIA HEALTH: Members' Final Meeting Set for March 20
--------------------------------------------------------
The members of Accantia Health & Beauty Pty Ltd will hold a
final meeting on March 20, 2007, at 10:00 a.m.

At the meeting, the members will receive the liquidator's report
on the company's wind-up proceedings and property disposal
exercises.

The liquidator can be reached at:

         Robyn Beverley McKern
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3100
         Web site: http://www.mcgrathnicol.com

                      About Accantia Health

Accantia Health & Beauty Pty Ltd is engaged in pharmaceutical
preparations.

The company is located in Victoria, Australia.


ADVANCED MARKETING: Wants to Employ Focus Management as Advisors
----------------------------------------------------------------
Advanced Marketing and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware for
authority to employ Focus Management Group U.S.A. Inc. to
provide them with financial reporting, consulting and advisory
services in their Chapter 11 cases.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, relates that Focus has substantial
experience in both the financial analysis area and certain
insolvency services, having served in Chapter 11 cases on behalf
of debtors and creditors.

On March 8, 2006, the Debtors hired Focus for the purpose of,
inter alia, developing financial models and other tools to
assist in the Debtors' reporting to their senior secured
lenders.  To develop the models, Focus reviewed in detail the
Debtors' financial and operations reporting and systems.  Mr.
Collins says that Focus has developed a significant amount of
knowledge of the Debtors' businesses.

Specifically, Focus will:

   (a) prepare and, from time to time, update cash flow
       forecasts, other projections and other financial data for
       the Debtors;

   (b) assemble and prepare information for the Debtors' DIP
       lenders;

   (c) assist the Debtors in monitoring compliance with
       operating cash flow requirements as per the loan
       agreement with the Debtors' DIP lenders;

   (d) assist the Debtors in the preparation of reports to the
       United States Trustee;

   (e) assist the Debtors in complying with guidelines
       established by the U.S. Trustee;

   (f) assist the Debtors in connection with other financial
       operations and related tasks;

   (g) periodically communicate with and participate in meetings
       with the Debtors' management and other parties-in-
       interest regarding the Debtors' financial condition; and

   (h) perform other functions as requested by the Debtors,
       their legal counsel, and their financial advisors.

Mr. Collins adds that Focus' retention centers around its
familiarity from prepetition work with certain aspects of the
Debtors' books, records and financial reporting needs.

Focus will be working on a number of projects either in
conjunction with the Capstone Advisory Group, LLC, or under the
supervision of Capstone.

Moreover, Mr. Collins notes that it is necessary and essential
that the Debtors employ Focus to render the professional
services necessary to assist the Debtors with their duties as
debtors and debtors-in-possession.  "The Debtors believe that
Focus is well-qualified to serve them in these chapter 11 cases
and that the retention of Focus is necessary and in the best
interests of their estates and creditors," says Mr. Collins.

Robert O. Riiska, a managing director at Focus, assures the
Court that Focus' partners and associates do not have any
connection with or any interest adverse to the Debtors, their
creditors, or any other party-in-interest, or their attorneys.

Prior to the Dec. 29, 2006, the Debtors paid Focus US$1,044,850
for fees and expenses for prepetition services rendered by Focus
to the Debtors, as well as to serve as retainer, of which
US$775,452 was received during the 90 days prior to the Petition
Date.  

After deducting fees and expenses previously billed -- and paid
-- and estimated unbilled prepetition amounts for prepetition
services rendered, US$346,626 remains as a retainer.  The
balance will be available to be applied to postpetition services
and any prepetition fees and expenses incurred but unprocessed,
prior to the Petition Date.

The Debtors will pay Focus its hourly fees and reasonable
expenses.  Focus' discounted hourly rate schedule for the
Debtors is:

   Designation                Hourly Rate
   -----------                -----------
   Managing Directors            US$375
   Senior Consultants            US$350

Traveling time to and from the Debtors' corporate headquarters
will not be charged to the Debtors; however, the Debtors will
pay for all costs and expenses incurred in connection with the
services provided.

The Debtors and Focus also agreed to certain indemnification
provisions.

                      About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom, and
Australia, and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than $100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


APN NEWS: Board Recommends Consortium's AU$6.10-Per-Share Offer
---------------------------------------------------------------
The Board of Directors of APN News & Media has agreed to
recommend an increased offer of AU$6.10 per share for all the
shares in APN from a consortium comprising of:

   (a) Independent News & Media PLC -- 35%

   (b) Providence Equity Partners   -- 37.5%

   (c) The Carlyle Group            -- 27.5%

On Feb. 12, 2007, APN entered into a Scheme Implementation
Agreement with Independent News & Media (Australia) Limited, the
consortium acquisition vehicle.  The acquisition will be
implemented by a Scheme of Arrangement, which requires the
approval of APN shareholders and approval by the Court.

An independent committee of the Board of APN formed to assess
the proposal recommends that shareholders vote in favor of it in
the absence of a superior proposal.

Ted Harris chaired the subcommittee that negotiated with the
consortium.  The other members were Sir Wilson Whineray and
Kevin Luscombe.  They appointed Grant Samuel as financial
advisor and Blake Dawson Waldron as legal advisor.

Mr. Harris said the recommendation of the committee is supported
by the full APN Board, and all independent directors intend to
vote in favor of the offer in respect of APN shares they own or
control.

In reaching its recommendation, Mr. Harris said the committee
placed particular emphasis on:

   * APN's closing share price on Oct. 20, 2006, which was
     AU$5.43, the day of the first approach by the consortium;

   * The offer of AU$6.10 represents a 21.3% premium to the 30-
     day VWAP of AU$5.03 prior to the introduction of media
     legislation into Parliament on September 14, and a 17.1%
     premium to the 30-day VWAP prior to October 20 of AU$5.21;

   * The offer is at a significant premium to research analysts'
     valuations immediately preceding speculation of an offer
     from the consortium;

   * INM's existing 41.6% shareholding and its stated intention
     that it would not otherwise sell out of APN means a
     competing proposal is highly unlikely; and

   * The offer represents a multiple of 13.0 times estimated
     2006 attributable EBITDA(1).  This multiple compares
     favorably with multiples for comparable recent media
     transactions.

"After negotiating the increase from the initial proposal of
AU$6.02 per share to a final offer of AU$6.10, the independent
committee has formed the view that the increased offer is in the
shareholders' best interests and we recommend all shareholders
vote in favour of the proposal," Mr. Harris said.

"The committee has no doubt that if the offer falls away the
price of APN shares will fall appreciably," Mr. Harris noted,
adding "the consortium has indicated that it has no plans to
change existing management."

The offer, which is inclusive of any final dividend that might
be paid, values APN at AU$3.8 billion on an enterprise value
basis, representing a multiple of 13 times estimated
attributable EBITDA(1) for the 12 months ended Dec. 31, 2006.

The committee has commissioned Deloitte Corporate Finance Pty
Limited to prepare an Independent Expert's Report for inclusion
in the Scheme Booklet, setting out Deloitte's opinion as to
whether the transaction is in the best interests of APN
shareholders.

It is the intention of the consortium that APN shareholders be
given an opportunity to reinvest some of the sale proceeds in a
subordinated note issue that is under consideration by the
consortium.

The proposal is subject to a number of customary conditions,
including approval by the FIRB in Australia and the New Zealand
Overseas Investment Office.  The principal conditions are
detailed in the annexure summarizing the Scheme Implementation
Agreement.

All outstanding convertible notes are to be converted to shares
to enable note holders to participate in the Scheme or redeemed.  
Accordingly, APN will give notice of early redemption to note
holders.  The number of shares on issue would increase to 498.1
million if all convertible notes are converted.

APN shareholders (other than INM, Providence, The Carlyle Group
and their associates) will be asked to approve the Scheme at a
shareholders' meeting expected to be held in late April 2007.
Full particulars of the Scheme will be set out in documents
expected to be mailed to shareholders in late March 2007.

APN's full year earnings announcement is scheduled for Feb. 20,
2007, but in the circumstances, APN advises that it estimates
2006 consolidated earnings before interest, tax and depreciation
of AU$348 million.  Excluding the impact of minority interests,
attributable EBITDA(1) is expected to be AU$292 million.  These
figures are unaudited and have not been reviewed by the APN
Audit Committee but are provided to allow shareholders to make
an informed comparison with relevant, recently announced media
transactions.  APN expects that 2006 earnings per share will be
in line with previous guidance, namely in excess of a 5%
increase on the prior year.

                         About APN News

APN News & Media Limited -- http://www.apn.com.au/-- is a major  
multi-media company listed on both the Australian and New
Zealand Stock Exchanges.  The Company operates in four segments:
publishing of newspapers, magazines, directories and general
printing; broadcasting of radio transmissions; outdoor, and
print.  

APN's New Zealand national publishing division includes The New
Zealand Herald, The Herald on Sunday, The Aucklander, the New
Zealand Woman's Weekly, The Listener and Creme. The regional
publishing division publishes 14 regional daily newspapers in
Australia.  The radio division has 12 Australian stations in key
metropolitan markets and 117 New Zealand stations broadcasting
across eight networks in all key cities and major regional
centers.  The APN Online division operates job Websites in
Auckland and regional Queensland, and mapping, directory and
online auction Websites.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on Jan. 30, 2007, listed APN News & Media's bond, with a
maturity date of October 31, 2008, and a 7.250% coupon, as
trading at 5.90%.


BAYSIDE MANAGEMENT: Liquidator to Present Wind-Up Report
--------------------------------------------------------
The members and creditors of Bayside Management (Australia) Pty
will meet on March 16, 2007, at 10:00 a.m.

At the meeting, Liquidator P. Ngan will present the accounts of
the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         P. Ngan
         Ngan & Co, Level 5
         49 Market Street
         Sydney, New South Wales 2000
         Australia

                    About Bayside Management

Bayside Management (Australia) Pty Ltd is engaged in the
arrangement of transportation of freight and cargo.

The company is located in New South Wales, Australia.


BRIGHTPOINT: Earns US$9.7 Mil. in Quarter Ended Dec. 31, 2006
-------------------------------------------------------------
Brightpoint, Inc., reported its financial results for the fourth
quarter and year ended Dec. 31, 2006.  Unless otherwise noted,
amounts pertain to the fourth quarter of 2006.

In May 2006, the company's Board of Directors approved and the
company effected a 6-for-5 common stock split in the form of a
20% stock dividend.  

"Our fourth quarter revenue of US$677 million and over 15
million wireless devices handled were all time quarterly
records," stated Robert J. Laikin, Brightpoint's Chairman of the
Board and Chief Executive Officer.  "The global demand for
wireless devices continued to be healthy as reflected in Q4 with
a sell-in estimate of over 280 million units.  In the first
quarter of 2007, I expect to see a normal seasonal sequential
decline in the range of 10% to 15% for the industry.  In 2006, I
believe approximately 975 million devices were shipped on a
global basis.  I remain bullish on the global wireless device
industry and believe the wireless devices sell-in range for 2007
to be 1.1 billion to 1.2 billion units, representing solid
double-digit growth year-over-year.  We remain optimistic on
Brightpoint's growth prospects in 2007.  Last year Brightpoint
was awarded several major contracts, and 2007 will be a year of
implementation and integration.  Our business development
efforts remain strong in 2007 and we believe that we are well
positioned in the value chain to take advantage of the many
global opportunities within the wireless industry."

Tony Boor, Brightpoint's Chief Financial Officer said "in 2007
we will focus on executing upon the multiple new opportunities
we were awarded in 2006.  We will also pursue additional
strategic initiatives in an effort to continue our growth trends
and to build upon our global brand equity."

Brightpoint experienced a year-over-year increase in wireless
devices handled of 6% during the fourth quarter of 2006 and
year-over-year growth in revenue of 7%.  Wireless devices
handled through logistic services were 76% of total wireless
devices handled for both the fourth quarter of 2006 and the
fourth quarter of 2005.

Gross margin for the fourth quarter of 2006 decreased to 6.2%
from 6.9% in the fourth quarter of 2005.

Operating income from continuing operations was US$12.0 million,
a decrease of 26% from the fourth quarter of 2005.  The year-
over-year decrease in Operating Income for the quarter was
driven by a US$1.8 million decrease in gross profit combined
with a US$2.4 million increase in SG&A expenses.

The effective income tax rate in the fourth quarter of 2006 was
21.0% compared to 23.8% in the fourth quarter of 2005.  The
decrease in the effective income tax rate was the result of the
recognition of certain deferred tax assets not previously
recognized, the release of a contingency reserve for which the
statute of limitations expired and the release of a contingency
reserve for which the potential expense was no longer deemed
probable.

Cash and cash equivalents (unrestricted) were US$54.1 million at
Dec. 31, 2006, a decrease of US$49.5 million from Sept. 30,
2006.  The company's liquidity (unrestricted cash and unused
borrowing availability) was approximately US$129.8 million as of
Dec. 31, 2006, compared to US$202 million as of Sept. 30, 2006.

Cash conversion cycle days increased to 22 days for the fourth
quarter of 2006 from 11 days for the third quarter of 2006.  The
increase in cash conversion cycle days as well as the decrease
in cash and liquidity was due to vendor payments related to
significant purchases of wireless devices near the end of
September and December 2006 in connection with the expanded
global relationship with a major original equipment
manufacturer.  This expanded global relationship is still in its
launch and development stage, and we intend to improve our
liquidity and cash conversion cycle as the related new sales
channels are solidified and as the new distribution model is
rationalized.

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of  
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland, the
Philippines, the Slovak Republic, United Arab Emirates, and the
United States. The company's customers include mobile operators,
mobile virtual network operators, resellers, retailers and
wireless equipment manufacturers.  Brightpoint was incorporated
in 1989 under the name Wholesale Cellular USA, Inc. and changed
its name to Brightpoint Inc. in 1995.

                          *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CHURCH & DWIGHT: Reports US$138 Million Net Income for FY2006
-------------------------------------------------------------
Church & Dwight Co. Inc. reported net income for the year ended
Dec. 31, 2006 of US$138.9 million over last year's US$122.9
million.

Net sales were US$1,945.7 million for full year 2006, a US$209.2
million over last year's US$1,736.5 million.  Adjusting
primarily for revenue related to acquisitions, organic sales
growth for the year was approximately 2%.

"We accomplished three important objectives in 2006" James R.
Craigie, President and Chief Executive Officer, commented.  
"First, we achieved our primary objective of expanding gross
margins despite commodity price increases.  Second, we delivered
solid organic revenue growth. Finally, we continued to generate
significant free cash flow.

"In 2007, we expect to deliver continued improvement in
shareholder value with another strong year marked by organic
revenue growth, gross margin expansion, and strong free cash
flow."

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium  
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France, and
Spain.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service upgraded the corporate family rating
of Church and Dwight Company Inc. to Ba1 from Ba2.  The outlook
is stable.


ENESCO GROUP: Has Until Feb. 28 to File Schedules & Statement
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
gave Enesco Group, Inc., and its debtor-affiliates until Feb.
28, 2007, to file its Schedules of Assets and Liabilities and
Statement of Financial Affairs.

                  Thousands of Creditors

The Debtors had asked for the extension citing that their
business includes operations in Illinois and throughout the
world.  The Debtors believe that there may be thousands of
creditors and other interested parties that likely will be
included in its Schedules and Statements.

The Debtors contend that they have not had an opportunity to
gather the information necessary to prepare and file their
Schedules and Statements

                          Asset Sale

The Debtors disclose that on Jan. 11, 2007, it an agreement in
principal with the Lenders and a potential purchaser of
substantially all of the Debtors' assets regarding the material
terms and conditions under which the potential purchaser would,
subject to Court approval, purchase the Debtors' business
assets, including a significant portion of the Debtors
prepetition liabilities.

As reported in the Troubled Company Reporter on Jan. 24, 2007,
the Debtors entered into a definitive asset purchase agreement
with an affiliate of Tinicum Capital Partners II, L.P.

The Debtors believe that the sale of their assets will result in
a dramatic reduction of claims and prepetition creditors that
need to be disclosed on the Statements and Schedules and reduce
the administrative burden on Debtors in preparing such
Statements and Schedules.

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home  
and garden d,cor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.  With subsidiaries in Europe, Canada and a business unit in
Hong Kong, Enesco's international distribution network leads the
industry.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


ENESCO GROUP: Court Approves Shaw Gussis as Bankruptcy Counsel
--------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Illinois gave Enesco Group, Inc., and its debtor-affiliates
authority to employ Shaw Gussis Fishman Glantz Wolfson & Towbin
LLC as its general bankruptcy counsel.

Shaw Gussis will:

    a. give the Debtors legal advice with respect to their
       rights, powers and duties as debtors-in-possession in
       connection with administration of their estates,
       operation of their businesses and management of their
       properties;

    b. advise the Debtors with respect to asset dispositions,
       including sales, abandonments, and assumptions or
       rejections of executory contracts and unexpired leases,
       and take such action as may be necessary to effectuate
       those dispositions;

    c. assist the Debtors in the negotiation, formulation and
       drafting of a chapter 11 plan;

    d. take action as may be necessary with respect to claims
       that may be asserted against the Debtors and property of
       their estates;

    e. prepare applications, motions, complaints, orders and
       other legal documents as may be necessary in connection
       with the appropriate administration of the Debtors'
       cases;

    f. represent the Debtors with respect to inquiries and
       negotiations concerning creditors and property of their
       estates;

    g. initiate, defend or otherwise participate on behalf of
       the Debtors in all proceedings before the Court or any
       other court of competent jurisdiction; and

    h. perform any and all other legal services on behalf of the
       Debtors that may be required to aid in the proper
       administration of their estates.

The Debtors disclose that as of Jan. 1, 2007, professionals of
the firm bill:

         Designation                   Hourly Rate
         -----------                   -----------
         Members                     US$325 - US$550
         Associates                  US$230 - US$290
         Paralegals and               US$60 - US$175
          Project Assistants

Robert M. Fishman, Esq., a member at Shaw Gussis, assures the
Court that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Mr. Fishman can be reached at:

         Robert M. Fishman, Esq.
         Shaw Gussis Fishman Glantz Wolfson & Towbin LLC
         321 North Clark Street, Suite 800
         Chicago, Illinois 60610
         Tel: (312) 541-0151
         Fax: (312) 980-3888
         http://www.shawgussis.com/

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home  
and garden d,cor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, Australia, Mexico, Asia and the Pacific
Rim.  With subsidiaries in Europe, Canada and a business unit in
Hong Kong, Enesco's international distribution network leads the
industry.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


EPPERSTONE PTY: To Declare First and Final Dividend on April 5
--------------------------------------------------------------
A first and final dividend will be declared for the creditors of
Epperstone Pty Ltd on April 5, 2007.

Accordingly, creditors are asked to file their proofs of debt by
March 6, 2007, to be included in the company's distribution of
dividend.

The liquidator can be reached at:

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

                      About Epperstone Pty

Epperstone Pty Ltd is an investor relation company.

The company is located in South Australia, Australia.


FIRST NATIONAL (FINANCE): Creditors Must Prove Debts by March 8
---------------------------------------------------------------
An interim dividend will be declared for the creditors of First
National Finance Limited on March 9, 2007.

Creditors must file their proofs of debt by March 8, 2007, to be
included in the company's distribution of dividend.

The liquidator can be reached at:

         A. G. Hodgson
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                  About First National Finance

First National Finance Limited is engaged with short-term
business credit institutions, except agricultural.

The company is located in Victoria, Australia.


FIRST NATIONAL (LIMITED): To Declare Interim Dividend on March 9
----------------------------------------------------------------
First National Limited will declare an interim dividend on
March 9, 2007.

Accordingly, creditors are asked to prove their debts by
March 8, 2007, to be included in the distribution the company
will make.

The liquidator can be reached at:

         A. G. Hodgson
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                  About First National Limited

First National Limited is engaged with deposit banking.

The company is located in Victoria, Australia.


FLEET SYSTEMS: Proofs of Debt Due on March 8
--------------------------------------------
Fleet Systems Pty Ltd will declare an interim dividend on
March 9, 2007.

Accordingly, creditors are asked to prove their debts by
March 8, 2007, to be included in the distribution the company
will make.

The liquidator can be reached at:

         G. Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                       About Fleet Systems

Fleet Systems Pty Ltd is involved with truck rental and leasing.

The company is located in New South Wales, Australia.


GEO GROUP: Finalizes Pricing for New US$365 Million Term Loan B
---------------------------------------------------------------
The GEO Group, Inc. has finalized the pricing for its new US$365
million, 7-year term loan B at a rate of LIBOR plus 1.50%.  
Proceeds from the new Term Loan B, together with approximately
US$62.6 million in GEO's cash on hand, were used to finance
GEO's acquisition of CentraCore Properties Trust, which closed
on Jan. 24, 2007.  BNP Paribas recently completed the
syndication of the Term Loan B and the final pricing took effect
on Feb. 1, 2007.  The Term Loan B is part of GEO's senior
secured credit facility, which was refinanced in connection with
the CPT acquisition and also includes a US$150 million, 5-year
revolving credit facility bearing interest initially at LIBOR
plus 2.25%.

                          About GEO Group

Headquartered in Boca Raton, Florida, The GEO Group, Inc. --
http://www.thegeogroupinc.com/-- is a world leader in the   
delivery of correctional, detention, and residential treatment
services to federal, state, and local government agencies around
the globe.  The company offers a turnkey approach that includes
design, construction, financing, and operations.  The company
represents government clients in the United States, Australia,
South Africa, Canada, and the United Kingdom.  GEO's worldwide
operations include 62 correctional and residential treatment
facilities with a total design capacity of approximately 51,000
beds, inclusive of facilities under management, facilities for
which GEO has received contract awards but which have not yet
opened, and inactive facilities.

The Geo Group, Inc.'s 8-1/4% Senior Notes due 2013 carry Moody's
Investors Service's and Standard & Poor's single-B rating.

Troubled Company Reporter - Asia Pacific reported that Standard
& Poor's Ratings Services raised its ratings on prison and
correction services company The GEO Group Inc.  The corporate
credit rating was raised to 'BB-' from 'B+'.  The ratings were
removed from CreditWatch, where they were placed with positive
implications May 31, 2006, following the company's announcement
that it would offer 3 million shares of its common stock in an
underwritten public offering, intending to use proceeds to pay
down its term loan bank debt.  The rating outlook is stable.


GLOBUS TOURISM: Shareholders' Final Meeting Set on March 14
-----------------------------------------------------------
The shareholders of Globus Tourism Pty Ltd will hold a final
meeting on March 14, 2007, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal exercises.

The liquidator can be reached at:

         B. E. Vogel
         Borough Mazars Pty Limited
         Level 6, 77 Castlereagh Street
         Sydney
         Australia

                       About Globus Tourism

Globus Tourism Pty Ltd operates eating places.

The company is located in New South Wales, Australia.


HOUSEBOAT INDUSTRIES: Names R. A. Sutcliffe as Liquidator
---------------------------------------------------------
On Jan. 31, 2007, the members and creditors of Houseboat
Industries Pty Ltd held a general meeting and resolved to wind
up the company's operations.

In this regard, R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                   About Houseboat Industries

Houseboat Industries Pty Ltd is engaged in boat building and
repairing.

The company is located in Victoria, Australia.


JAMES HARDIE: ASIC Commences Civil Proceedings
----------------------------------------------
On Feb. 12, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from The Australian stating that the Australian
Securities and Investments Commission has until Feb. 15, 2007,
to start criminal prosecutions or civil suits against James
Hardie Industries Ltd over the creation of its asbestos
compensation trust six years ago -- the Medical Research and
Compensation Foundation.

In an update, the ASIC has commenced civil penalty proceedings
seeking to address alleged breaches by certain former and
current corporate entities in the James Hardie group, and by
certain former executives and certain former and current
directors.

The ASIC's investigation into possible criminal actions
continues.

The ASIC has filed civil penalty proceedings in the Supreme
Court of New South Wales relating to disclosures by James Hardie
Industries Limited in respect to the adequacy of the funding of
the MRCF.

The ASIC notes that JHIL is now called ABN 60 Pty Ltd.

The ASIC Chairman Jeffrey Lucy said it is ASIC's objective, in
taking these proceedings, to reinforce the standards of
corporate behaviour that are vitally important in ensuring
public confidence in Australia's corporate sector and capital
markets.

"While the new compensation arrangements were very much
welcomed, they do not diminish the need for those responsible
for the breaches we have identified to be held to account for
their actions," he said.

The ASIC's proceedings seek declarations that a number of former
and current directors and former executives failed to act with
requisite care and diligence. The regulator is asking the court
to consider banning individuals from acting as a company
director and imposing fines.

The action also seeks declarations that the companies, JHIL and
James Hardie Industries NV, made misleading statements and
contravened continuous disclosure requirements.  ASIC further
alleges that JHINV failed to act with requisite care and
diligence in relation to its then-subsidiary JHIL.

ASIC has no desire to, nor does it believe it likely that its
legal proceedings in relation to JHIL and JHINV will, adversely
impact the new compensation arrangements agreed by shareholders
of JHINV last week.  However, should it emerge that any aspect
of the action in relation to JHIL does adversely impact the
compensation arrangements, the regulator will consider amending
this aspect of the proceedings.

The civil penalty actions allege various breaches of duties
under the Corporations Act 2001, including:

   1) JHIL's announcement to the Australian Stock Exchange dated
      Feb. 16, 2001, and related press conference statements in
      relation to the establishment of the MRCF.  ASIC alleges
      these communications were misleading;

   2) the failure to disclose the existence of the Deed of
      Covenant and Indemnity between the MRCF and JHIL, which
      created, among other things, an ongoing asbestos-related
      liability of JHIL;

   3) the Information Memorandum for the 2001 Scheme of
      Arrangement that proposed a restructure of the James
      Hardie group.  The restructure had the effect of JHIL (the
      then-ASX-listed company) becoming a subsidiary of JHINV, a
      Netherlands company.  ASIC alleges the IM was misleading
      in failing to disclose pertinent information relating to
      the meeting of JHIL's future liabilities;

   4) a series of presentations by a senior executive to
      institutional investors in 2002.  ASIC contends these
      presentations contained misleading information about the
      adequacy of the funding of the MRCF and the James Hardie
      group's asbestos liabilities; and

   5) the cancellation of the partly paid shares in JHIL, which
      were held by JHINV and represented as having been issued
      for the purpose of JHIL meeting any future liabilities.  
      ASIC alleges that JHINV failed to act with the requisite
      care and diligence in requesting JHIL to cancel these
      shares.  ASIC also alleges that JHINV failed to disclose
      certain important information to the ASX regarding the
      cancellation.  ASIC has also sought orders that JHINV
      execute a deed of indemnity up to a maximum of AU$1.9
      billion, or such amount as JHIL or its directors consider
      is necessary to ensure that JHIL remains solvent.
      However, if the conditions precedent to the Final Funding
      Agreement (referred to in the JHINV's announcement to the
      ASX dated Dec. 1, 2005) are satisfied, ASIC will not
      pursue the claim of indemnity against JHINV.

The ASIC is suing a number of corporate entities and a range of
current and former directors and former executives it alleges
breached the Corporations Act through involvement with these
matters.  

Specific details, including the names of the defendants to the
actions, can be accessed for free at:

              http://ResearchArchives.com/t/s?19e5

Mr. Lucy said ASIC's James Hardie investigation was a thorough
examination of the company's corporate governance and decision-
making processes.  It has been supported by specific funding
provided by the Federal Government.

The ASIC's investigation commenced in late 2004 following the
report of the Special Commission.

The investigation, which continues, has involved a complex
corporate structure, it has spanned three countries (the United
States, the United Kingdom and Australia) and it has involved
about 348 billion documents, 72 examinations, and the issuing of
284 notices to obtain evidence.

The Special Commission of Inquiry into the MRCF was established
on Feb. 27, 2004, and reported in September 2004.  Commissioner
Jackson QC raised serious issues about corporate governance and
disclosure and raised particular concerns about potential
breaches of the Corporations Act.  ASIC also considered possible
avenues for compensation in respect to those potential breaches.  
ASIC then commenced its investigation, which had regard to the
Jackson Report and was facilitated by the James Hardie
(Investigations and Proceedings) Act, which was passed by the
Commonwealth in December 2004.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the Company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.   
The amount of the asbestos provision of AU$1 billion, at March
31, 2006, is the Company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.


THC SOLUTIONS: Receiver and Manager Resigns from Post
-----------------------------------------------------
Barry Keith Taylor ceased to act as receiver and manager of THC
Solutions Pty Ltd on Jan. 29, 2007.

Mr. Taylor was appointed as receiver and manager on Aug. 4,
2004.

                      About THC Solutions

THC Solutions Pty Ltd is a distributor of durable goods.

The company is located in Victoria, Australia.


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

AMPLE INTERNATIONAL: Court to Hear Wind-Up Petition on March 21
---------------------------------------------------------------
On Jan. 12, 2007, Standard Chartered Bank (Hong Kong) Limited
filed a petition to wind up the operations of Ample
International (Hong Kong) Limited.

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

Standard Chartered Bank's solicitor can be reached at:

         Tsang, Chan & Wong
         16th Floor, Wing On House
         No. 71 Des Voeux Road Central
         Hong Kong



ASIA ALUMINUM: Moody's Reviews B1 Ratings for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service on Feb. 14, 2007, placed the B1
corporate family rating and senior unsecured bond rating of Asia
Aluminum Holdings Limited on review for possible downgrade.

This rating action follows Asia Aluminum's failure to file its
interim results, as required by the terms of the indenture, with
its Trustee within 45 days after the end of its second financial
quarter.

"Moody's is concerned that this breach of the indenture could
trigger the risk of an event of default if it further fails to
provide all necessary information to its auditor for
finalization of the review -- by the end of the applicable 30-
day grace period -- as required by the existing bond covenant,"
says lead analyst Angela Choi.

"If Asia Aluminum fails to comply with this reporting
requirement and triggers the event of default, the rating will
likely be downgraded", says Choi, adding "In its review, Moody's
will also evaluate the outcome of the interim review as well as
the company's information disclosure and corporate governance
practices."

Asia Aluminum Holdings Ltd, founded in 1992 and listed on the
Hong Kong Stock Exchange since 1998, is recognized by the
Ministry of Construction of China as the largest aluminum
extruder in Asia.  It has an annual designed capacity of 350,000
tons as of December 31, 2006. Total sales reached HK$3.9 billion
for the year ended June 30, 2006.


ASIA ALUMINUM: Ratings Unaffected by Delay of Results, S&P Says
---------------------------------------------------------------
On Feb. 15, 2007, Standard & Poor's Ratings Services said that
its long-term corporate credit rating on Asia Aluminum Holdings
Ltd is not immediately affected by a delay in the release of the
company's interim results.

Under its existing bond covenants, the results should be
delivered to bond holders within 45 days of the end of the
second fiscal quarter.  The company has asked for an extension
until the week of March 19, 2007.
     
AAH's management and its auditing firm, Ernst & Young, attribute
the delay primarily to the relocation of the majority of its
operations and because staffing levels are inadequate to meet
the increase in reporting frequency and shortened timeframe that
followed its delisting in May 2006.  The company says it is
committed to meeting its extended deadline and increasing
resources to meet the needs of its expanded operations.
     
AAH has confirmed that its capacity expansion and production
forecasts for 2007 are on track.  However, we would be concerned
if its results are further delayed.


ASIA MEDICINE: Wind-Up Hearing Slated for March 21
--------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Asia Medicine Supply Limited on March 21, 2007, at
9:30 a.m.

Cheong Ming Investment Company Limited filed the petition.

Cheong Ming's solicitor can be reached at:

         Ford, Kwan & Company
         Suites 1505-1508, 15th Floor
         Chinachem Golden Plaza
         No. 77 Mody Road, Tsimshatsui East
         Kowloon
         Hong Kong
         Tel: 2366 0688
         Fax: 2722 0736


BANK OF CHINA: Looks to Buy Abroad
----------------------------------
Bank of China Ltd. is looking for acquisitions abroad to
strengthen product development at home but not strategic
takeovers in new markets, Reuters reports.

Bank of China Group Executive Vice President Zhu Min told
Reuters that he was not aware of any talks with United States
financial service providers, in stark contrast to recent belief
that BOC was exploring buyout candidates in the United States.

According to the report, Mr. Zhu cited Singapore as one possible
place where BOC could invest in firms that could expand his
company's product capacity.

Mr. Zhu also told Reuters that China provided the best
opportunities for growth.  Reuters explains that BOC's loan
growth rate in 2006 was around 10% and would remain at roughly
that level into 2007.

Reuters relates that Mr. Zhu said BOC still had some way to go
before having the right structure to compete on an international
scale.  "We have had to build our governance structure, our risk
management and clean our balance sheet," he said.  "However,
even though we have big market capitalization, I don't think we
are ready for international competition."

                          *     *     *

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on January 16, 2004.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.


BANK OF CHINA: Scraps US$74 Million Fund as Yuan Rises
------------------------------------------------------
Bank of China Ltd. has scrapped China's first overseas
investment fund as the strong yuan dampened returns, Bloomberg
News reports.

Bloomberg News explains that the CNY578 million -- US$74 million
-- fund's net asset value dropped to below CNY200 million for 20
consecutive days since Jan. 12, 2007, after a large redemption
from individuals, triggering the liquidation.  Bloomberg adds
that the dumping, after only a four-month stint, marked a
setback for the Chinese government's efforts to encourage
outward capital flows.

Bloomberg News states that the shutdown hurts China's attempts
to use the qualified domestic institutional investors program,
or QDII, to counter growth in its US$1 trillion foreign-exchange
reserves and reduce pressure on a currency that has risen 6.7%
since July 2005.  Banks and fund managers have been awarded
US$13.4 billion in QDII quotas to invest abroad, Bloomberg News
notes.

According to the report, Bank of China is seeking regulatory
approval to offer a new fund that is "liquid and transparent"
and may offer a better yield.

                          *     *     *

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on January 16, 2004.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.


CHINA CONSTRUCTION: Starts Mobile Phone Stock Market Services
-------------------------------------------------------------
China Construction Bank officially launched its mobile phone
stock market service in cooperation with China Jianyin
Investment Securities, China Mobile, and China Unicom, Chinatech
News reports.

According to the report, the new service was initiated in order
for the bank to seize a more advantageous position in the mobile
value-added service market.

Stockbrokers can now check the market situation wherever and
whenever they want through their mobile phones, Chinatech
relates.

China Construction Bank does not charge any fee for the service,
Chinatech says, but notes that users need to pay information
traffic fees to the telecom operators.

At present, China Construction Bank's mobile phone stock market
service already provides real-time stock price changes, stock
price history, and other stock market related information.  The
stock exchange service is expected to be fully operational later
this year, Chinatech says.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter - Asia Pacific reported on Nov.
20, 2006 that Fitch Ratings affirmed the bank's D individual
ratings.


CHINESE CLUB: Liquidation Hearing Set for March 21
--------------------------------------------------
A petition to wind up the operations of Chinese Club Discount
Centre Limited was filed by Standard Chartered Bank
(Hong Kong) Limited.

Accordingly, the petition will heard before the Court on
March 21, 2007.

Standard Chartered Bank's solicitor can be reached at:

         Tsang, Chan & Wong
         16th Floor, Wing On House
         No. 71 Des Voeux Road Central
         Hong Kong


CITIC GROUP: Joins GE Capital on AsiaSat Take-Over Bid
------------------------------------------------------
CITIC Group joined GE Capital Equity Investments Ltd in an offer
to take over and privatize Asia Satellite Telecommunications
Holdings Ltd through a joint venture subsidiary, China Daily
says.

According to the report, the offer involves a bid as high as
HK$2.24 billion that will be financed by existing resources of
CITIC Group and GE Equity.  Modern Day Ltd, a venture jointly
owned by CITIC Group and GE Equity, made the offer.  

CITIC GROUP and General Electrical Capital Corporation will
jointly and indirectly own AsiaSat after the completion of the
acquisition and the privatization, the paper relates citing
AsiaSat's statement.

In addition, Modern Day will delist AsiaSat once the purchase is
completed, China Daily cites a report from Bloomberg News.  

The sale is the result of "persistent oversupply of transponder
capacity and the slow introduction of new applications in the
Asia-Pacific region," AsiaSat said.

"The satellite market in the region remains very competitive,
and AsiaSat's share price has not performed satisfactorily," the
telecom and satellite service provider added.

With the privatization, AsiaSat noted it would be more focused
on its core business.  It would also be relieved from the heavy
financial and administrative burdens resulting from dual
listings on both the Hong Kong and the New York stock exchanges,
AsiaSat further said.

                          *     *     *

State-owned conglomerate CITIC Group -- formerly China
International Trust & Investment Corporation -- oversees the
government's international investments, as well as some domestic
ones.  Its approximately 45 subsidiaries on four different
continents include financial institutions -- more than 80% of
its assets --, industrial concerns (satellite
telecommunications, energy, manufacturing), and service
companies (construction, advertising).  Holdings include stakes
in CITIC Securities and CITIC International Financial Holdings.

On Feb. 13, 2007, Standard & Poor's Ratings Services said that
it had removed the BB+ long-term and B short-term foreign
currency counterparty credit rating on CITIC Group from
CreditWatch.

The outlook on the ratings is developing.  At the same time,
Standard & Poor's also removed the BB+ foreign currency issue
rating on the group's senior unsecured debt from CreditWatch.


EASTAR INDUSTRIES: Amended Petition to be Heard on February 21
--------------------------------------------------------------
Li Wai Fong and Lui Kai filed a petition against Ching Eastar
Industries Limited.

Accordingly, the petition will be heard before the Court on
Feb. 21, 2007, at 9:30 a.m.

Messrs. Li and Lui's solicitor can be reached at:

         Tang, Wong & Cheung
         20th Floor, Two Grand Tower
         625 Nathan Road
         Kowloon
         Hong Kong


GILLE LIMITED: Members' Final Meeting Slated for March 13
---------------------------------------------------------
The members of Gille Limited will hold a final meeting on
March 13, 2007, at 10:30 a.m., at Suites 2109-10, Asian
House, 1 Hennessy Road in Wanchai, Hong Kong.

At the meeting, the members will receive the liquidator's report
on the company's wind-up proceedings and property disposal
exercises.


HEGEL LIMITED: Creditors Must Prove Debts by March 9
----------------------------------------------------
Hegel Limited, which is in members' voluntary liquidation,
requires its creditors to submit their proofs of debt by
March 9, 2007.

The liquidator can be reached at:

         Cheng Mo Kit, Katherine
         United Centre
         26/F, Office B, 95 Queensway
         Hong Kong


OMERAS ASIA: Petition Hearing Slated for March 21
-------------------------------------------------
Program Contractors Limited has filed a petition to wind up the
operations of Omeras Asia Limited.

The petition will be heard before the High Court on March 21,
2007, at 9:30 a.m.

Program Contractors' solicitor can be reached at:

         Messrs. Li, Kwok & Law
         Units 1204-06, Man Yee Building
         68 Des Voeux Road Central
         Hong Kong


SILVERETTE LIMITED: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Silverette Limited will hold a
final meeting for its creditors on March 15, 2007, at 10:30 a.m.
and 11:00 a.m., respectively, at 9th Floor, Tower 1, Lippo
Centre in 89 Queensway, Hong Kong.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Feb. 3, 2006.


UNIMASTER INVESTMENTS: Creditors Must Prove Debts by February 23
----------------------------------------------------------------
Unimaster Investments Limited, which is in liquidation, requires
its creditors to file their proofs of debt by Feb. 23, 2007.

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

The liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         12/F, China Merchants Tower
         Shun Tak Centre
         168 Connaught Road Central
         Hong Kong


VESTA LIMITED: Members to Meet on March 13
------------------------------------------
The members of Vesta Limited will hold a final meeting on
March 13, 2007, at 10:00 a.m., at Suites 2109-10, Asian
House, 1 Hennessy Road in Wanchai, Hong Kong, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal exercises.


YAMAHA MOTOR: Members' Final General Meeting Set on March 15
------------------------------------------------------------
Yamaha Motor China Limited, which is in members' voluntary
liquidation, will hold a final general meeting on March 15,
2007, at 11:00 a.m., at 20/F, Prince's Building in Central, Hong
Kong.

At the meeting, the members will receive the liquidator's report
on the company's wind-up proceedings and property disposal
exercises.


ZTE CORP: Joins Samsung to Develop 3G Mobile Base Stations
----------------------------------------------------------
ZTE Corporation has inked a deal with Samsung Electronics Co.
Ltd. to jointly develop 3G mobile base stations for use in
subscriber homes or offices, Techworld says.

Based on the signed deal, ZTE and Samsung will cooperate on the
research and development of WCDMA -- wideband code division
multiple access -- femtocells, small base stations that connect
to the operator's network over a DSL connection, Techworld notes
citing ZTE's statement.

However, ZTE did not offer a timeframe for when the base
stations would be available.

"Putting these base stations inside a home or office can improve
service quality for cellular subscribers.  In addition to WCDMA
access, the base stations will be equipped with Wi-Fi, allowing
users to wirelessly access the Internet.  They will also offer
the ability to provide fixed-line VOIP -- voice over Internet
Protocol -- services, ZTE said.

                          *     *     *

Headquartered in China, ZTE Corp's principal activities are the
production and sale of general system and communication terminal
equipments.

The Group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


ZTE CORP: Inks Agreement to Produce Vodafone Handsets
-----------------------------------------------------
ZTE Corporation has signed an agreement with Vodafone Group to
produce a range of Vodafone-branded low cast handsets, ZTE said
in a statement.  

The finished products will be sold in Vodafone markets.

According to various reports, Vodafone plans to offer its first
ZTE-manufactured handset, a 2G ultra-low-cost device created
particularly for sale in emerging markets, in the second quarter
of 2007.

Vodafone however, didn't disclose details of pricing.

Marketwatch notes that the news came after Vodafone announced to
take a majority stake in Hutchison Essar India Ltd.  That deal
is also in line with the company's stated aim of targeting high-
growth emerging markets.  Analysts estimate that India racks up
6.5 million new users a month.

"This agreement with one of the world's largest mobile operators
is a breakthrough for us and highlights ZTE's ability to develop
handsets according to European Operators' requirements and
standards," He Shiyou, senior vice president of ZTE was quoted
by ChinaTech News, as saying.   

According to Mr. He, Vodafone's requirements include world-class
design and quality standards combined with competitive cost
structures.

Meanwhile, Jens Schulte-Bockum, Vodafone's Global Director of
Terminals said "we are pleased that we have signed this
agreement with ZTE which will build on their experience in
emerging markets to create for us an ultra-low cost handset as
the first of a range of products we seek to develop with them."

                          *     *     *

Headquartered in China, ZTE Corp's principal activities are the
production and sale of general system and communication terminal
equipments.

The Group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
Outlook is Stable.


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

AES CORP: Buys Alstom & Exelon Coke-Fired Plants for US$611 Mil.
----------------------------------------------------------------
The AES Corp. purchased two coke-fired power plants in Mexico
from Exelon and Alstom for a total of about US$611 million,
United Press Institute reports.

The purchase price includes acquiring equity and debt of the
Termoelectrica del Golfo and Termoelectrica del Penoles plants
totaling US$190 million in addition to assuming US$421 million
in project debt, the same report says.

The plants would help AES expand its foothold in Mexico, United
Press says, citing David Gee, the company's president for North
American region.  

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 14, 2007, Standard & Poor's Ratings Services said that AES
Corp's preliminary agreement to sell its 82% stake in La
Electricidad de Caracas to the Bolivarian Republic of Venezuela
for US$740 million (after 2007 dividends) does not currently
affect the ratings or outlook on the company.  AES carries S&P's
BB- corporate credit rating.

The company carries Fitch's 'B+' Issuer Default Rating.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


AES: EDC Stake Sale to Gov't Won't Affect Ratings, Fitch Says
-------------------------------------------------------------
The AES Corp. announced a preliminary agreement to sell its
82.14% interest in La Electricidad de Caracas aka EDC to the
government of Venezuela for US$739.2 million.  The announcement
follows on the heels of the Chavez government's pronouncement to
nationalize key industries including electricity and
telecommunications.

EDC has been a key source of cash flow for AES, representing one
of the ten largest sources of distributions to the parent
company.  At the same time, Venezuela has been a challenging
environment in which to operate for some time.  As such, EDC's
contribution to AES's credit profile has been less than simply
its pro rata share of cash flows to the parent company.  Given
the diversity of cash flow sources for AES, Fitch does not
believe the loss of even the 6% or 7% that EDC represented of
total cash flows would, by itself, be sufficient to cause a
material change in AES' credit profile.  Finally, from a
portfolio perspective, the sale of EDC will help to realign the
company's portfolio to a more balanced mix of businesses.

To date, AES has made no announcements as to anticipated use of
proceeds.  Fitch would expect that management will use the
proceeds to retire parent company debt and redeploys new
investments.

                           About AES

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in India, China and Sri Lanka.

                           About EDC

EDC is the largest private-sector electric utility in Venezuela
and generates, transmits, distributes, and markets electricity
primarily to metropolitan Caracas and its surrounding areas.
TheAES Corporation owns 86% of EDC and acquired its stake in
June2000 through a public-tender offer.


BHARTI AIRTEL: Enters Infrastructure Sharing MOU with Vodafone
--------------------------------------------------------------
Bharti Airtel Ltd has entered into a comprehensive memorandum of
understanding with Vodafone Group PLC related to a range of
significant areas including infrastructure sharing, roaming and
long distance services, the company reveals in a filing with the
Bombay Stock Exchange.

According to the disclosure, Vodafone Group currently has a 10%
stake in the company that will likely be reduced to 4.4%
pursuant to an option agreement.

Under the MOU, Bharti Airtel will be Vodafone's preferred vendor
for national and international long distance and leased line
services.  Vodafone will also give 50% of its in-bound
international roaming traffic to the company for three years.

Vodafone, in a release announcing a deal to acquire a
controlling stake in Hutchison Essar Ltd, also indicated that
the Bharti MOU relates to a comprehensive range of
infrastructure sharing options in India between Hutchison Essar
and Bharti.  Hutchison Essar is a competitor of Bharti.

Vodafone expects that the infrastructure sharing under the
Bharti MOU will reduce the total cost of delivering
telecommunication services enabling the faster expansion of
network coverage and more affordable services to a broader base
of the Indian population.

The Essar Group, who currently holds a 33% interest in Hutch
Essar, is reportedly unhappy with the Bharti MOU.  The Essar
Group is likely to initiate legal action against Vodafone for
entering into the Bharti MOU without consulting Essar, The
Financial Express says, citing a report in The Times.

The Times, quoting unnamed sources, reported that Essar Group
was not happy that Vodafone is treating the Hutch Essar
transaction as a done deal when its position is yet to be
resolved.  

Among the infrastructure that will be shared under the MOU are
the 70,000 towers in India, the BSE filing notes.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


BHARTI AIRTEL: Group Can Buy Vodafone's 5.6% Stake for US$1.6BB
---------------------------------------------------------------
Pursuant to Vodafone Group PLC's acquiring a controlling
interest in Hutchison Essar Ltd, Bharti Group has an arrangement
to buy 5.6% of Vodafone's direct interest in Bharti Airtel Ltd.
for US$1.6 billion, Bharti Airtel informs the Bombay Stock
Exchange in a regulatory filing.  The terms include payment on a
deferred basis.

On Feb. 11, Vodafone announced the signing of a deal to acquire
companies that control a 67% interest in Hutch Essar for a cash
consideration of US$11.1 billion.

In that regard, Vodafone granted Bharti the option to buy its
5.6% in the company, subject to the completion of the Hutch
Essar acquisition.   If the option is not exercised, Vodafone
would be able to sell the 5.6% interest.  Vodafone will retain
its 4.4% indirect interest in Bharti, underpinning its ongoing
relationship.

Pursuant to the option deal, Bharti can purchase Vodafone's 5.6%
stake at approximately a 25% discount over existing valuations,
the Business Standard cites B. Srinivas Rao, an analyst with
Deutsche India Equities, as saying.  The US$1.6 billion,
however, is twice the price Vodafone originally paid, the
newspaper points out.  

Vodafone makes it clear that it will continue to hold its 4.4%
economic interest in Bharti, as a financial investor and will
not have any representation on the company's board nor any
management rights.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


BHARTI AIRTEL: Ties Up with GSMA for Money Transfer Program
-----------------------------------------------------------
Bharti Airtel Ltd has joined hands with The GSM Association to
launch a pilot programme that will eventually enable over 25
million Indians abroad to remit money to India through their
mobile phones.  In this initiative for India, Bharti Airtel and
State Bank of India have created an innovative public-private
partnership to serve Indians at home and abroad.

"We believe that this coming together of the mobile and banking
industry is a giant leap in mobile commerce," added Sunil Bharti
Mittal, Chairman & Managing Director, Bharti Enterprises; Board
Member of the GSM Association, and the board sponsor of this
programme.  "It will revolutionise the money transfer industry
with its advantages, such as reach, ease of use, and lower
transaction costs and provide immense benefits to 25 million of
Indians across the world and their families in India."

India is the biggest recipient of overseas remittances in the
world at US$25bn, accounting for around 10% of the world market.
The remittances market is growing by 20% in India every year.
This programme will enable global Indians to easily and securely
send remittances to their dependents, many of whom don't have
bank accounts.  Intent is to enable individuals access to the
benefits of a full range of financial services regardless of
socio economic level or geographical location using the ubiquity
and ease of mobile communications.  The programme will
complement existing local remittances channels and make
transferring money internationally significantly more
affordable.

Mr. O. P. Bhatt, Chairman, State Bank of India, India's largest
bank, added: "We are happy to partner with the GSM Association
in this landmark project.  We piloted a project in a small
Himalayan village of Pithoragarh in India with Airtel and have
seen the tremendous results in this unbanked village.  This
project has the potential of transforming the lives and
economies across the globe."

                      About the GSMA Programme

The pilot programe launched by GSM Association is aimed at
tapping the ubiquity and ease-of-use of mobile communications to
enable the world's 200 million international migrant workers to
easily and securely send remittances to their dependents, many
of whom don't have bank accounts. By exploiting the extensive
reach of the mobile networks, the programme will complement
existing local remittances channels and make transferring money
internationally significantly more affordable.

Spearheaded by a special group of 19 mobile operators with
networks in over 100 countries and representing over 600 million
customers, the GSMA believes the programme could double the
number of recipients of international remittances to more than
1.5 billion, while helping to quadruple the size of the
international remittances market to more than $1 trillion by
2012.

                        About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


BRITISH AIRWAYS: GMB Union Rejects Pension Offer; Warns Strike
--------------------------------------------------------------
British Airways Plc is facing another potential strike action
after the GMB Union, representing 4,500 baggage handlers and
check-in staff at BA, rejected a proposed deal that would cut
the airline's GBP2.1-billion pension deficit, Bloomberg News
reports.

GMB members "believe that the current pension offer favors the
highest paid workers in BA at the expense of the lowest paid,"
Ed Blissett, a GMB negotiator, was quoted by Bloomberg as
saying.

He added that the union is considering a negotiated settlement
with the carrier so as not to cause any inconvenience to the
traveling public although an industrial action ballot is still a
possibility if talks fail.

However, according to Adrian Howard, a spokesman for British
Airways Pensions Trustees, the new pension scheme will be put
into effect as negotiations, which led to the deal, were 100% in
the best interests of the majority.

Mr. Blissett and GMB General Secretary Paul Kenny will meet
today with BA Chief Executive Willie Walsh at Heathrow, to
discuss the result of the consultation ballot and progress
outstanding items.

                  New Airways Pension Scheme

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 12, British Airways Plc and the trustees of the New Airways
Pension Scheme have formally agreed the funding plan including
benefit changes to tackle the GBP2.1-billion deficit in the
scheme.

The plan, which was agreed in principle with the trustees last
year, includes annual company contributions of some GBP280
million for the next ten years and a one-off cash injection of
GBP800 million.  It also includes benefit changes to take effect
from April 1 and an additional GBP150 million in cash over the
next three years, subject to the airline's financial
performance.

The benefit changes will deliver an immediate deficit reduction
of some GBP400 million and a saving of some GBP80 million a
year.

Benefit changes include:

   -- normal retirement age at 60 with an accrual rate of
      1/60 and contribution rates of 8.5%;

   -- normal retirement age at 65 with an accrual rate of
      1/60 and contribution rates of 5.25%;

   -- normal retirement age of 55 with an accrual rate of
      1/60 and contribution rates of 17.5%;

   -- options to buy improved accrual rates;

   -- lifting the cap on total pension contributions from 15
      to 30%;

   -- introducing tax efficient ways of making
      pension contributions;

   -- future pensionable pay rises capped to inflation; and

   -- pension growth in retirement (LPI) remains at 5%.

Staff can still choose to retire earlier than the normal
retirement age but with a reduced pension.

                        About the Company

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

                          *     *     *

As reported in the TCR-AP on Feb. 8, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


BRITISH AIRWAYS: New Baggage Charging Policy Takes Effect
---------------------------------------------------------
British Airways Plc has revised its excess baggage charging
policy to simplify existing rules.

The new baggage rules took effect on Tuesday, Feb. 13.

Currently, more than 98% of customers travel within their free
luggage allowance.  The majority of these customers check in no
more than one item of luggage per person.  For these customers,
there is no change.

This includes all travelers to the USA, the Caribbean, Nigeria,
Mexico and Brazil.  Customers for these destinations will still
be able to check in two pieces of luggage free of charge.  The
free 23kg allowance for economy-class customers to other
destinations will be limited to a single item of luggage.

BA has absolutely no intention of discriminating against
passengers who cannot comfortably carry a 23kg bag.  Where it is
clear that a passenger cannot manage one bag, the airline will
let them check in an additional bag (or more) provided the total
weight is within the 23kg limit.

The airline's free luggage allowances, for both carry-on and
checked-in luggage, remain among the most generous in the
aviation industry.  Many other airlines offer smaller free
allowances and charge for additional items such as skis, golf
bags or other sports equipment.

The change was disclosed of in a press release last June.
Details have been on the ba.com website since, and issued to
travel agents and frequent flyers.

For the 2% of customers who wish to exceed their free
allowances, BA has decided to simplify the charges they pay to
make them easier to understand.

At present charges vary according to weight, route and class of
travel.  The airline is replacing these with three simple rates
for bags additional to the free allowance:

   -- GBP30 per extra bag on domestic flights,
   -- GBP60 per extra bag on European flights, and
   -- GBP120 per extra bag on longhaul flights.

Customers will get a 30% discount on these rates if they pre-pay
online.  The changes will not come into full effect until
September 2007.

In the vast majority of instances, the new policy will be
cheaper or comparable for customers who wish to fly with excess
baggage on top of their free allowances.

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

                          *     *     *

As reported in the TCR-AP on Feb. 8, Moody's Investors
Service changed the outlook on the Ba1 corporate family and Ba2
senior unsecured debt ratings of British Airways Plc and its
guaranteed subsidiaries to positive from negative.


INDEPENDENT NEWS: APN Board Accepts AU$6.10-Per-Share Offer
-----------------------------------------------------------
The Board of Independent News & Media PLC disclosed that the
board of APN News & Media Ltd., in which INM has a 41.6%
shareholding, has recommended an all-cash revised offer of
AU$6.10 per share for the entire issued share capital of APN
recently made by INM, in conjunction with Providence Equity
Partners and The Carlyle Group.

This recommended offer values APN at AU$3.8 billion (around
EUR2.3 billion) and will be funded by a combination of equity
subscription and debt.

Upon completion of the deal, INM will hold a 35% economic
interest in the consortium -- which it will account for as an
associate -- with Providence at 37.5% and Carlyle at 27.5%.  To
reflect the continued primary role of INM within the operations
of APN, INM will hold the largest voting interest (c. 39.3%) and
will have preferential rights on exit by the other Consortium
members.

                Scheme Implementation Agreement

APN entered into a Scheme Implementation Agreement with
Independent News & Media (Australia) Ltd., the Consortium
acquisition vehicle.  A Scheme of Arrangement requiring the
approval of APN shareholders and approval by the Court will
implement the acquisition.

An independent committee of the Board of APN formed to assess
the proposal recommends that shareholders vote in favor of it,
in the absence of a superior proposal.  Ted Harris chaired the
subcommittee that negotiated with the consortium and its other
members were Sir Wilson Whineray and Kevin Luscombe.

Mr. Harris said the recommendation of the committee is supported
by the full APN Board, and all independent directors intend to
vote in favour of the offer in respect of APN shares they own or
control.

In reaching its recommendation, Mr. Harris said the committee
placed particular emphasis on:

   -- APN's closing share price on Oct. 20, 2006, was AU$5.43,
      the day of the first approach by the Consortium;

   -- the offer of AU$6.10 represents a 21.3% premium to the 30-
      day VWAP of AU$5.03 prior to the introduction of media
      legislation into Parliament on Sept. 14, 2006, and a 17.1%
      premium to the 30-day VWAP prior to Oct. 20, 2006, of
      AU$5.21;

   -- the offer is at a significant premium to research
      analysts' valuations immediately preceding speculation of
      an offer from the Consortium;

   -- INM's existing 41.6% shareholding and its stated intention
      that it would not otherwise sell out of APN means a
      competing proposal is highly unlikely; and

   -- the offer represents a multiple of 13.0 times estimated
      2006 attributable EBITDA.  This multiple compares
      favorably with multiples for comparable recent media
      transactions.

"After negotiating the increase from the initial proposal of
AU$6.02 per share to a final offer of AU$6.10, the independent
committee has formed the view that the increased offer is in the
shareholders' best interests and we recommend all shareholders
vote in favor of the proposal," Mr. Harris said.

The offer, which is inclusive of any final dividend that might
be paid, values APN at AU$3.8 billion on an enterprise value
basis, representing a multiple of 13 times estimated
attributable EBITDA for the 12 months ended Dec. 31, 2006.

The proposal is subject to a number of customary conditions,
including approval by the FIRB in Australia and the New Zealand
Overseas Investment Office.

APN's full year earnings announcement is scheduled for Feb. 20,
but in the circumstances, APN advises that it estimates 2006
consolidated EBITDA of AU$348 million.  Excluding the impact of
minority interests, attributable EBITDA is expected to be
AU$292 million.  These figures are unaudited and have not been
reviewed by the APN Audit Committee, but are provided to allow
shareholders to make an informed comparison with relevant,
recently announced media transactions.  APN expects that
2006 earnings per share will be in line with previous guidance,
namely in excess of a 5% increase on the prior year.

Attributable EBITDA is Consolidated EBITDA after excluding the
minority interest in EBITDA generated by the non-wholly owned
businesses, the EBITDA of the Security Printing business which
was sold during 2006 and adding back APN's share of depreciation
and amortization from its associates not otherwise included in
consolidated EBITDA.

                            Too Low

The increased offer, however, may fail to attract APN's other
shareholders, who include 14.8% stakeholder Perpetual
Investments and 8.14% owner Maple Brown Abbott, the Wall Street
Journal reports.  Perpetual and Maple Brown, WSJ suggests, will
play a role in the shareholder meeting to consider the bid.
Independent News will be excluded from the vote.

"It's not the right price," John Sevior, a fund manager at
Perpetual Investments, said.  "For a takeover bid, it is just
too low," Mr. Sevior said.

Under Australian takeover rules, a scheme of arrangement
requires the support of 75% of shares voted along with 50% of
shareholders, WSJ relays.

Traders also view INM's new offer as low, considering recent
high profile deals in the media sector like Publishing &
Broadcasting Ltd. with CVC Asia Pacific; and Seven Network Ltd.
with Kohlberg Kravis Roberts & Co, WSJ reports.

Analysts from Merrill Lynch noted in January that INM may have
to offer AU$6.50 a share to gain shareholder support.

A person privy with the matter told WSJ that INM isn't overly
concerned about Perpetual's view, because, as noted by analysts,
the consortium, given INM's large stake, is unlikely to face a
rival bidder for APN.

Meanwhile, Stuart Draper of Dolmen Securities called the deal
"excellent" for INM.

"It makes a lot of sense," Mr. Draper said.  "It removes APN
debt from Independent's balance sheet and should give surplus
capital of around EUR400 million."

Once the deal is signed, INM will cut its stake in APN to 35%,
freeing up around AU$600 million in capital, which will be used
to expand internationally, WSJ relays.

                        About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and  
Communications group, with its main interests in India, Ireland,
New Zealand, South Africa, Australia and the United Kingdom.  
The Group publishes over 175 newspaper and magazine titles and
operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs around 10,300 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2006, Fitch Ratings placed Independent News & Media
Plc's Issuer Default rating of 'BB-' on Rating Watch Evolving
following the announcement of a leveraged buyout of its 41%
subsidiary APN News & Media Ltd.


INDIAN OVERSEAS BANK: Net Profit Ups 25% in December '06 Quarter
----------------------------------------------------------------
Indian Overseas Bank posted a net profit of INR2.468 billion, or
INR4.53 per share, for the quarter ended Dec. 31, 2006, a 25%
increase from the INR1.972 billion booked for the corresponding
quarter in 2005.

The bank's total income increased 28% from INR13.033 billion for
the quarter ended Dec. 31, 2005, to INR16.717 billion in the
last quarter of 2006.

With the increased revenues came the rise in expenses.  The bank
incurred expenses totaling INR11.801 billion in the fourth
quarter of 2006, a 26% jump from the INR9.371 billion recorded
in the corresponding quarter in 2005.

The bank also provided increased provision in the December 2006
quarter -- INR1.197 billion for taxes and INR1.251 billion in
other provisions and contingencies.

A copy of the bank's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?19e0

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking  
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.


INDIAN OVERSEAS BANK: Names New Central Statutory Auditors
----------------------------------------------------------
Indian Overseas Bank informs the Bombay Stock Exchange of the
appointment of two Chartered Accountants as its central
statutory auditors:

   1. Maharaj N R Suresh & Co., Chennai; and

   2. Vaitheswaran & Co, Chennai.

The new Central Statutory Auditors will hold their office until
March 31, 2009.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking  
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.


JIK INDUSTRIES: Plans Debt & Equity Issue; Board to Meet Feb. 9
---------------------------------------------------------------
JIK Industries Ltd is considering the issue, on preferential or
private placement basis, of:

   (i) equity, convertible bonds, debentures and other
       convertible or tradable instruments to strategic
       investors; and

  (ii) equity shares & other convertible or tradable instruments
       to promoter and associates.

In this regard, the company's board of directors will hold a
meeting of on Feb. 19, 2007.

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade non-   
lead crystalware segment and is the only organized player in the
country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded.  Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.

On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package.  The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%.  The package allowed the Company to
complete the major part of its debt and business restructuring.  
So far, the Company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.


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

ALCATEL-LUCENT: Partner Company Launches Content Services
---------------------------------------------------------
Alcatel-Lucent revealed that Partner Communications Company
Ltd., operating the Orange(TM) mobile network in Israel, has
launched enhanced content services using Alcatel-Lucent's
delivery and management solution.

Partner Communications consolidated its existing content
management platforms onto the Alcatel-Lucent mPower Content
Management and Delivery System enabling the service provider to
deliver more compelling television, video and music experiences
to its customers.

The software platform, obtained by Alcatel-Lucent through the
Mobilitec acquisition, enables Partner Communications to
decrease the time to market for content and reduce operating and
content management expenses.

"We are pleased to launch the new platform which we consider to
be a further enhancement of our leadership status in the content
arena in Israel.  As a leader in 3G in Israel, this
sophisticated platform allows us the flexibility to launch a
large number of services with a shorter time to market," said
Alon Berman, Vice President, Technology, Partner Communications.
The Alcatel-Lucent platform can help broadband and mobile
providers such as Partner Communications increase the operators'
average revenue per subscriber by faster delivery of more
relevant mobile and broadband content.

"The Alcatel-Lucent platform consolidates all content services
under a unified framework providing real end-to-end multimedia
experience to their subscribers."  Olivier Picard, President of
Alcatel-Lucent's activities in Europe & South.  "This enhanced
capability enables Partner Communication to continuously provide
attractive new services to their customers and easily manage
delivery of a large variety of new content."

The Alcatel-Lucent mPower system enables Partner Communications
to create a more personalized experience for its subscribers
because the software can handle any data format and ensure
delivery to any handset, regardless of manufacturer.

Additionally, new workflow and management tools will eliminate
manual tasks, add security and enable content providers to
easily add large numbers of new content items into the system.
The Alcatel-Lucent system will also ensure full digital rights
management for content partners.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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

   -- Senior unsecured debt to BB from BBB-.

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

   -- Issuer Default Rating BB-;

   -- Senior unsecured debt BB-;

   -- Convertible subordinated debt B; and

   -- Convertible trust preferred securities B.

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

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

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

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

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


ALCATEL-LUCENT: In Talks With Dutch Unions on Further Job Cuts
--------------------------------------------------------------
Alcatel-Lucent has met with representatives of the Dutch Works
Council and unions to begin discussing how the company's
international synergy plans will impact employee positions in
the Netherlands.  Alcatel-Lucent has also informed its employees
about these preliminary discussions.

In April 2006, when the merger between Alcatel and Lucent
Technologies was announced, the companies stated the primary
driver of the merger was to generate growth in revenues and
earnings while yielding synergies.  On Feb. 9, the company
provided an update on its integration efforts.

It believes the combination of the original synergy plan and
additional cost reductions will enable it to realize a total of
EUR1.7 billion pre-tax cost savings within three years. The cost
reductions will entail globally about 12,500 reductions to the
workforce over the next three years.

The topics presented to the works council are a starting point
within the legal frameworks set out for consultations with
employees and unions prior to any actions.

"We have undertaken a thorough and thoughtful review of our
operations in the Netherlands, and we anticipate that we need to
reduce our workforce with 140-180 people over the next 24
months," said Coert de Boer, Managing Director for Alcatel-
Lucent in The Netherlands.  "These are difficult decisions, and
we will be sensitive to employees, treat them with the dignity
and respect they deserve.  We will do everything we can to
minimize the impact on employees and provide them with resources
for a smooth transition, either within our organization or at
other companies.  We have a number of long-term projects in the
Netherlands for which we need additional people. Our growth
ambitions imply furthermore that we expect to create new jobs in
new areas that we will explore.  It speaks for itself that we
will first look for re-education opportunities of our existing
staff and then will start recruiting. We will work closely
together with the Works Council and the unions in the
Netherlands on these matters."

Currently, Alcatel-Lucent employs some 700 people in the
Netherlands, in a variety of positions.

The forced reductions reflect duplications in positions and
rationalization in product and solution portfolio as well as
ongoing cost-efficiency efforts for the Company.  Together with
the Dutch Works Council and unions, Alcatel-Lucent will offer
outplacement services for affected employees and make every
effort to support those employees whose positions will
disappear.

These discussions are at an early stage and it would be
premature, the company said, to comment further.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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

   -- Senior unsecured debt to BB from BBB-.

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

   -- Issuer Default Rating BB-;

   -- Senior unsecured debt BB-;

   -- Convertible subordinated debt B; and

   -- Convertible trust preferred securities B.

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

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

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

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

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


BANK INDONESIA: Asks Market Not To Be Aggressive to SBI Decrease
----------------------------------------------------------------
Bank Sentral Republik Indonesia asked market not to be
aggressive in responding to the decrease in three-month Bank
Indonesia Certificates -- SBI -- to the level of 8.1%, Tempo
Interactive reports.

The report cites Bank Indonesia Director of Strategic Planning
and Mass Relations Budi Mulia as saying that the reason for this
was that the three-monthly SBIs were not one of the central
bank's monetary instruments.  Tempo points out that, according
to Mr. Mulia, the policy instruments of Bank Indonesia remain
the BI Rate and one-monthly SBIs.

Mr. Mulia said that the decrease was made solely based on the
auction process of the SBIs that had fallen due and it did not
correlate with the BI Rate or even with future interest cuts
since there are no another indications, the report relates.

Tempo recounts that in the SBI auction on Feb. 7, the interest
rate on three-month SBIs dropped from 9% to 8.1% and the one-
month SBI rate fell to 9.25% from the previous 9.5%.

According to Mr. Mulia, the three-month SBI interest rate
reflected the low auction offers of three-month SBIs.

Tempo says that of the matured three-month SBIs valued at
IDR19 trillion and the received offers were only IDR9 trillion,
but BI only absorbed IDR1 trillion.

Mr. Mulia added that in fact, the three-month SBIs will be
removed, the report points out.

Tempo says that the reason was that BI is attempting to issue a
monetary policy referring to the BI Rate and is preparing six-
to nine-month SBIs and it was a kind of affirmation as well as a
signal to the market regarding BI's monetary policies, citing,
Mr. Mulia.

The report adds that Banking Observer Mirza Adityaswara told
Tempo that the impact of the decrease in three-month SBIs to
8.1% against market expectations must be seriously watched.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was  
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

In its capacity as central bank, Bank Indonesia has one single
objective of achieving and maintaining stability of the rupiah
value.  The stability of the value of the rupiah comprises two
aspects, one is stability of rupiah value against goods and
services and the other is the stability of the exchange rate of
the rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as
reflected by the development of rupiah exchange rate against
other currencies.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 29, 2007, that Fitch Ratings affirmed the ratings of Bank
Indonesia as follows:

   -- Long-term foreign currency Issuer Default rating at 'BB-',
   -- Short-term rating at 'B',
   -- National Long-term rating at 'AA-',
   -- Individual rating at 'C/D' and
   -- Support rating at '4'.

Standard and Poors Rating Services gave Bank Indonesia's long
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.
May 12, 2003.


HANOVER COMPRESSOR: Call for Partial Redemption is on Feb. 28
-------------------------------------------------------------
Hanover Compressor Company announced the call for redemption on
February 28, 2007, of US$29,897,000 aggregate principal amount
of the Convertible Junior Subordinated Debentures Due 2029.  All
of the Debentures are owned by Hanover Compressor Capital Trust
and the Trust is required to use the proceeds received from such
redemption to redeem US$29,000,000 aggregate liquidation amount
of its 7 1/4% Convertible Preferred Securities and US$897,000
aggregate liquidation amount of its 71/4% Convertible Common
Securities.  Hanover Compressor Company owns all of the Common
Securities of the Trust.

The Preferred Securities to be redeemed will be selected in
accordance with the applicable procedures of The Depository
Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on Feb. 27, 2007, holders may
convert their Preferred Securities called for redemption on the
basis of one Preferred Security per US$50 principal amount of
Debentures which will then be immediately converted into shares
of Hanover Compressor Company common stock at a price of
US$17.875 per share, or 2.7972 shares of Hanover Compressor
Company common stock per US$50 principal amount. Cash will be
paid in lieu of fractional shares.

Alternatively, holders may have their Preferred Securities that
have been called for redemption, redeemed on Feb. 28, 2007. Upon
redemption, holders will receive US$50 for each of their
Preferred Securities, plus accrued and unpaid distributions
thereon from December 15, 2006 up to but not including Feb. 28,
2007.  Any of the Preferred Securities called for redemption and
not converted on or before 5:00 p.m., Eastern Time, on Feb. 27,
2007, will be automatically redeemed on Feb. 28, 2007, and no
further distributions will accrue.

Holders of the Preferred Securities should complete the
appropriate instruction form for redemption or conversion, as
applicable, pursuant to The Depository Trust Company's book-
entry system and follow such other directions as instructed by
The Depository Trust Company.

                About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
-- http://www.hanover-co.com/-- rents and repairs compressors  
and performs natural gas compression services for oil and gas
companies.  It has a fleet of more than 6,520 mobile compressors
ranging from 8 to 4,735 horsepower.  The company's subsidiaries
also provide service, fabrication, and equipment for oil and
natural gas processing and transportation applications.  Hanover
Compressor is disposing of its non-oilfield power generation
facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating
rental assets of Hanover Compression Limited Partnership to oil
and gas firm Crosstex Energy for about US$52 million.

The company has locations in India, China, Indonesia, Japan,
Korea, Taiwan, the United Kingdom, and Vietnam, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 12, 2007, Standard & Poor's Ratings Services placed the
'BB-' corporate credit ratings on oilfield service company
Hanover Compressor Co. and its related entity Hanover
Compression L.P. on CreditWatch with positive implications.


MEDCO ENERGI: To Set Up Subsidiary and Release Shares Via IPO
-------------------------------------------------------------
PT Medco Energi Internasional Tbk plans to set up by the end of
this year a new subsidiary that will accommodate the entire
corporation's assets abroad, Tempo Interactive reports.

According to Medco Energi Internasional President Director Hilmi
Panigoro, after being established, the company plans to release
the subsidiary's shares in the stock exchange and that the
shares release will be carried out through an initial public
offering, the report notes.

Tempo relates that Mr. Panigoro has not yet confirmed the number
of shares to be released and the target of funds that can be
obtained from the process.  However, according to a Tempo
source, the amount of shares to be sold is to be between 30% and
40%.

According to the report, the confirmation can't be announced yet
since, until now, the company is still preparing measures to set
up the subsidiary and release the shares.  Yet, it is expected
that all processes can be completed by the end of the year.

Mr. Panigoro, the report relates, said that Medco Energi is
aiming at optimizing the company's assets abroad.  Another goal
is for the new company's business activities, which have higher
risks, to not disturb the company's cash flow.

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


NORTEL: Achieves First Multi-Vendor Live MIMO-Powered WiMAX Call
----------------------------------------------------------------
Nortel Networks Corporation, Kyocera Wireless Corp, and Runcom
have achieved what is believed to be the industry's first multi-
vendor, live MIMO call using innovative WiMAX antenna
technology.  This technology is expected to deliver mobile
services three to five times faster and at a much lower cost
than today's 3G networks.  The groundbreaking call, which
included both voice and streaming video, demonstrated the
commercial viability of MIMO-powered WiMAX for networks and end-
user devices.

MIMO-powered WiMAX will allow service providers to meet the high
bandwidth demands of today's mobile society without being
prohibited by huge costs.  This advancement has the potential to
offer consumers fully mobile access to entertainment and
communication tools that traditionally have been restricted to
the home or office.  For example, true mobility could be
extended to workers for secure access and unprecedented
bandwidth wherever they go; video gamers could enjoy their
favorite interactive games in real-time; and children could pass
the time on long drives watching their favorite shows via
streaming video.

"This solidifies Nortel's position as a leader in OFDM-MIMO
which is the underlying technology of WiMAX and the basis for
all 4G solutions" said Peter MacKinnon, GM of WiMAX, Nortel.  
"To ensure an ecosystem of MIMO-powered WiMAX, Nortel has
brought together its leadership in 4G Mobile Broadband
technologies with Kyocera Wireless' expertise in consumer
devices and Runcom's pioneering developments in chipset
technologies."

"In order to be successful in the market, mobile video must be
affordable for consumers," said Monica Paolini, Senza Fili
Consulting.  "WiMAX, with its infrastructure, high capacity, and
the proven ability to support mobility, is an excellent
technology choice for operators looking to drive the costs out
of mobile services while still offering the most competitive
broadband speed performance."

"As the world's first handset manufacturer to demonstrate a
MIMO-powered WiMAX device, Kyocera Wireless is in a leadership
position to enable future products with the bandwidth-intensive
features -- like television and broadband Internet -- that many
consumers will demand," said Dave Carey, vice president of
strategic planning, Kyocera Wireless Corp.  "Kyocera Wireless
has a long track record of innovation in the wireless industry
and we're gratified to be working with Nortel and Runcom on yet
another step forward in wireless technology."

"Leading edge WiMAX technology will allow mobile customers to
enjoy enhanced communication services without sacrificing the
flexibility and dependability that they have come to expect from
their devices and networks," said Dr Zion Hadad, CEO, Runcom.
"We expect this collaboration will provide the end to end MIMO
solutions that can transform the wireless industry."

The call took place at Nortel's Advanced Technology Lab in
Ottawa over live air using 2.5 Ghz commercial spectrums.  The
technology used was a prototype PCMCIA card from Kyocera
Wireless powered by Runcom's MIMO chipset, and Nortel's WiMAX
Base Station 5020.  This is believed to be the industry's first
multi-vendor, end-to-end WiMAX MIMO wireless broadband solution
where all components are MIMO based.  Nortel signed a working
agreement with Kyocera Wireless in December to bring to market
MIMO-based PCMCIA cards and other devices. Based on market
demand, commercial products could be available later this year.
In addition, Nortel will demonstrate the MIMO-powered WiMAX
solution at its booth at 3GSM World Congress taking place Feb.
12-15 in Barcelona.

Nortel's Mobile WiMAX solution is built on a foundation of MIMO,
a combination of innovative transmission and antenna
technologies that maximizes spectrum to deliver the lightning-
fast speeds and high bandwidth essential to high-quality mobile
video and TV.  The power and performance of Nortel's solution
provides substantial savings to operators because WiMAX delivers
high-speed, broadband fixed and mobile services wirelessly to
large areas with minimal infrastructure.

                          About Kyocera

Kyocera Wireless Corp. is a leading supplier of innovative,
feature-rich CDMA wireless devices and accessories for customers
worldwide.  Kyocera Wireless maintains an operating belief in
the genius of simplicity and strives to make the wireless
experience as simple and intuitive as humanly possible.  The
company is a wholly owned subsidiary of Kyocera International
Inc., which acquired QUALCOMM Incorporated's CDMA consumer
wireless phone business in February 2000.  Based in San Diego,
the company is ISO-14001 and ISO-9001 certified and has won
city, state and federal awards for its environmentally friendly
manufacturing and recycling practices.  For more information,
please visit http://www.kyocera-wireless.com/

Kyocera Corporation (NYSE: KYO), the parent and global
headquarters of the Kyocera Group, was founded in 1959 as a
producer of advanced ceramics.  By combining these engineered
materials with metals and plastics, and integrating them with
other technologies, Kyocera has become a leading supplier of
telecommunications equipment, semiconductor packages, electronic
components, cameras, laser printers, copiers, solar energy
systems and industrial ceramics.  During the year ended
March 31, 2006, Kyocera Corporation's consolidated net sales
totaled approximately US$10 billion (JPY1,181,489 million) with
net income of approximately US$596 million (JPY69,696 million).

                         About Runcom

Runcom is a technology company pioneering OFDMA based silicon
solutions for User Terminals and Base Stations that comply with
the IEEE802.16e-2005 standard for WiBro and Mobile WiMax
applications, Runcom Products include the PHY and MAC
communication layers.  Runcom RNA200 ASIC was the first Mobile
WiMax compliant with ASIC in the Market. For more information,
visit Runcom on the Internet: http://www.runcom.com/

                     About Nortel Networks

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

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

                          *     *     *

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

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

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


PERTAMINA: Wants to Acquire Operational Oil Blocks in Sudan
-----------------------------------------------------------
PT Pertamina (Persero) says it hopes to acquire two or three oil
blocks already operational in Sudan to increase its oil
production this year, Antara News reports.

According to the report, Pertamina Upstream Director Sukusen
Soemarinda said that the company already has adequate funds
available for the acquisition, leaving out the financial details
of the agreement.

The report notes that Mr. Soemarinda also said that Pertamina
has discussed the plan with the Sudanese Government and will
send a technical team to the country for due diligence studies
to select more prospective blocks.

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

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

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

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


PERTAMINA: Competes in Tender for Makasar Oil and Gas Blocks
------------------------------------------------------------
PT Pertamina (Persero), together with Norway's Statoil, is
competing with three foreign companies in a regular tender for
oil and gas blocks in the Makassar Straits.

According to the report, Director of Upstream Business
Management at the Department of Energy and Mineral Resources R.
Priyono, said that one of the blocks in the Makassar Straits
that the four companies were most interested in was the Karama
Block, which is estimated to have oil reserves of more than 200
million barrels.

Mr. Priyono also said that the winner of the auction will be
announced by the end of February, the report adds.

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

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

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

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


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

ATARI INC: Posts US$47-Mil. Net Revenue in Quarter Ended Dec. 31
----------------------------------------------------------------
Atari Inc.'s net revenue for the quarter ended Dec. 31, 2006,
was US$47.3 million versus US$100 million in the comparable
year-earlier period.  Publishing net revenue was US$46 million
versus US$81.6 million in the prior year, while distribution
revenue was US$1.3 million versus US$18.4 million in the
comparable year-earlier period.

Net loss for the fiscal 2007 third quarter was US$0.7 million
compared to a net loss of US$4.8 million in the year-earlier
period.  Income from continuing operations for the third quarter
of fiscal 2007 was US$1.7 million compared to a loss from
continuing operations of US$2.3 million in fiscal 2006.

Net revenue for the nine-month period ended Dec. 31, 2006, was
US$95.3 million versus US$162.2 million in the comparable
year-earlier period.  Publishing net revenue was
US$78.8 million, versus US$116.6 million in the prior nine-month
period, while distribution revenue was US$16.5 million, versus
US$45.6 million in the comparable year-earlier period.

Net loss for the nine-month period was US$7.5 million compared
to net loss of US$62.8 million in the year-earlier period.  
Loss from continuing operations for the nine-month period of
fiscal 2007 was US$12.4 million compared to a loss of
US$54.8 million in fiscal 2006.

"Atari continues to focus on improving product quality and
is committed to growing shareholder value. Specifically, Never
Winter Nights 2, Dragon Ball Z: Budokai Tenkaichi 2 and Test
Drive Unlimited achieved our targets of quality and market place
acceptance on a global basis," stated David Pierce, President
and Chief Executive Officer of Atari.

                        About Atari Inc

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all  
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan.

                      Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


BANCO BRADESCO: Posts BRL6.4 Bil. Net Income in Full Year 2006
--------------------------------------------------------------
Banco Bradesco posted, in 2006, excluding extraordinary events
held in the period and goodwill amortizations of the 1st half of
2006, net income of BRL6.6 billion.

The company's recurring net income for the full-year period in
2006 was BRL6.4 billion, +15.4% compared in 2005, (equivalent to
BRL6.36 per stock), while the 2006 fourth quarter recurring net
income was BRL1.620 billion, +0.6% compared to the 2006 third
quarter.

In the year of 2006, the annualized return on average
stockholders' equity (ROAE) stood at 30% (32.1% in 2005), and at
32.3% in the quarter annualized (32.7% in 2006 third quarter).

Total Assets reached BRL265.5 billion, +27.2% when compared to
December 2005 and +9.2% when compared to September 2006,
BRL96.2 billion or 36.2% of which represented by Loans and
Leasing.

Unrealized net income, represented by the difference between
market values of assets and liabilities and their respective
book values, totaled BRL3.2 billion in December 2006 versus
BRL1.6 billion in December 2005, a BRL1.616 million increase.

Other Highlights

    -- net income breakdown in 2006 was: 34% originated by
       Insurance, Pension and Certificated Savings Plans, 23% by
       Loans, 26% by Fees, 9% by Securities and Treasury and
       8% by Funding Results.

    -- Adjusted net interest income of BRL19.8 billion in 2006
       was 19.9% higher than the full-year period in 2005.  
       In the 2006 fourth quarter versus 2006 third quarter
       analysis, a 3.7%increase was recorded.

    -- Fees jumped by BRL1.549 billion, or 21.1%, between
       December 2005 and 2006, totaling BRL8.898 billion.
       In the q-o-q analysis, fees expanded by BRL81 million, or
       3.5%.

    -- Operating Efficiency Ratio for the accumulated 12-month
       period,  continued to present consistent improvement,
       standing at 42.1% in December 2006, vis-a-vis 45.6%, in
       December 2005.

    -- Remuneration to Stockholders in the form of interest on
       own capital (IOC)/dividends paid and provisioned related
       to the year of 2006 amounted to BRL2.160 billion
       (BRL1.881 billion in the same period of 2005).

    -- As of Dec. 28, 2006, Banco Bradesco's Market
       Capitalization reached BRL84.801 billion, corresponding
       to a 31% jump in the year.  Based on the most recent
       stock price, as of Feb. 9, 2007, Bradesco's market cap
       stood at BRL83.6 billion.

    -- Acquisition of 100% of Banco BMC and its subsidiaries for
       the amount of BRL800 million, which will be paid by means
       of the issuance of Bradesco's stocks, corresponding to
       nearly 0.94% of its capital stock.

    -- 10% increase in the amount of Monthly Interest on own
       capital, to be effective as from the IOC referring to
       March 2007, to be paid on April 2, 2007, benefiting
       stockholders who are registered in the Company's records
       on March 1, 2007.

    -- Proposal to be analyzed at a Special Stockholders'
       Meeting to be held on March 12, 2007, for the increase in
       the capital stock in the amount of BRL3.8 billion will be
       proposed, upon the use of part of the "Profit Reserve-
       Statutory Reserve" account balance, granting as stock
       bonus, free of charge, a new stock, of the same type, for
       each stockholder.  Such bonus will depend on the approval
       of the Brazilian Central Bank.

                      About Banco Bradesco

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

                          *     *     *

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

Fitch has also taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

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

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

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

Moody's said the ratings outlook is stable.


BANCO BRADESCO: Plans to Increase Capital by US$1.81 Billion
------------------------------------------------------------
Brazilian private bank Banco Bradesco (NYSE: BBD) plans to raise
capital by BRL3.80 billion (US$1.81 billion) to BRL18.0 billion,
Business News Americas reports.

The increase will be discussed at Bradesco's annual
shareholders' meeting on March 12 and must later be approved by
Brazil's central bank, the same report adds.

According to BNamericas, the capital increase will come from the
profit reserve and give shareholders one new stock for each one
held, including ADRs and Latibex-traded stock in Spain.

                      About Banco Bradesco

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

                          *     *     *

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

Fitch has also taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

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

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

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

Moody's said the ratings outlook is stable.


CNET NETWORKS: Files Amended 2005 Annual Report with SEC
--------------------------------------------------------
CNET Networks Inc. has filed with the United States Securities
and Exchange Commission an amended annual report on Form 10-K/A
for the year ended Dec. 31, 2005.

The company amended its Annual Report for the year ended
Dec. 31, 2005, as filed on March 16, 2006, to restate its
consolidated financial statements for the years ended
Dec. 31, 2005, 2004 and 2003 and the related disclosures.

The amended Annual Report also includes the restatement of
selected consolidated financial data as of and for the years
ended Dec. 31, 2005, 2004, 2003, 2002 and 2001, and the
unaudited quarterly financial data for each of the quarters in
the years ended Dec. 31, 2005 and 2004.

The company's decision to restate its financial results was
based on the results of an independent review of its stock
option accounting that was conducted under the direction of a
special committee of the Board of Directors established in May
2006.  The corrections to the accounting for non-cash stock
compensation expense for stock options resulted in a reduction
in previously reported income before income taxes of
US$6.3 million and US$9.0 million for the years ended
Dec. 31, 2005 and 2004, respectively.  The corrections to the
accounting for non-cash stock compensation expense for stock
options resulted in an increase in the loss before income taxes
of US$8.1 million, US$22.6 million and US$18.4 million for the
years ended Dec. 31, 2003, 2002 and 2001, respectively.

In connection with the restatement of stock compensation
expense, the company is also restating the pro forma disclosures
for stock compensation expense required under Statement of
Financial Accounting Standards No. 123, Accounting for Stock-
Based Compensation.

In connection with the restatement, the company has made certain
additional adjustments to its historical consolidated financial
statements.  These items were not previously recorded because in
each case, and in the aggregate, the underlying errors were not
considered material to our consolidated financial statements.

The adjustments consisted of: reclassifications of certain
foreign transactional taxes on the company's consolidated
statements of operations and other tax reclassifications on its
consolidated balance sheets; and other adjustments to operating
expenses for previously known errors and corrections to its
provision for income tax resulting from computational errors.  

The adjustments resulted in reductions to previously reported
income before income taxes of US$1.7 million and US$0.6 million
for the years ended Dec. 31, 2005 and 2004, respectively, and in
reductions to previously reported loss before income taxes of
US$0.2 million and US$0.4 million for the years ended
Dec. 31, 2003, and 2002, respectively.  The effect of these
adjustments on previously reported loss before income taxes for
the year ended Dec. 31, 2001 was negligible.

                        Restated Results

For the year ended Dec. 31, 2005, CNET Networks' net income rose
to US$19,583,000 from net income of US$1,839,000 in the prior
year.  Total revenues for the period also increased to
US$354,209,000 from total revenues of US$291,967,000 in the year
ended Dec. 31, 2004.

The company's balance sheet at Dec. 31, 2005, showed total
assets of US$455,566,000, total liabilities of US$203,030,000,
and total stockholders' equity of US$252,536,000.     

Full-text copies of the company's restated financial statements
for the year ended Dec. 31, 2005, are available for free at:

               http://researcharchives.com/t/s?19cc

                     About CNET Networks Inc.

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the US, Asia and Europe.  The company has locations
in Japan, China, Korea, Australia, Germany and France, among
others.

                          *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services lowered its
ratings on CNET Networks Inc., including lowering the corporate
credit rating to 'CCC+' from 'B', and placed the ratings on
CreditWatch with developing implications.


CNET NETWORKS: Debt Payment Prompts S&P to Withdraw Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services removed its 'CCC+' corporate
credit and other ratings on CNET Networks Inc. from CreditWatch
where they had been placed with developing implications on
Oct. 20, 2006.  Standard & Poor's then withdrew its ratings.  

The actions were taken after the company repaid its US$125
million 0.75% senior convertible notes due 2024 using cash on
hand and bank debt.  Bond trustees had accelerated the maturity
on the convertible notes because CNET failed to file its
quarterly reports with the SEC.

                     About CNET Networks Inc.

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the US, Asia and Europe.  The company has locations
in Japan, China, Korea, Australia, Germany and France, among
others.


JAPAN AIRLINES: To Further Cut Fuel Surcharges On Passenger Fare
----------------------------------------------------------------
Japan Airlines, on Feb. 13, 2007, requested approval from the
Japanese Ministry of Land, Infrastructure and Transport, to
reduce the fuel surcharge placed on nearly all international
passenger tickets issued on or after April 1, 2007.

After an assessment of the outlook for the fuel market, and as a
result of increases in IATA international fares effective
April 1, 2007, JAL has decided to lower the fuel surcharge from
April 1 as follows.  Based on ticket sales in Japan, the new
surcharges range from JPY1,700 on a Japan-Korea ticket (down
from JPY1,800) to JPY15,500 on a Japan-Brazil ticket (down from
JPY16,500).  The surcharge on a Japan-Europe ticket or a Japan-
North America ticket will be JPY12,000, down from JPY13,000.

This is the second fuel surcharge reduction this year.  JAL
reduced the fuel surcharge placed on all international passenger
tickets issued on or after January 1, 2007.  This was made
possible by the fact that the price of Singapore kerosene stayed
below the benchmark of US$80.00 per barrel for 30 consecutive
working days.

However, from April 1, 2007, the fuel surcharge on a Japan-Hong
Kong ticket will increase to JPY5,200 up from JPY1,800 to more
accurately reflect the distance flown and fuel usage on this
route.

JAL originally introduced the fuel surcharge on international
tickets in February 2005 in response to unprecedented rises in
the cost of fuel.

The surcharge will be reduced again once the price of Singapore
kerosene stays below the benchmark of US$75.00 per barrel for 30
consecutive working days.  The surcharge will be progressively
reduced as the price of fuel decreases, and will be cancelled
completely when the price of Singapore kerosene stays below the
benchmark of US$45.00 per barrel for 30 consecutive working
days.

For details on the new fuel surcharge rates, please visit the
JAL Web site at http://www.jal.com/en/press/0000883/883.html

                     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.


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

BURGER KING: To Sell 23 Mil. Shares in Secondary Public Offering
----------------------------------------------------------------
Burger King disclosed that its private shareholders will be
selling 23 million shares at US$20.71 per share in a secondary
public offering.  The sale is expected to generate
US$476.33 million.

Burger King's shares first sold in May 2006 at US$17 per share.  

The Miami Herald says that once the sale is completed, ownership
of the burger chain by Texas Pacific Group, Bain Capital and
Goldman Sachs Capital Partners will be reduced.  These private
investors, which bought the company in December 2002 and made it
public in May 2006, hold 75.1% of Burger King.  After the sale,
their stake would decline to 60.2%.

The sale, the Herald says, is brought about by Burger King's
turnaround progress.  The company reported earnings higher than
what experts forecasted.  It posted an increase in net income of
41% to US$38 million.

JPMorgan Chase & Co., Goldman Sachs and Morgan Stanley will act
as book-running managers for the offering. Banc of America
Corp., Citigroup Inc., Loop Capital Markets and Wachovia Corp.
will act as co-managers.

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--  
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide,  
including Korea, Australia, China, Hong Kong, Malaysia, New
Zealand, Philippines, Singapore, Taiwan and Thailand.
Approximately 90% of BURGER KING restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the restaurant sector, the rating
agency revised its Corporate Family Rating for Burger King
Corporation to Ba3 from Ba2.

Additionally, Moody's held its Ba2 ratings on the company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.

Fitch, in June 2006, assigned initial ratings for Burger King
Corp.  Fitch assigned the company its 'B+' Issuer Default Rating
and rated the company's US$150 million revolving credit facility
maturing June 2011; and US$967 million aggregate remaining term
loan A and B outstandings maturing June 2011 and June 2012,
respectively, at 'BB/RR2'.  Fitch said that the Outlook on all
Ratings is Positive.


CLOROX CO: Dec. 31 Balance Sheet Upside-Down by US$33 Million
-------------------------------------------------------------
The Clorox Company reported US$3,624,000,000 in total assets,
US$3,657,000,000 in total liabilities, and US$33,000,000 in
total stockholders' deficit at Dec. 31, 2006.

The company's balance sheet at Dec. 31, 2006, showed strained
liquidity with US$979,000,000 in total current assets available
to pay US$1,519,000,000 billion in total current liabilities.
              
The Clorox Company reported net income of US$96,000,000 on
US$1,101,000,000 of net sales for the second quarter ended Dec.
31, 2006, compared with US$83,000,000 of net income on
US$1,064,000,000 billion of net sales for the same period in
2005.  Net income included a tax benefit of US$5,000,000 related
to the sale of the company's residual assets in a Brazilian
subsidiary.  Clorox discontinued its operations in Brazil in
fiscal year 2003.

The 3% increase in sales was primarily due to price increases
taken in early calendar year 2006.  Volume actually declined 1%.  
Shipments of Glad trash bags and some laundry and home-care
products were also impacted by aggressive competitive activity.  

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

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

                  Net Cash Provided by Operations

Net cash provided by operations in the second quarter was
US$122,000,000, compared to US$142,000,000 in the year-ago
quarter.  The year-over-year decrease was primarily due to the
timing of tax payments and cash provided by discontinued
operations in the year-ago quarter.

During the quarter, Clorox repurchased about 1.1 million shares
of the company's common stock at a cost of about US$69,000,000,
under its ongoing program to offset stock option dilution.

A full-text copy of the company's financial report on Form 10-Q
is available for free at http://ResearchArchives.com/t/s?198e

                    About The Clorox Company

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

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

At Sept. 30, 2006, the company's balance sheet showed
US$3,539,000,000 in total assets and US$3,594,000,000 in total
liabilities, resulting in a US$55,000,000 in stockholders'
deficit.  At Sept. 30, 2005, the company disclosed a
US$156,000,000 stockholders' deficit.


CLOROX CO: Declares US$0.31 Per Share Quarterly Dividend
--------------------------------------------------------
The Clorox Co.'s board of directors has declared a regular
quarterly dividend of 31 cents per share on the company's common
stock, payable May 15, 2007, to stockholders of record on
April 27, 2007.

                    About The Clorox Company

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

In Latin America, Clorox has manufacturing facilities in Costa
Rica, Dominican Republic, Panama, Peru and Colombia, among
others.

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


CLOROX CO: Richard Carmona & Edward Mueller Elected to Board
------------------------------------------------------------
The Clorox Company elected Edward A. Mueller and Dr. Richard H.
Carmona, M.D., M.P.H., F.A.C.S., to its board of directors.

"I am delighted to have such outstanding individuals joining our
board," said Chairman and Chief Executive Officer Don Knauss.  
"Richard Carmona's distinguished medical background and
commitment to public health will be invaluable as we continue to
build the company's health-and-wellness platform.  He will also
provide unique insight into developing products that meet the
needs of Latino consumers," Mr. Knauss noted.

"Edward Mueller's extensive retail, executive and board
experience are a perfect fit for Clorox, and will serve us well
as we continue to develop our corporate strategy for the
company's 2013 centennial and beyond."

Mr. Carmona, 57, has been vice chairman of Canyon Ranch, a life-
enhancement company, since October 2006.  As vice chairman, he
works with Canyon Ranch's executives and integrative medicine
team on major projects including joint ventures with Cleveland
clinic, one of the country's academic medical research
institutions.  He also serves as chief executive officer of the
Canyon Ranch Health division and president of the nonprofit
Canyon Ranch Institute.  He is also the first professor of
public health at the Mel and Enid Zuckerman College of Public
Health at the University of Arizona.

Before joining Canyon Ranch, Mr. Carmona served as the 17th
Surgeon General of the United States, achieving the rank of Vice
Admiral.  Previously, he was chairman of the State of Arizona
Southern Regional Emergency Medical System; a professor of
surgery, public health, and family and community medicine at the
University of Arizona; and surgeon and deputy sheriff of the
Pima County, Arizona, Sheriff's Department.

Mr. Carmona also held positions of increasing responsibility in
the Pima County health-care system, including chief medical
officer, hospital chief executive officer, public health officer
and finally chief executive officer.  In addition, he served in
the U.S. Army and the Army's Special Forces.  A native of New
York, he holds an associate degree from Bronx Community College
of the City University of New York; bachelor's and medical
degrees from the University of California San Francisco; and a
master's degree in public health from the University of Arizona.

Mr. Mueller, 59, most recently led Williams-Sonoma Inc.  He
joined Williams-Sonoma as chief executive officer in January
2003, and served on the board of directors from 1999 until
leaving the company in July 2006.

Before joining Williams-Sonoma, Mr. Mueller served as president
and chief executive officer of Ameritech Corporation, a
subsidiary of SBC Communications, Inc.  He joined SBC in 1968,
and held numerous executive positions, including president and
chief executive officer of Southwestern Bell Telephone Company,
president and chief executive officer of Pacific Bell and
president of SBC International, Inc.

Mr. Mueller is a member of the board of directors of VeriSign,
Inc.  A native of St. Louis, he holds a bachelor's degree in
civil engineering from the University of Missouri and an
executive master's degree in business administration from
Washington University.

                        About Clorox

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

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

At Sept. 30, 2006, the company's balance sheet showed
US$3,539,000,000 in total assets and US$3,594,000,000 in total
liabilities, resulting in a US$55,000,000 in stockholders'
deficit.  At Sept. 30, 2005, the company disclosed a
US$156,000,000 stockholders' deficit.


DYNCORP INT'L: Posts US$517.5 Million Third Quarter 2007 Revenue
----------------------------------------------------------------
DynCorp International Inc.'s revenue for the fiscal 2007 third
quarter decreased 6.5% to US$517.5 million, compared with the
revenue for the 2006 third quarter.  Government Services' --
formerly referred to as the International Technical Services
segment -- revenue for the third quarter decreased 9.4% over the
comparable period in 2006.  The lower Government Services'
revenue was attributable to:

   (1) the conclusion of protective services previously
       provided in Israel, Haiti, Afghanistan and central
       Iraq,

   (2) ending services in support of the Hurricane Katrina
       relief effort, and

   (3) completion of helicopter refurbishment and upgrades in
       support of U.S. drug eradication efforts in Afghanistan.

Revenue from the Maintenance and Technical Support Services --
formerly referred to as the Field Technical Services segment --
increased 0.1% from the 2006 third quarter.

Operating income for the 2007 third quarter increased 37.2% to
US$32.3 million from the 2006 third quarter.  Operating margin
for the 2007 third quarter was 6.2%, compared with operating
margin of 4.2% in the 2006 third quarter.  Operating margin
increased 2.0% of revenue primarily due to:

   (1) improved performance on the company's Civilian Police
       program,

   (2) improved performance and changes to the company's
       International Narcotics and Law Enforcement Air-Wing
       contract,

   (3) increased level of effort on the company's Contract
       Field Teams program, and

   (4) a contract modification for construction in Afghanistan.

Net income for the 2007 third quarter was US$11.6 million, or
US$0.20 per share, compared with net income of US$1.6 million,
or US$0.05 per share, for the comparable period in fiscal 2006.  
The increase in 2007 third quarter net income was due to
improved operating margins and lower interest expense resulting
from redemption of the company's preferred stock during the
first quarter of fiscal 2007.

Adjusted EBITDA for the 2007 third quarter increased to
US$46.4 million, or 9.0% of revenue, from US$35.3 million, or
6.4% of revenue, for the comparable period in fiscal 2006.  Cash
earnings per share for the 2007 third quarter, which adds back
special items, amortization and non-cash equity-based
compensation expense, improved 37.9% to US$0.40 per share from
the comparable period in fiscal 2006.

                    Year-to-Date Results

Revenue for the first nine months of fiscal 2007 increased 7.9%
US$1,529.9 million, compared with revenue for the first nine
months of fiscal 2006.  The company's Government Services
segment generated revenue of US$1,001.9 million for the first
nine months of fiscal 2007, growing 11.8% over the comparable
period in fiscal 2006.  Government Services' revenue growth
resulted primarily from drug eradication efforts in South
America, aviation support for drug eradication efforts in
Afghanistan, increased Police Advisors in Iraq and Afghanistan,
and additional support to the U.S. Department of State in
Liberia and Sudan under the Africa Peacekeeping program.  The
company's Maintenance and Technical Support Services segment
revenue increased 1.2% to US$528.0 million as compared with the
first nine months of fiscal 2006.

Operating income for the first nine months of fiscal 2007 was
increased 11.1% to US$70.6 million, compared with the same
period in fiscal 2006.  Operating margin for the first nine
months of fiscal 2007 was 4.6%, compared with 4.5% for the first
nine months of fiscal 2006.  The increased operating income and
operating margin reflect

   (1) strong performance from fixed price contracts such as
       the Civilian Police and International Narcotics and Law
       Enforcement Air-Wing contracts,
  
   (2) increased level of effort on the company's Contract Field
       Teams contract, and

   (3) the contract modification for construction in
       Afghanistan.

Net income for the first nine months of fiscal 2007 was
US$8.1 million, resulting in earnings per share of US$0.15,
compared with net income of US$1.5 million and earnings per
share of US$0.05 for the first nine months of fiscal 2006.  Net
income includes one-time expenses related to the company's
initial public offering on May 4, 2006.  After adjusting for
IPO-related expense items and executive severance costs, pro
forma net income for the first nine months of fiscal 2007 was
US$22.3 million, and pro forma earnings per share were US$0.39.

Adjusted EBITDA for the first nine months of fiscal 2007
improved to US$115.6 million, or 7.6% of revenue, compared with
adjusted EBITDA of US$100.5 million, or 7.1% of revenue, for the
first nine months of fiscal 2006.  For the first nine months of
fiscal 2007, cash earnings per share, which adds to pro forma
earnings per share amortization and non-cash equity-based
compensation expense, improved 17.3% to US$0.95 per share.

During the first nine months of fiscal 2007, the company
generated operating cash flow of US$45.8 million, which was
partially offset by capital expenditures and cash used in
connection with the company's IPO.  Operating cash flow of
US$45.8 million decreased from operating cash flow of
US$54.2 million for the first nine months of fiscal 2006.  The
prior year's higher operating cash flow resulted from unusually
high accounts receivable collections.  On Dec. 29, 2006, the
company's days sales outstanding were 77.0, as compared with
63.6 on Dec. 30, 2005.

Backlog as of Dec. 29, 2006, was US$5.8 billion, including
US$1.2 billion in funded backlog and US$4.6 billion in unfunded
backlog.  Estimated remaining contract value was US$8.9 billion
as of Dec. 29, 2006.  Both backlog and estimated remaining
contract value has increased during fiscal 2007 by US$3.2
billion.  During the third quarter 2007, the U.S. Army awarded a
contract to provide translation and interpretation services in
support of Operation Iraqi Freedom to Global Linguist Solutions,
LLC, a joint venture in which the company has a 51% interest.  
This contract award contributed US$3.3 billion to backlog and
estimated contract value.  The incumbent for this program has
protested the award of the contract to Global Linguist Solutions
LLC.

                       Fiscal 2007 Guidance

The company provides the following guidance for its fiscal year
ending March 30, 2007, based on its current backlog and
management's estimate of future contract awards.  Revenue has
been reduced from a range of US$2,100-US$2,200 million to a
range of US$2,050-US$2,100 million to reflect delays in the
timing of new business.  Diluted earnings per share have been
increased from US$0.43 per share to US$0.45 per share to reflect
lower non-cash equity compensation and severance expense.

                          About DynCorp

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized  
mission-critical outsourced technical services to civilian and
military government agencies.  The company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea and Haiti.  DynCorp International,
LLC, is the operating company of DynCorp International Inc.

                          *     *     *

Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC.  The ratings were removed from CreditWatch
where they were placed with positive implications on Oct. 3,
2005.  S&P said the outlook is stable.

Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


TOWER AUTOMOTIVE: Panel Wants Stutman as Special Counsel
--------------------------------------------------------
The Official Committee of Unsecured Creditors seeks authority
from the United States Bankruptcy Court for the Southern
District of New York to retain Stutman, Treister & Glatt, P.C.,
as its special conflicts counsel, nunc pro tunc to Oct. 26,
2006, in connection with Tower Automotive Inc. and its debtor-
affiliates' Chapter 11 cases.

Due to the conflict that Akin, Gump, Strauss, Hauer & Feld, LLP,
the Creditors Committee's bankruptcy counsel, had in the
adversary proceeding between Tower Automotive Mexico and Grupo
Proeza, S.A. DE C.V., Stutman Treister provided services to the
Committee in connection with the Proeza Litigation, immediately
upon the Committee's request in October 2006.

Although the Proeza Litigation will soon be dismissed, the
Creditors Committee has requested that Stutman Treister continue
to serve as conflicts counsel.

Specifically, Stutman Treister's services will include assisting
the Creditors Committee in potential plan confirmation disputes
where Akin Gump possesses an actual or potential conflict of
interest.

The Creditors Committee believes that Stutman Treister possesses
extensive knowledge and expertise in the areas of law relevant
to the Debtors' Chapter 11 cases, and that Stutman Treister is
well qualified to represent the Committee as special conflicts
counsel.  Stutman Treister has represented and currently
represents creditors committees in many significant Chapter 11
cases.

Stutman Treister's employment does not include appearances
before any court or agency other than the Bankruptcy Court or
the provision of advice on international taxation issues,
securities,
torts, environmental, labor, or criminal law.  Stutman Treister
represents only the Creditors Committee, not its individual
members.

Stutman Treister will be paid for its services in accordance
with its hourly rates for professionals and paraprofessionals:

   Billing Category           Hourly Rate                       
   ----------------           -----------
   Shareholders             US$450 - US$775
   Of Counsel               US$395 - US$750
   Associates               US$250 - US$385

   Paralegals                        US$190    
   Law Clerks               US$160 - US$215

The professionals currently expected to have primary
responsibility for providing services to the Committee are:

   Professional               Hourly Rate
   ------------               -----------
   Jeffrey C. Krause, Esq.  US$640 - US$675
   Eric D. Goldberg, Esq.   US$550 - US$575
   Gregory K. Jones, Esq.   US$395 - US$425

Jeffrey C. Krause, Esq., a member at Stutman Treister, assures
the Court that his firm and all of its attorneys are
disinterested persons who do not hold or represent an interest
adverse to the Debtors' estates and do not have any connection
with the Debtors, their creditors, the Committee, or any other
parties-in-interest in the Debtors' Chapter 11 cases.

Mr. Krause discloses that his firm represented certain members
of the Creditors Committee and some creditors in discrete
matters entirely unrelated to the Debtors or the Debtors'
Chapter 11 cases.  In addition, Mr. Krause says he was
previously a partner of Akin Gump for a little more than two
years -- he resigned from Akin Gump effective Dec. 31, 2001.  
Gregory K. Jones was previously employed by Akin Gump between
January 2000 and March 2002.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
of reorganization expires on Feb. 28, 2007.  (Tower Automotive
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Seeks to Lift Stay in Delphi's Case
-----------------------------------------------------
Tower Automotive Inc. and its debtor affiliates ask the
Honorable Robert D. Drain of the United States Bankruptcy Court
for the Southern District of New York to lift the automatic stay
to permit them to commence an adversary proceeding against
Delphi Corp. and its debtor affiliates in order to recover the
Transfers.

In the alternative, the Tower Debtors ask Judge Drain to find
that the filing of the Tower Claim satisfies and tolls the
statute of limitations under Section 546(a) of the Bankruptcy
Code.

Tower Automotive Inc. filed Claim No. 15221 as an unliquidated
claim against Delphi Automotive Systems LLC on July 31, 2006.
The Tower Claim seeks to retrieve transfers made by Tower to DAS
that are, or may be, avoidable as preferential transfers under
Sections 547 and 550 of the Bankruptcy Code, Michael S. McElwee,
Esq., at Varnum, Riddering, Schmidt & Howlett LLP, in Grand
Rapids, Mich., informs the Court.

Tower Automotive and its debtor affiliates filed for Chapter 11
protection in the United States Bankruptcy Court for the
Southern District of New York on Feb. 2, 2005.

The Delphi Debtors objected to the Tower Claim and asserted that
based upon their books and records, no amounts are due and owing
to the Tower Debtors.

Mr. McElwee notes that the statute of limitations applicable to
Tower's preferential transfer claims against the Delphi Debtors
will expire on Feb. 2, 2007, absent the filing of an adversary
proceeding to toll the statute.

The Tower Debtors relate that they have sought the approval of
streamlined procedures governing avoidance actions in their
bankruptcy cases.  Tower's Avoidance Action Procedures will
provide the Tower Debtors with an additional 60 days to serve a
summons and complaint and will provide both the Tower Debtors
and the defendants to the avoidance actions with additional time
to attempt to resolve the avoidance action without incurring
further litigation costs, Mr. McElwee expounds.

An avoidance action against the Delphi Debtors in the Tower
Debtors' Chapter 11 cases can proceed, and be resolved, quickly
and efficiently, Mr. McElwee asserts.  Moreover, adjudication of
the Tower Claim and the fixing of its claim against the Delphi
Debtors in the Tower Chapter 11 cases will not interfere with
the Delphi Debtors' Chapter 11 cases.  An adversary proceeding
will
result in a liquidation of the Tower Claim in accordance with
the Bankruptcy Code and the Bankruptcy Rules, Mr. McElwee avers.

                         About Delphi Corp.

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
Company's technology and products are present in more than 75
million vehicles on the road worldwide.  The Company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.

                      About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  (Delphi Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Completes Lansing Factory Sale to Woodbridge
--------------------------------------------------------------
James A. Mallak, Tower Automotive Inc.'s chief financial
officer, discloses that on Dec. 22, 2006, the company and Tower
Automotive Lansing LLC completed the sale of the Lansing,
Michigan, facility and related assets for US$20,000,000 to
Woodbridge Group -- a designee of General Motors -- in
accordance with a ruling from the United States Bankruptcy Court
for the Southern District of New York dated Aug. 10, 2005.

As reported in the Troubled Company Reporter on Aug. 29, 2005,
the Court approved a Global Compromise and Settlement agreement
between Tower Automotive and General Motors.

The Global Compromise and Settlement was filed under seal for
the Court's in camera review.  The documents contain detailed
information about the relationship between the Debtors and
General Motors and specific references to confidential
information from the GM Agreements, including pricing and
related terms negotiated by the parties.

                      About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  (Delphi Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


* Moody's Says Successful Nuclear Accord Positive for SK Ratings
----------------------------------------------------------------
On Feb. 14, 2007, Moody's Investors Service said that successful
implementation of the agreement reached at the six-party talks
on Feb. 13 in Beijing would help ease geopolitical risks and be
a positive development for the credit worthiness of South Korea.

Moody's Senior Vice President Thomas Byrne said "we will closely
monitor implementation of the agreement in coming months in
order to judge whether the benchmarks of the agreement are
attained -- namely:

   1) the shutdown of the Yongbyon reactor;

   2) the return of the United Nations' International Atomic
      Energy Agency inspectors; and

   3) discussions on the disclosure of the North's nuclear
      weapons program

"Although the agreement marks a major breakthrough in the long-
stalled talks, it represents just the initial stage of efforts
to denuclearize the Korean peninsula," Mr. Byrne further said.

Mr. Byrne added "in view of the measured scope of the initial
phase of the agreement, there remains considerable uncertainty
whether the six-party talks will lead to the complete
dismantling of the North's nuclear weapon program, given North
Korea's lack of credibility in abiding by its international
commitments."

Moody's has an A3 rating on the foreign and local currency
obligations of the South Korean government; the country's
foreign currency ceiling is A1.  A positive rating outlook was
placed on the ratings in April.

When Moody's changed South Korea's outlook to positive from
negative last year, the rating agency said that an upgrade in
the ratings would depend on continued fiscal prudence, favorable
prospects for long term macroeconomic stability, and a
containment of North Korean risks.

"South Korea's credit fundamentals remain strong," said Mr.
Byrne.  "Successful implementation of this new agreement, and
greater confidence in prospects for achieving subsequent steps
required for full denuclearization of the Korean peninsula,
would be expected not only to contain geopolitical risks but to
considerably reduce such uncertainties."


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

PUTERA CAPITAL: Unit Completes Sale & Purchase Agreement w/ MAAB
----------------------------------------------------------------
The sale and purchase agreement entered into by PCB Resources
Sdn Bhd, a wholly owned subsidiary of Putera Capital Bhd, and
Malaysian Assurance Alliance Bhd, has been completed on Feb. 14,
2007.

According to Putera Capital, on Jan. 25, 2006, PCB Resources
inked an agreement pertaining to the sale of a piece of
leasehold land along with a factory and office for MYR8 million
to MAAB.

The property is held under HS(D) 7953, Lot No. 5930, Mukim of
Asam Kumbang, District of Larut and Matang in the State of
Perak.

Based on the salient terms of the agreement, MAAB will initially
pay MYR1.0 million upon the execution of the agreement as
deposit and part payment towards the purchase price.  The
balance of MYR7 million will then be paid within three months
from the date of the Agreement.

However, it was also stated that PPCB Resources will grant a
one-month extension to MAAB if it fails to settle the amount
within the Completion Period provided that MAAB will pay an
additional 8% interest on the sum remaining unpaid calculated on
a day to day basis.

                          *     *     *

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

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

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

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

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

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


SOUTH MALAYSIA: RCSLS Holders' Meeting Slated for February 28
-------------------------------------------------------------
Holders of the Existing Zero Coupon Redeemable Convertible
Secured Loan Stocks 2002/2007 owned by South Malaysia Industries
Bhd will convene for a meeting on Feb. 28, 2007, at 10:00 a.m.

The meeting will be held at the Pacific Regency Hotel
Apartments, Level 22, Menara PanGlobal, Jalan Punchak, Off Jalan
P. Ramlee, 50250 Kuala Lumpur.

                          *     *     *

Johor, Malaysia-based South Malaysia Industries Berhad --
http://www.smib.com.my-- is a property and investment holding  
company.  It is also engaged in the trading of assorted wires
and property development.  The Company operates in four business
segments: Property development, which is engaged in the
development and sale of residential and commercial properties;
Property investment, which comprises investment in properties;
Manufacturing and trading, which involves manufacturing and
trading of assorted wires, and Leisure and entertainment
segment, which operates cinema business. South Malaysia
Industries Berhad's directly owned subsidiaries are Anastoria
Sdn Bhd, Kam Kok Development Sdn Bhd, SMI Wire Sdn Bhd, Erico
Estates Sdn Bhd and SMI Project Management Sdn Bhd. Its
indirectly owned subsidiaries include Kinta Setia Holdings Sdn
Bhd, Golden Fame Enterprises Ltd, Pacific Asia Development Inc.,
Shanghai Ping An Entertainment Ltd and Chongqing SMILE
Entertainment Company Limited.

The company's long-term debt has been given a B2 rating by
Rating Agency Malaysia.


SUREMAX GROUP: Bursa to Suspend Trading of Securities on Feb. 21
----------------------------------------------------------------
The Bursa Malaysia Securities Bhd will suspend the trading of
Suremax Group Bhd's securities on Feb. 21, 2007, at 9:00 a.m.

According to the bourse, the suspension decision came after
Suremax failed to:

    a. to make the Requisite Announcement of the company's
       regularization plans in accordance with paragraph 8.14C
       of the Listing Requirements of Bursa Securities and
       Practice Note No. 17/2005 by February 8, 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.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 29, 2007, the bourse had previously extended the company's
plan filing deadline pursuant to Suremax's request.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that based on the Audited Financial Statements of Suremax
Group for the year ended August 31, 2005, the company's auditors
have expressed a modified opinion with emphasis on Suremax's
ability to continue as a going concern.  Furthermore, based on
the company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.  

As such, Suremax is an affected listed issuer of the Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category,
and is therefore required to implement a plan to regularize its
financial condition.


SUREMAX GROUP: Appoints Two New Directors to Subsidiaries
---------------------------------------------------------
On Feb. 9, 2007, Suremax Group Bhd appointed Encik Redzelan Bin
Mohamad and Encik Zulkifli Bin Haji Mohamad as directors in
these subsidiaries:  

    -- Julang Permai Sdn. Bhd.
    -- Summit Horizon Sdn. Bhd.
    -- Suremax Builders Sdn. Bhd.
    -- Suremax Concrete Sdn. Bhd.
    -- Suremax Land Sdn. Bhd.
    -- Suremax Marketing Sdn. Bhd.
    -- Palm Leisure Sdn. Bhd.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that based on the Audited Financial Statements of Suremax
Group for the year ended August 31, 2005, the company's auditors
have expressed a modified opinion with emphasis on Suremax's
ability to continue as a going concern.  Furthermore, based on
the company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.  

As such, Suremax is an affected listed issuer of the Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category,
and is therefore required to implement a plan to regularize its
financial condition.


TAP RESOURCES: Unit Receives Court's Wind-Up Order
--------------------------------------------------
Tanco Properties Sdn Bhd, a wholly owned subsidiary of Tap
Resources Bhd, received on Feb. 9, 2007, the court's wind-up
order.

The wind-up order dated Jan. 10, 2007, states that:

    1) Tanco North be wound up by the court under the provisions
       of the Companies Act, 1965.

    2) The Official Receiver be appointed as provisional
       liquidator for the purpose of the wind-up.

    3) That all costs of and incidental to the Wind-Up Petition
       be paid out of the assets of Tanco North.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 10, 2006, Tanco Properties has been served with a wind-up
petition by Thayalan & Associates, the solicitors of New Legend
Sdn Bhd.

New Legend Sdn Bhd, was asserting these claims against Tanco
Properties:

   -- the sum of MYR272,186.70 being the balance of the
      outstanding judgment sum of MYR370,321.42, the liquidated
      damages for late delivery of a unit of shop-office in Tg.
      Bungah, Penang;  

   -- interest sum of MYR51,865.28 being interest accruing on
      the judgment sum at the rate of 4% per annum from Feb. 8,
      2002, to Oct. 5, 2004, and interest at the rate of 8% per
      annum from date of judgment until full payment; and

   -- client costs of MYR30,000.

In related news, Tap Resources Bhd's securities were suspended
from trading on Feb. 14, 2007, until further notice after the
announcement of the wind-up order received by the company's
unit.

                          *     *     *

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category because, for
the nine months ended January 31, 2006, its shareholders' equity
on a consolidated basis is equal to or less than 25% of the
issued and paid up capital of the Company and such shareholders
equity is less than the minimum issued and paid up capital as
required under paragraph 8.16A (1) of the Listing Requirements
of Bursa Malaysia Securities Berhad, plus it has a default in
payments and is unable to provide a solvency declaration.


TECHVENTURE BERHAD: Reveals Proposals Under Regularization Plan
---------------------------------------------------------------
Techventure Bhd disclosed with the Bursa Malaysia Securities Bhd
its regularization plan proposals showing steps on how it would
stabilize its current financial and operational status.  

The proposals, among others, include:

    * Proposed Capital Reduction
    * Proposed Amendment
    * Proposed Debt Settlement
    * Proposed Special Issue
    * Proposed Exemption

According to the company's regularization plan, Techventure will
reduce its capital to MYR0.20 from MYR1.00.  

The proposed capital reduction will give rise to a credit of
MYR40,197,406, which will be used to reduce the Techventure's
accumulated losses of MYR42.333 million as of the financial year
ended December 31, 2005, to approximately MYR2.136 million.

After the capital reduction, the company proposes to amend the
Articles of Association of the Company to facilitate the change
in the par value of Techventure's ordinary shares from MYR1.00
to MYR0.20.

In addition, the regularization plan also shows proposals on how
the company will settle its debts to respective creditors.  The
debt settlement will be implemented by way of a scheme of
arrangement along with five of its subsidiaries, namely
Incaplas, Insulflex, KKISB and TVSB.

The Scheme Creditors identified in the respective schemes of
arrangement to be implemented comprise of financial institution
creditors, lease and hire purchase creditors.  The scheme
creditors are further classified into two major classes, Secured
Scheme Creditors and Unsecured Scheme Creditors.

According to Techventure, as at December 31, 2005, the Scheme
Companies have debts owing to the Scheme Creditors amounting to
approximately MYR119.51 million.

                    Secured Scheme Creditors

The total debt as of end-December 2005 that is due and owing to
the Secured Scheme Creditors amounted to approximately
MYR56.60 million, inclusive of accrued interest, will be settled
through:

a. All interest, penalties, costs, fees and other charges
   accruing after the Cut-off Date (Dec. 31, 2005) are to be
   waived;

b. A waiver of approximately MYR0.81 million of the amount
   outstanding as at the Cut-Off Date;

c. The amount owing to Maybank Berhad amounting to MYR25 million
   as at the Cut-Off Date together with all interest accrued,
   are to be settled by way of issuance of MYR29,411,765 nominal
   value 0% 5-year redeemable convertible secured loan stock by
   Techventure for every MYR1.00 of debt owed.

d. All subsisting securities granted under the facilities, save
   for any corporate guarantees from the company, will be
   retained by the Secured Scheme Creditors until redemption of
   the RCSLS.

e. The RCSLS will be secured against the existing collateral
   held by the Secured Scheme Creditors;

f. The amount owing to Bank of Nova Scotia amounting to
   MYR17.391 million as at the Cut-Off Date together with all
   interest accrued, will be fully settled by way of Techventure
   assigning, transferring and conveying the land currently
   charged to Bank of Nova Scotia, located at PT 337, HS(D)
   2777, Mukim of Labu, District of Sepang, Selangor Darul
   Ehsan;

g. The amount owing to RHB Bank Berhad amounting to
   MYR13.397 million as at the Cut-Off Date together with all
   interest accrued, will remain in the books of the company.
   Techventure will continue to service repayments on this
   borrowing.

                   Unsecured Scheme Creditors

The total debt as at the Cut-Off Date that is due and owing to
the Unsecured Scheme Creditors amounting to approximately
MYR62.91 million, inclusive of accrued interest, will be settled
in these manners:

a. All interest, penalties, costs, fees and other charges
   accruing after the Cut-off Date are to be waived;

b. A waiver of approximately MYR37.91 million of the amount
   outstanding as at the Cut-Off Date;

c. The amount owing as at the Cut-Off Date together with all
   interest accrued, are to be settled by way of issuance of a
   MYR29,411,765 nominal value 0% 5-year irredeemable
   convertible unsecured loan stock by the company for every
   MYR1.00 of debt owed.

d. Any existing corporate guarantees issued by Techventure in
   favor of the Unsecured Scheme Creditors will be released upon
   issuance of ICULS.

Meanwhile, the company proposes a special issue of 150,000,000
new ordinary shares of MYR0.20 each representing approximately
299% of the issued and paid-up share capital of Techventure upon
completion of the Proposed Capital Reduction, to Master
Resources Development Sdn Bhd.

After the issuance, the company proposes to exempt MRDSB from
the obligation to extend a mandatory takeover offer for the
remaining TVB Shares not already owned upon completion of the
Proposed Restructuring Scheme.

                          *     *     *

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure as an affected listed issuer having triggered two of
the criteria of the Amended Practice Note 17 category when:

   -- the company's auditors have expressed a modified opinion
      with emphasis on Techven's going concern status in its
      audited accounts for the financial year ended December 31,
      2005; and

   -- there were defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

As an affected listed issuer, the company is required to
regularize its financial condition or risk being delisted from
the Official List of Companies.


SOLECTRON CORP: Michael Cannon Resigns as CEO; Joins Dell
---------------------------------------------------------
Michael Cannon has resigned from his position as President and
Chief Executive Officer and as a Director of Solectron
Corporation effective as of Feb. 14, 2007.

Paul Tufano has assumed the role of interim Chief Executive
Officer and principal executive officer, in addition to his
current role as Chief Financial Officer, while a search is
conducted for Mr. Cannon's replacement.

Mr. Tufano was appointed Executive Vice President and Chief
Financial Officer on January 30, 2006.  Prior to joining
Solectron, Mr. Tufano, 53, served as President and Chief
Executive Officer of Maxtor Corporation, from 2003 through 2004.
From 1996 to 2003, he served as Maxtor's Chief Financial
Officer, with a dual role as both Chief Financial Officer and
Chief Operating Officer from 2001 to 2003.  Prior to Maxtor, Mr.
Tufano spent 17 years at IBM Corporation, serving in several
senior financial as well as general management roles.  

Reuters reported Wednesday that Mr. Cannon was hired by Dell
Inc. as president of global operations effective Feb. 26, 2007.

                          *     *     *

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full  
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.  

Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.  

The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.  
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'.  The outlook is revised to stable.


TENGGARA OIL: Trading of Securities to be Suspended Today
---------------------------------------------------------
Tenggara Oil Bhd failed to submit its regularization plan to the
Securities Commission and other relevant authorities on Feb. 7,
2007.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 5, 2007, Tenggara Oil was to submit its regularization on
Feb. 7, which was the extended deadline granted by the Bursa
Securities pursuant to the company's request.

Accordingly, the bourse decided to suspend the trading of the
company's securities with effect from 9:00 a.m. on Feb. 16,
2007.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  

The Company is headquartered in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.

The company's consolidated balance sheet as of Oct. 31, 2006,
showed total assets of MYR52.48 million and total liabilities of
the same amount, resulting to zero shareholders' equity.


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

AIR NEW ZEALAND: Agrees to Terminate Agreements with Qantas
-----------------------------------------------------------
Air New Zealand and Qantas Airways have agreed to terminate
their Strategic Alliance Agreement and the Tasman Networks
Agreement.  

The decision follows the rejection in late 2006 of the airlines'
joint application to the Australian Competition and Consumer
Commission for approval of the Tasman Networks Agreement.

According to the New Zealand Press Association, the Australian
Competition Tribunal has approved the earlier Strategic Alliance
Agreement, but the New Zealand Commerce Commission declined to
give a clearance.

No action was taken by either Air New Zealand or Qantas to
implement either agreement, as conditions for implementation
were never satisfied, the NZPA notes.

The termination of the agreements has also prompted the move to
convert all of the Redeemable Convertible Notes issued by Air
New Zealand to a subsidiary of Qantas in 2002 into ordinary
shares in Air New Zealand.

The Convertible Redeemable Notes will equate to approximately
4.2% of Air New Zealand's total ordinary shares, altogether
totaling to 1,050,671,938 shares.  The conversion took place on
Feb. 14, 2007.

The NZ Herald notes that the board of Air New Zealand approved
the issue of the ordinary shares when the notes were issued.

           Qantas will Sell 4.2% Stake, P. Clark Says

Qantas will almost certainly sell its 4.2% stake in Air New
Zealand, ShareChat News cites Aviation News writer Peter Clark,
as saying.

In 2002, the airlines also lost a bid to allow Qantas to take a
22.5% stake in Air NZ, the NZPA recounts.  

The 4.2% equity Qantas received was the first tranche of that
deal, issued in the form of redeemable notes.  The other two
tranches depended on the outcome, ShareChat notes.

With the Government owning around 80% in Air NZ, it is unlikely
Qantas will hold onto its small shareholding for long, even if
the Government did eventually reduce its holding, Mr. Clark
said.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solidliquidity
position, with cash balances of NZ$1.071 billion held as at June
30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


AIR NEW ZEALAND: EPMU to Pursue Legal Action After Failed Talks
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, Air New Zealand advised that it will not agree to
the unions' proposed plans to avoid outsourcing some jobs.

After last-ditch negotiations with the airline could not produce
a proposal with sufficient detail for affected workers, the
Engineering, Printing and Manufacturing Union says it will be
pursuing legal action against Air New Zealand.

EPMU relates that during the negotiations Air New Zealand's
negotiating team were unable to provide information that would
tell individual workers how the proposed changes would affect
them personally and whether they could volunteer for redundancy.

EPMU National Secretary Andrew Little says it would have been
impossible to take anything meaningful back to union members.

According to Mr. Little, "Rob Fyfe has claimed the company
offered a 'blueprint for success' but when all that was offered
were non-specific changes to work hours and pay rates, all we
had was barely a sketch drawing."

A significant element of the union's case against Air New
Zealand hinges on documents that appear to show the company
planned to misuse the consultation clause of the Ground Service
Collective Employment Agreement to open negotiations at a time
when members could not take legally protected industrial action.

"A possible outcome of this action may be a restart of the
consultation and with it the opportunity to make sure it is done
properly and with all the relevant information.  This could well
lead to a changed position," Mr. Little further says.

The case is set down to last five days and will be open to the
media.

                    Court Orders Mediation

A judge has ordered Air New Zealand and the EPMU back to the
negotiating table, stuff.co.nz cites the New Zealand Press
Association.

The mediation started today, Feb. 16, 2007, with a court-
appointed mediator.

According Mr. Little, "if we can't reach agreement we have an
Employment Court date set for Tuesday," NZPA relates.

However, Mr. Little said the two sides are not too far apart and
he hoped an agreement could be reached, stuff.co.nz says.

According to Air New Zealand, each week that goes by without a
decision on the future direction of Airport Services costs Air
New Zealand more than NZ$200,000.

If the process to make a decision is delayed in an inappropriate
manner, Air New Zealand will reserve the right to seek costs
from the EPMU, Group General Manager People Vanessa Stoddart
says.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solidliquidity
position, with cash balances of NZ$1.071 billion held as at June
30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


B C AND P: Names Joint Liquidators
----------------------------------
On Jan. 22, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of B C and P
Ltd.

The Troubled Company Reporter - Asia Pacific previously reported
that the High Court of Hamilton heard the liquidation petition
against the company on Jan. 30, 2007.  Tirohanga Group Ltd filed
the petition.

The Joint Liquidators can be reached at:

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


C R P INDUSTRIES: Liquidation Hearing Slated for March 15
---------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed by Commercial Finance & Securities Ltd against C R P
Industries Ltd. on March 15, 2007.

The petition was filed on Nov. 28, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue also filed a petition against the
company on May 18, 2006.  

Commercial Finance's solicitor can be reached at:

         R. L. Brennan
         Blackwells
         Barristers & Solicitors
         Level 5, 235 Broadway
         Newmarket, Auckland
         New Zealand


DIVERSIFIED ENGINEERING: Proofs of Claim Due on April 30
--------------------------------------------------------
Liquidators Vivian Judith Fatupaito and Richard Dale Agnew
require the creditors of Diversified Engineering Ltd to lodge
their claims by April 30, 2007, and to establish any priority
claims they may have.

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

The Joint Liquidators can be reached at:

         Vivian Judith Fatupaito
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


EAST COAST: Court Hears Liquidation Petition
--------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Gisborne, a petition to liquidate East Coast Plasterers Ltd.

The Court heard the liquidation petition on Feb. 13, 2007.

The CIR's solicitor can be reached at:

         R. J. Collins
         Elvidge & Partners
         corner of Raffles and Bower Streets, Napier
         New Zealand


INDIAN FOOD: Faces Liquidation Proceedings
------------------------------------------
A petition to liquidate Indian Food Factory Ltd will be heard
before the High Court of Auckland on Feb. 22, 2007, at 10:45
a.m.

Lace Fine Wine Merchants Ltd filed the petition with the Court
on Nov. 3, 2006.

The solicitor for the Petitioner can be reached at:

         Roger A. McL. Fraser
         Receivables Management (NZ) Limited
         Level 8, 7 City Road
         Auckland
         New Zealand

MOWBRAY COLLECTABLES: Posts NZ$315,000 Interim Operations Profit
----------------------------------------------------------------
Mowbray Collectables Limited reports a NZ$315,000 net profit
from operations for the half-year ended Sept. 30, 2006, up 20.4%
in the corresponding period of 2005, the company said in a press
release.

Amortization was a significant and additional cost and totaled
NZ$284,400 (2005:NZ$218,400) including goodwill on investments
in Peter Webb Galleries and Bonhams & Goodman.  After which, the
company posted a NZ$30,500 overall net surplus, lesser than the
NZ$43,000 surplus in 2005.

The impact of amortization is to write down the carrying value
of goodwill.  This is not a cash cost to the business.  The new
international financial reporting standards will take effect in
April 2007 and will almost certainly require a revision of
amortization.

Mowbray Chairman Murray Radford said that the Mowbray group of
companies continues to trade to expectations and had strong cash
flows in the period.  He added that philatelic trading was very
good in the six months and this has continued since with some
excellent auction results in both New Zealand and Australia.

"These include the annual Mowbray International auction, and
Australian auctions by both Stanley Gibbons and Bonhams &
Goodman, all exceeding NZ$1 million hammer sales in October."

Auckland's Peter Webb Galleries, in which Mowbray has a 49%
holding, continues to shine as the leader in its field, and
Bonhams & Goodman in Australia traded better than last year
after restructuring.  Bonhams & Goodman is about to open a major
auction showroom in Melbourne.

Headquartered in Otaki, New Zealand, Mowbray Collectables
Limited -- http://www.mowbraycollectables.co.nz/-- is engaged  
in the auction of rare books, maps, print, militaria and
numismatics.  The company's wholly subsidiaries include Mowbray
Bethunes Ltd, which is a stamp, philatelic, rare book dealer,
retailer and auctioneer; World Wide Fund for Nature Stamp
Program (New Zealand Agency), which is an international stamp
program agency; Stanley Gibbons (Australia) Pty Ltd, which is an
international stamp auctioneer; Auction Investments Ltd, which
is a holding company, and Wildlife Philatelic Collections Pty
Ltd, which is an international stamp program agency.  Its
associates include Peter Webb Galleries Ltd, which is an
auctioneer in New Zealand, and First East Auction Holdings Pty
Ltd, which is an auctioneer in Australia.

The company reported net deficits after taxation of NZ$151,526
and NZ$169,775 for the years ended March 31, 2006, and 2005,
respectively.


NZ WINDFARMS: Orders 14 New Windflow 500 Turbines
-------------------------------------------------
NZ Windfarms Ltd. and its joint venture partners have placed an
order for 14 New Zealand designed and constructed Windflow 500
turbines for Stage 2 of their Te Rere Hau Wind Farm development,
in the Tararua Ranges near Palmerston North, NZ Windfarms said
in a press release.

The Te Rere Hau wind farm currently has five turbines installed
and operating.  The 14 turbines now on order will be erected
later this year.  On completion in 2009, the wind farm will
comprise 97 turbines generating sufficient power for 18,000
homes.

Chief Executive Officer of NZ Windfarms, Chris Freear, said that
NZ Windfarms is rapidly building its position as a renewable
energy generator that owns and operates a portfolio of wind
farms throughout the country.

"As well as moving quickly to advance Te Rere Hau through its
second and third stages as planned, the company is investigating
a number of sites for future wind farm developments and expects
to make further announcements in due course," Mr. Freear further
said.

"Our status as a publicly listed, New Zealand company provides
investors with a direct connection into this exciting industry.
In addition, we have the ability to establish wind farms under
flexible ownership structures, thus providing the opportunity
for direct community ownership or participation in projects.  
The farming sector, in particular, is interested in our
approach. Once a wind farm is established, traditional farming
can continue, giving farmers an added source of revenue."

Mr Freear added that NZ Windfarms was committed to building
smaller, smarter, high return wind farms generating electricity
for consumption in the local region.  "These will be to the
economic benefit of the local communities and assist the nation
by providing appropriate levels of generation close to where it
is needed."

Christchurch, New Zeland-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development  
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


NZ WINDFARMS: Confirms JV with Babcock and Brown and Nat'l Power
----------------------------------------------------------------
NZ Windfarms Limited has satisfied all outstanding conditions to
a joint venture with Babcock and Brown and National Power for
the Te Rere Hau project, the company said in a press release.

Under the joint venture, NZ Windfarms retains a 50% interest in
the project, with NP Power and Babcock & Brown Windpower sharing
the other 50%.  The project will continue to be managed by NZ
Windfarms.

Te Rere Hau is the first of many wind farm projects that NZ
Windfarms intends to build and operate throughout New Zealand.

Christchurch, New Zeland-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development  
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


PACIFIC EDGE: Chris Swann Is New Board Chairman
-----------------------------------------------
Pacific Edge Biotechnology has appointed Chris Swann as the
chairman of its board of directors, the company said in a
corporate disclosure to the New Zealand Exchange Ltd.

Mr. Swann joined the board of Pacific Edge in June 2006 and is
concurrently the principal of T D Scott & Co. Limited, a
Dunedin-based accountancy and consulting firm, where he has been
principal of the firm for 10 years.  Mr. Swann is an experienced
business advisor in a number of industries including the
manufacturing, publishing, health, and biotechnology sectors
including the role as manager of the New Zealand Seed Fund with
four investments in biotechnology companies including Pacific
Edge.  He also holds other directorships and is a member of the
NZ Institute of Directors.

Mr. Swann replaced Trevor Scott who retired in January 2007 due
to health reasons.

                       About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company  
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.  

                    Fundamental Uncertainty

After reviewing the company's annual report for the year ending
March 31, 2006, PriceWaterhouseCoopers, the company's
independent auditors, raised a fundamental uncertainty on the
company's ability to continue as a going concern, saying that
the validity of the going concern assumption depends on future
funding being available.  


PACIFIC EDGE: Posts NZ$1MM Interim Net Loss for 6 Mos. to Sept.
---------------------------------------------------------------
Pacific Edge Biotechnology Limited has incurred a loss of
NZ$1,068,463 for the six months to Sept. 30, 2006, as compared
with a loss of NZ$1,375,722 for the corresponding period in
2005, the company said in a corporate disclosure lodged with the
New Zealand Exchange.

No tax is payable and the loss is in line with the directors
expectations.

It is anticipated that the company expenditure will increase
over the next 12 months to complete the planned clinical trials.  
Revenue flows from government grants and contracts has enabled
the Company to significantly reduce its cash burn rate while
still achieving the program outcomes.  The half-year to
September 2006 has been strong for Pacific Edge with the company
completing a very significant licensing agreement with a German
diagnostics company for an exclusive license to commercialize
the colorectal cancer prognostic assay in Europe.  Further
advances have been made in the development of the company's
other potential products.

Since Sept. 30, 2006, a successful Special Share Purchase scheme
has been completed raising approximately NZ$1,000,000.  The
funds raised will take the company closer to the goal of
capturing a greater share of the value of the company's products
by completing various clinical trials.

However, further capital will be needed by the company to
achieve the planned outcomes of having two assays in the market
inside the next 24 months.  The directors are currently in
discussion with a number of interested parties who have
indicated their possible willingness to become a cornerstone
shareholder.

              To Launch Diagnostic Clinical Trial

Pacific Edge will launched New Zealand's first molecular
diagnostic clinical trial, with patient recruitment starting
later this year with a completion of the analysis in December
2007.  An expected successful outcome will see this assay in the
market shortly thereafter.

Recent advances in the science and technology has enabled a
detection protocol for cancer antigens with a tenfold increase
in sensitivity over existing methods.  This work has been
enabled by the TECHNZ grant received by the company and
underpins the development of the company's gastric cancer
detection assay, which is on track for completion 2007.

The completion of the license with Signature Diagnostics of
Germany for the colorectal cancer prognostic assay has provided
strong validation for the Company's capability and signals
strongly the commercial potential for the Company's other
products still in development. Negotiations continue in Asia and
the company looks forward to a successful period ahead.

                       About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company  
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing
protein/antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.  

                    Fundamental Uncertainty

After reviewing the company's annual report for the year ending
March 31, 2006, PriceWaterhouseCoopers, the company's
independent auditors, raised a fundamental uncertainty on the
company's ability to continue as a going concern, saying that
the validity of the going concern assumption depends on future
funding being available.


PICK TIMBER: Court Sets Liquidation Hearing on March 15
-------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Pick Timber Ltd on March 15, 2007, at 10:45 a.m.

Tanner Group Ltd filed the petition on Nov. 27, 2006.

Tanner Group's solicitor can be reached at:

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


ROCK EQUIPMENT: Court Appoints Joint Liquidators
------------------------------------------------
On Jan. 23, 2007, the High Court of Wellington appointed Barry
Phillip Jordan and David Stuart Vance as joint and several
liquidators of Rock Equipment Ltd.

In this regard, the liquidators fixed Feb. 23, 2007, as the last
day for the creditors to lodge their claims.

The Joint Liquidators can be reached at:

         Barry Phillip Jordan
         David Stuart Vance
         PPB McCallum Petterson
         Level 8, The Todd Building
         95 Customhouse Quay, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


STARSHIP AUTOMOTIVE: Crichton and Horne to Act as Liquidators
-------------------------------------------------------------
On Jan. 29, 2007, the High Court appointed David Donald Crichton
and Keiran Anne Horne as liquidators of Starship Automotive Ltd.

Accordingly, the company's creditors are required to make their
claims and to establish any priority claims they may have by
Feb. 26, 2007.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace, Christchurch
         New Zealand
         Telephone:(03) 379 7929


TEKNOW (NZ): Court to Hear CIR's Liquidation Petition
-----------------------------------------------------
On Oct. 31, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a liquidation petition against
Teknow (NZ) Ltd.

The Court will hear the petition on Feb. 22, 2007, at 10:45 a.m.

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


W D JONES: Creditors' Proofs of Claim Due on March 9
----------------------------------------------------
The creditors of W D Jones 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 joint liquidators can be reached at:

         Peter William Byers
         John William Woolley
         Byers & Co Limited
         2 Station Road (PO Box 247), Kaikohe
         New Zealand
         Telephone:(09) 401 5050
         Facsimile:(09) 401 5060


WANDERLUST HOLIDAYS: Liquidation Hearing Slated for Feb. 22
-----------------------------------------------------------
A liquidation petition filed against Wanderlust Holidays Ltd
will be heard before the High Court of Auckland on Feb. 22,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Oct.
17, 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


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

UNION BANK: 2006 Net Income Drops 8.8% to PHP2.51 Billion
---------------------------------------------------------
Union Bank of the Philippines made a net income of
PHP885 million in the fourth quarter of 2006, 5.6% higher than
PHP838 million recorded in the same period in 2005.

Revenues grew by 21.0% to PHP2.3 billion during the quarter in
review as interest differential income increased by more than
half.

Due to the interim impact of expenses related to the purchase of
International Exchange Bank, full-year net income dropped by
8.8% to PHP2.51 billion from PHP2.76 billion.  The lower bottom
line was also attributed to the industry-wide margin compression
as interest rates declined further.

Core earnings (net revenues less trading gains and miscellaneous
items) expanded by 40.4% to PHP4.6 billion in 2006 from
PHP3.3 billion in the same period in 2005.

Interest differential income went up by 40.3% to PHP3.8 billion
as loan portfolio tripled.

Service charges, fees and commissions more than doubled to
PHP0.8 billion.

The acquisition of iBank as well as organic expansion pushed
asset base to PHP184.8 billion, equivalent to a growth rate of
72.8%.  Deposits almost doubled to PHP116.0 billion.  Strong
internal capital generation increased capital by PHP1.4 billion
to PHP19.9 billion.

             To Raise US$100 Mil. to Fund Expansion

To further strengthen capital base, UnionBank plans to issue
around USD$00 million worth of equity shares within the first
half of the year.  The Bank, now with a market capitalization of
over US$700 million, plans to use the proceeds to expand its
existing business lines, increase lending and seize
opportunities for growth, including possible acquisitions.

                       About UnionBank

Union Bank of the Philippines -- http://www.unionbankph.com/--  
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective
May 25, 2006.


UNIVERSAL ROBINA: Net Income Up 388% in December '06 Quarter
------------------------------------------------------------
Universal Robina Corporation's unaudited consolidated net income
for the first fiscal quarter of 2007 (October to December 2006)
reached a record PHP3.6 billion, 388% higher than the
PHP738.8 million reported in the same period last fiscal year.  
This includes:

   -- a PHP2.9 billion gain from the sale of its shares in
      Robinsons Land Corporation during the latter's successful
      follow-on offering completed last October 5, 2006; and

   -- a PHP435 million non-recurring impairment provision for
      URC BOPP film assets.

On a recurring basis, URC's net income after tax amounted to
PHP1.03 billion, which is still a 40% increase from the
comparable figure in the previous year.

URC President and Chief Operating Officer, Lance Gokongwei said,
"we are pleased with the continuing strength and resilience of
the business of Universal Robina Corporation.  We believe that
we have a business model that offers both robust growth and
stability of earnings and cashflow.  We continue to see gains
from the phenomenal growth of our beverage business in the
Philippines even as we weather the challenges of expanding our
business overseas."

URC's consolidated net sales for the quarter, amounted to
PHP9.2 billion, representing an increase from the PHP9.1 billion
posted in the same period last year.  While the Philippine
beverage business grew by 64.3% in value terms and 82% in volume
terms, on the back of a 100% value and 76% volume growth of its
popular C2 green tea, domestic snackfood revenues declined
marginally by 1.5% because of a shortage of potato flakes
arising out of poor harvests affected by extreme weather
conditions in Europe and in the United States.  Despite this
unforeseen challenge, and because of the strength of its
beverage business, its bakery products and its candy lines, the
domestic branded business still grew by 9% from PHP4.5 billion
to PHP4.9 billion.

URC's international business weathered some operational
challenges and a stronger peso, as revenues in peso terms
declined by 12% versus the same quarter last year, but only by
3% in dollar terms.  Thailand continued to outperform with a
revenue growth of 18%, but China, Indonesia and Malaysia posted
declines.  China revenues decreased because of a deliberate
scaling back of operations in order to rationalize operating
costs.  Malaysia and Indonesia were affected by continuing
changes to their distributor structures, and also by the
shortage of potato flakes which adversely affected the
performance of their potato chip brands.

URC's Agro Industrial Group, posted a record performance with a
20% increase in revenues from PHP1.1 billion last year, to
PHP1.4 billion this year, on the back of a 26% increase in feed
sales and a 16% increase in farm sales.  Both businesses enjoyed
volume and selling price increases.  The feeds business
continued to expand margins as it demonstrated better pricing
power because of the increasing strength of its "Uno" brand.

The Commodity Foods Group, composed of sugar and flour milling,
saw a decline in their commercial sales from PHP1.1 billion last
year, to PHP737.5 million this year, primarily because of the
increase in internal flour and sugar transfers to the branded
business.  On a gross sales basis, the commodity foods group
before internal transfers grew slightly at PHP1.367 billion vs.
PHP1.354 billion the previous year.  URC's operating profit
amounted to PHP728.5 million for the first fiscal quarter of
2007, compared to PHP706.2 million for the same period last
year, as a result of resilient revenue growth and benign cost
pressures that saw the offsetting effects of a stronger peso
which lowered over-all import costs, and the increase in the
cost of certain raw and packaging materials, and higher freight
expenses arising from the increase in the cost of fuel and
increasing product volumes.

"We continue to execute on our capital management initiatives -
redeeming our maturing bonds without refinancing, reducing debt
selectively whenever the opportunity arises, pursuing bolt-on
acquisitions in the sectors where we compete and maintaining a
dividend pay-out policy which is one of the highest among listed
companies in the Philippines." Gokongwei added.

A copy of the company's financial statements for the first
quarter ended Dec. 31, 2006, is available at http://pse.com.ph/

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the  
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006, that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


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

ADVANCED MICRO: Raj N. Master Takes Corporate Fellow Position
-------------------------------------------------------------
Raj N. Master was promoted to Corporate Fellow position of
Advanced Micro Devices.  In his new role, Mr. Master will focus
on driving continued excellence in the performance and cost-
effectiveness of AMD's chip packaging technologies.

Corporate Fellowship is the highest level of technical
recognition at AMD, and is reserved for those who impact AMD's
business opportunities and technical breadth by providing a high
degree of expertise, knowledge, creativity, and tactical and
strategic direction.

"Through Raj's leadership and commitment we took the C4 process
and implemented it with tremendous speed, accuracy and agility
in our facilities in Europe and Asia to meet the growing needs
of our business," said Chuck Anderson, corporate vice president
of manufacturing services at AMD.

Back-end manufacturing is the final stage of the microprocessor
production process where chips are bumped, assembled, tested,
and packaged before being sent to customers.  The C4 process is
an important final step where the die is connected off a wafer
to a package.  Often referred to as "flip-chip" or "solder-
bump," C4 is a technology pioneered by IBM that provides a more
reliable and efficient method of connecting a die to its
packaging than older wire-bonding techniques.

AMD first licensed the technology from IBM in 1996 for use with
the AMD-K6(TM) processor.  Mr. Master was responsible for
successfully transferring the technologies to AMD, qualifying
the C4 process on a prototype assembly line in Sunnyvale, and
then implementing volume C4 production in Penang, which has to
date produced more then 200 million flip-chip assemblies.

In addition to his responsibilities in die packaging, Mr. Master
led AMD's organic packaging development and manufacturing
initiatives as well as provides guidance to the company's
quality and reliability community.  He also focuses on AMD's
drive for environmentally responsible manufacturing with
leadership roles on the company's lead-free bumping and
packaging initiatives.

Mr. Master earned his bachelor's degree from M.S. University,
Baroda, India and a master's degree in metallurgical engineering
from the University of Missouri.  He began his career with IBM
in technology packaging, rising to Senior Technical Staff Member
before joining AMD.  Mr. Raj also has authored 81 publications
and holds 37 U.S. patents, many of which are currently being
used in AMD products.

                            About AMD

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

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

                          *     *     *

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

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

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

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

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

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$600 Mil. senior
   unsecured notes         B1      Ba3     LGD4        59%

   Shelf - Sr.
   Unsecured Notes         B1      Ba3     LGD4        59%

   Shelf - Subor.          B2       B2     LGD6        97%

   Shelf - Preferred       B3       B2     LGD6        97%


COMPACT METAL: Completes Restructuring & Debt Purchase Agreement
----------------------------------------------------------------
Compact Metal Industries Ltd completed the Restated and
Supplemental Restructuring Agreement and the Debt Purchase and
Conversion Agreement on Feb. 14, 2007.

The Agreement entails the:

   (a) issuance and allotment of the company's 1,802,874,352 new
       ordinary shares in the account of Chng Gim Huat; and

   (b) issuance and allotment of 875,577,398 shares in the
       account of the creditor banks.

The company also disclosed that it has issued and allotted
200,000,000 shares in connection with the completion of the
Trade and Professionals' Debt Conversion.

Compact Metal expects that the Shares will be listed and quoted
on the Official List of the SGX-ST with effect from 9.00 a.m. on
Feb. 16, 2007.

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended December 31, 2005.


COMPACT METAL: Directors Take More Direct Shares
------------------------------------------------
Compact Metal Industries Ltd disclosed on Feb. 14, 2007, that
its directors, Tan Chin Eng and Tan Hua Joo have taken more
direct shares in the company pursuant to the acquisiton of Ratus
Projek shares under the Ratus Projek Acquisition.

Mr. Tan Chin now holds 103,710,270 direct shares with 23.821%
issued share capital, while Mr. Tan Hua is now holding
16,006,676 direct shares with 3.677% issued share capital.

Prior to the change, Mr. Tan Chin held 6,601,920 direct shares
with 1.516% issued share capital, while Mr. Tan Hua held 710,000
direct shares with 0.163% issued share capital.

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended December 31, 2005.


DRESDNER ASSET: Creditors Must Prove Debts by February 26
---------------------------------------------------------
The creditors of Dresdner Asset Management 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 distribution the company will make.

The liquidators can be reached at:

         Mick Aw Cheok Huat
         Neo Keng Jin
         11 Collyer Quay
         #10-02 The Arcade
         Singapore 049317


LEAR CORP: Shareholder to Vote Against American Real's Buyout
-------------------------------------------------------------
If the current proposal by Carl Icahn's American Real Estate
Partners L.P. to purchase Lear Corp. for US$36 per share is put
to a shareholder vote, Evercore Asset Management LLC intends to
vote against the transaction.

                       Two Key Objections

First, EAM believes the current offer price does not fairly
reflect the value of Lear, as Lear management has taken a series
of actions in recent months designed to generate increased value
for shareholders.  These include the:

   * Refinancing of the company's long-term debt;

   * Divestiture of the company's European interiors business;

   * Planned joint venture for the U.S. interiors business; and

   * Ongoing restructuring of the core seating business.

EAM believes Lear's management should be commended for these
actions, as well as others being contemplated, and believes that
over time they have the potential to restore to Lear sustainable
earnings in excess of US$4 per share.

"This is a level of earnings that is less than what Lear earned
only two years ago and, indeed, less than what it has earned
throughout most of this decade," Greg Sawers, Chief Executive
Officer of EAM, said.  "Against that type of earnings power, a
price of US$36 per share is simply unreasonable and we therefore
strongly oppose the proposed transaction with Mr. Icahn."

Second, EAM recommends that to the extent Lear wants to put
itself up for sale, it should do so through a simple, open and
conventional auction process.  EAM believes Lear has effectively
handicapped the process in favor of Mr. Icahn, as the "go shop"
clause of the current agreement permits Lear and American Real
Estate Partners to commence deal closing preparations
immediately, before the existence of any other bids can even be
determined.

Moreover, the clause expires in 45 days, creating a significant
time hurdle for other parties to adequately assess their
interest.  Contrast this with the fact that Mr. Icahn had
already been working with Lear management for several months
before making his bid.  An added impediment to the emergence of
a competitive bid is the fact that Lear's agreement includes a
break-up fee of up to US$85 million in addition to up to US$15
million in expense reimbursements.

While EAM is a relatively small shareholder of Lear, it takes
seriously its fiduciary obligations to its clients.  In that
spirit, it cannot support the proposed transaction.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 14, 2007, Lear and American Real Estate Partners entered
into an agreement for Lear to be acquired by AREP, in a
transaction valued at approximately US$5.3 billion, including
the assumption of debt.  Under the terms of the agreement, Lear
shareholders would receive US$36.00 per share in cash.  Closing
is expected to occur by the end of the second quarter of 2007.

Under the terms of the agreement, Lear may solicit alternative
proposals from third parties for a period of 45 days from the
execution of the agreement and intends to consider any proposals
with the assistance of its independent advisors.  In addition,
Lear may, at any time, subject to the terms of the merger
agreement, respond to unsolicited proposals.  If Lear accepts a
superior proposal, a break-up fee would be payable to AREP.

"Following a very thorough review of the proposed transaction,
our Board unanimously concluded that the AREP offer was in the
best interests of Lear's shareholders," Bob Rossiter, Lear's
chairman and chief executive officer, commented.  "We believe
that the transaction price, which represents a multiple of about
9x our forecasted 2007 core operating earnings -- excluding the
Interior business, provides shareholders with significant value.
Furthermore, we intend to solicit other offers to ensure that
value is maximized for all of our shareholders."

"Lear is an excellent company with a strong management team in
place," said Carl Icahn.  "We look forward to working with
Lear's team to improve its long-term competitiveness, capitalize
on growth opportunities globally and to build an even stronger
and more valuable company in the future."

In connection with the transaction, J.P. Morgan Securities Inc.
served as a financial advisor and Winston & Strawn, LLP served
as legal counsel to a Special Committee of Lear's Board of
Directors.  Bank of America provided American Real Estate
Partners, L.P. with debt financing commitments for this
transaction.

The agreement is subject to the affirmative vote of the holders
of a majority of the outstanding shares of Lear common stock,
regulatory filings and approvals and other customary closing
conditions.  Upon the closing of the transaction, shares of Lear
common stock will no longer be listed on the New York Stock
Exchange or publicly-traded.

                 About Evercore Asset Management

Evercore Asset Management, LLC, is an institutional investment
management firm that makes high conviction value investments in
small- and mid-cap companies.  EAM was established in late 2005
when four longtime colleagues and value investors, with working
relationships that span two decades, formed an alliance with
Evercore Partners -- a leading financial services boutique -- to
create a value-based asset management organization.

                   About American Real Estate

Headquartered in New York City, American Real Estate Partners,
LP (NYSE:ACP) -- http://www.arep.com/-- a master limited  
partnership, is a diversified holding company engaged in a
variety of businesses.  The company's businesses currently
include gaming, oil and gas exploration and production, real
estate and home fashion.  The company is in the process of
divesting its Oil and Gas operating unit and their Atlantic City
gaming property.

The company owns a 99% limited partnership interest in American
Real Estate Holdings Limited Partnership.  Substantially all of
the assets and liabilities are owned by AREH and substantially
all of the company's operations are conducted through AREH and
its subsidiaries.  American Property Investors, Inc., or API,
owns a 1% general partnership interest in both the company and
AREH, representing an aggregate 1.99% general partnership
interest in the company and AREH.  API is owned and controlled
by Mr. Carl C. Icahn.

                      About Lear Corporation

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that following Lear's agreement to be acquired by
Carl Icahn- controlled American Real Estate Partners, L.P.,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lear to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.

The TCR-AP also noted on Feb. 7, 2007, that Moody's Investors
Service placed Lear's corporate family rating at B2, under
review for possible downgrade.  The company's speculative grade
liquidity rating of SGL-2 has been affirmed.


LEAR CORP: To Unveil First Quarter 2007 Results on April 25
-----------------------------------------------------------
Lear Corp. will release its first quarter 2007 financial results
on April. 25 before the stock market opens.

The company's financial results and related matters will be
broadcasted at 9:00 a.m. EST on the same day.

To participate in the conference call:

   -- Domestic calls: 1-800-789-4751
   -- International calls: 1-706-679-3323

The audio replay will be available two hours following the call
at:

   -- Domestic calls: 1-800-642-1687
   -- International calls: 1-706-645-9291

The audio replay will be available until May 9.

A live audio Web cast of the call, in listen only mode, is
available at http://www.lear.com/.

Inquiries can be addressed to:

         Melissa Skauradchun
         Manager, Investor Relations
         Lear Corp.
         Telephone: (248) 447-5648
         e-mail: mskauradchun@lear.com

                      About Lear Corporation

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that following Lear's agreement to be acquired by
Carl Icahn- controlled American Real Estate Partners, L.P.,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lear to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.

The TCR-AP also noted on Feb. 7, 2007, that Moody's Investors
Service placed Lear's corporate family rating at B2, under
review for possible downgrade.  The company's speculative grade
liquidity rating of SGL-2 has been affirmed.


THYE CHEONG: Court to Hear Wind-Up Petition on February 23
----------------------------------------------------------
United Overseas Bank Limited filed a petition to wind up the
operations of Thye Cheong Company Pte Ltd on Feb. 1, 2007.

Accordingly, the petition will be heard before the High Court of
Singapore on Feb. 23, 2007, at 10:00 a.m.

United Overseas' solicitor can be reached at:

         Rajah & Tann
         No. 4 Battery Road #15-01
         Bank of China Building
         Singapore 049908


VANDASHIMA (SINGAPORE): To Receive Claims Until March 9
-------------------------------------------------------
Vandashima (Singapore) Pte Ltd, which is in members' voluntary
liquidation, will be receiving proofs of debt from its creditors
until March 9, 2007.

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

The liquidator can be reached at:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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

BANGKOK BANK: Profit Ups 3.4% in 4Q But Falls 12% In Full Year
--------------------------------------------------------------
Although strict new loan-loss reserves for bad loans hurt
fourth quarter profits at most Thai banks, Bangkok Bank reported
a 3.4% rise in quarterly net profit to THB4.05 billion (US$103.5
million, Reuters reports.

However, according to Reuters, Bangkok Bank reported a bigger-
than-expected 12% fall in net profit for the full year 2006,
blaming it on higher provisions that outweighed income from new
loans.  The bank, 48% owned by foreign investors, posted a 2006
net profit of THB17.85 billion (US$508 million), down from
THB20.3 billion a year earlier.

The report says that the 2006 result was below a mean forecast
of THB18.4 billion from 19 analysts surveyed by Reuters
Estimates.  According to the report, Bangkok Banks' profits were
pared by higher loan-loss provisions under new accounting rules
in the fourth quarter, analysts said.

Thai banks faced new rules, under International Accounting
Standards 39 (IAS 39), which require banks to set up a 100%
reserve of NPLs for the first time, Reuters explains.

The report adds that, according to Reuters Estimates, Bangkok
Bank's 2007 earnings are to rise to around 10% to
THB20.4 billion in spite of political uncertainties, which would
likely slow economic growth this year.

                     About Bangkok Bank PCL

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANGKOK BANK PCL: Cuts Fixed-Deposit Rates by 3.75% to 4.25%  
----------------------------------------------------------------
Bangkok Bank PCL has cut fixed-deposit rates by 25-50 basis
points with immediate effect, Reuters reports, citing a bank
official.

Specifically, according to Reuters, Bangkok Bank cut its 12-
month fixed deposit rate by 25 bps to 3.75% for accounts holding
less than THB1 million and its 24-and 36-month deposit rates by
50 bps to 4.25%.

                     About Bangkok Bank PCL

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


THAI AIRWAYS: Gets US$10MM Off Airbus Jets Due to Delivery Delay
----------------------------------------------------------------
Thai Airways International is buying eight mid-size Airbus A330s
at a discounted price due to delivery delays, BBC News reports.  

According to the report, the airline company is getting about
US$10 million off the price of the A330s -- bringing the cost
for each jet down to US$90 million -- after it threatened to
cancel its order for six A380 planes.  The delivery for the A380
superjumbos was pushed back to 2011 instead of 2009.

Agence France Presse relates that the official Airbus catalogue
price for the A330, a long-range twin-jet, is around
US$180 million each, but sales, especially for larger orders,
can be negotiated at much lower rates.

The discount deal, AFP says, is part of an Airbus compensation
package to compensate Thai Airways for the delayed delivery.

Choosak Ratanachaichan, an aviation analyst at Kasikorn Research
Center, said that the discount proposal reflected the fierce
competition between Airbus and rival Boeing in the Asian market,
the AFP report says.

BBC notes that Airbus, on Feb. 20, is due to announce a major
restructuring programme, expected to include significant job
losses among its 57,000 workers.  The delays to the A380s have
been caused by wiring problems, the report adds.

AFP says that Thai Airways is depending on the A380 superjumbo
as it can carry 853 passengers to Paris, London, and Frankfurt
-- where airport congestion dramatically decreases the frequency
of flights.  The delays of the delivery of the planes was a
major setback for Thai Airways' expansion plans, AFP points out.

The report explains that 93% of Thai Airways' revenue comes from
international flights -- routes to London, Frankfurt, and Tokyo
being the most profitable.

                          About Airbus

Headquartered in Toulouse, France, Airbus --
http://www.airbus.com/-- is a culturally diverse company that  
develops, produces and supports world-leading airliners seating
from 100 to 555 passengers.  Manufacturing, production and sub-
assembly of parts for Airbus aircraft are distributed around 16
sites in Europe, with final assembly in Toulouse and Hamburg.
There are also centers for engineering design, sales and support
in North America; and sales and customer support centers in
Japan and China.  Airbus has a joint engineering center in
Russia with Kaskol.

                        About Thai Airways

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is   
engaged in the operation of domestic and international air
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  

The company underwent a major business restructuring
in 2005 after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.


TMB BANK: Cuts Fixed Deposit Rates From 4.25% to 3.25%
------------------------------------------------------
TMB Bank cut its long-term deposit rates by 0.25 to 0.5
percentage points, which matches similar cuts made by other
leading banks, The Bangkok Post reports.

The Post reports that TMB Bank trimmed its one-year fixed
deposit rate to 3.75% from 4.25%, with two-and three-year
deposits dropping a quarter at 4.5%.

The report says that local banks like Kasikornbank, awaiting
further instructions from the central bank, had left their
lending rates and short-term deposit rates unchanged even if
interest rates this year were going down.

The Post states that the central bank's Monetary Policy
Committee is widely expected to cut its overnight policy rate by
a quarter point on Feb. 28 to 4.5%, but some analysts speculate
rates would remain unchanged at the next meeting due to
inflation and economic trends.

                      About TMB BANK PCL

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

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

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

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

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


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

AUSTRALIA

Advance Healthcare Group Ltd.     AHG      16.47       -4.93  
Allstate Explorations NL          ALX      12.65      -51.62  
Austar United Communications Ltd. AUN     231.54      -52.58  
Hutchison Telecommunications  
   (Aust) Ltd.                    HTA    1696.65     -786.31  
Indophil Resources NL             IRN      37.79      -69.96  
Intellect Holdings Limited        IHG      15.01       -0.83  
KH Foods Ltd                      KHF      62.30       -1.71  
Lafayette Mining Limited          LAF      78.17     -127.82  
Life Therapeutics Limited         LFE      59.00       -0.38  
Stadium Australia Group           SAX     135.23      -41.84  
Tooth & Company Limited           TTH      97.05      -70.08  
  
  
CHINA AND HONG KONG  
  
Artel Solutions Group  
  Holdings Limited                931      29.19      -18.65  
Asia Telemedia Limited            376      10.89       -5.50  
Chang Ling Group                  561      77.48      -76.83  
Chengdu Book - A               600083      21.50       -3.07  
China Liaoning International  
  Cooperation Holdings Ltd.       638      20.12      -42.96  
China Kejian Co. Ltd.              35      54.71     -179.23  
Datasys Technology  
  Holdings Ltd                   8057      14.1        -2.07  
Dynamic Global Holdings Ltd.      231      39.43       -2.21  
Everpride Biopharmaceutical  
   Company Limited               8019      10.16       -2.16  
Fujian Changyuan Investment  
   Holdings Limited               592      31.36      -54.04  
Guangdong Kelon Electrical  
   Holdings Co Ltd                921     685.74      -96.88  
Guangdong Meiya Group  
   Company Ltd.                   529     107.16      -49.54  
Guangxia (Yinchuan) Industry  
   Co. Ltd.                       557      62.19     -115.50  
Hainan Overseas Chinese  
   Investment Co. Ltd.         600759      32.70      -15.28  
Hans Energy Company Limited       554      94.75      -10.76  
Heilongjiang Sun & Field  
   Science & Tech.                620      29.96      -49.18  
Hualing Holdings Limited          382     242.26      -28.15  
Huda Technology & Education  
   Development Co. Ltd.        600892      17.29       -0.19  
Hunan Anplas Co., Ltd.            156      94.17      -65.04  
Hunan GuoGuang Ceramic  
   Co., Ltd.                   600286      87.44      -68.55  
Hunan Hengyang                 600762      68.45       -7.20  
Innovo Leisure Recreation  
   Holdings Ltd.                  703      13.37       -3.89  
Jiamusi Paper Co. Ltd.            699     120.30      -56.84  
Junefield Department  
   Store Group Limited            758      16.80       -6.34  
Lan Bao Tech. Information  
   Co., Ltd                       631     191.26      -16.49  
Loulan Holdings Limited          8039      13.01       -1.04  
Mindong Electric Group Co., Ltd.  536      21.63       -1.50  
New City (Beijing) Development  
   Limited                        456     242.25      -21.46  
New World Mobile Holdings Ltd     862     295.66      -12.53  
Orient Power Holdings Ltd.        615     176.86      -64.20  
Plus Holdings Ltd.               1013      18.52       -3.34  
Shenyang Hejin Holding  
   Company Ltd.                   633      83.18      -20.87  
Shenz China Bi-A                   17      39.13     -224.64  
Shenzhen Dawncom Business Tech  
   and Service Co., Ltd           863      79.84      -37.30  
Shenzhen Shenxin Taifeng  
   Group Co., Ltd.                 34      95.27      -44.65  
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging  
   Holding Co. Ltd.            600137      13.11      -72.76  
Sichuan Topsoft Investment  
   Company Limited                583     113.12     -148.61  
Songliao Automobile Co. Ltd.   600715      49.56       -3.76  
Success Information  
   Industry Group Co.             517      88.67      -18.67  
Taiyuan Tianlong Group Co.  
   Ltd                         600234      13.47      -87.63  
UDL Holdings Limited              620      12.04       -9.31  
Winowner Group Co. Ltd.        600681      38.03      -62.88  
Xinjiang Hops Co. Ltd          600090      86.63      -11.26  
Yantai Hualian Development  
   Group Co. Ltd.              600766      59.99       -7.66  
Yueyang Hengli Air-Cooling  
   Equipment Inc.                 622      49.89      -17.71  
Zarva Technology Co. Ltd.         688     101.76     -102.01  
Zhejiang Haina Sporting and  
  Touring Goods Co. Ltd.          925      21.43      -33.33  
  

INDIA  

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


INDONESIA  
  
Ades Waters Indonesia Tbk        ADES      21.35       -8.93  
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21  
Hotel Sahid Jaya                 SHID      71.05       -4.26  
Jakarta Kyoei Ste                JKSW      44.72      -38.57  
Mulialand Tbk                    MLND     141.33      -45.99  
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82  
Steady Safe                      SAFE      19.65       -2.43  
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86  
Unitex Tbk                       UNTX      29.08       -5.87  
Wicaksana Overseas  
   International Tbk             WICO      43.09      -46.36  
Sekar Bumi Tbk                   SKBM      23.07      -41.95  
Suba Indah Tbk                   SUBA      85.17       -9.18  
Surya Dumai Industri Tbk         SUDI     105.06      -30.49  
  
  
JAPAN  
  
Mamiya-OP Co., Ltd.              7991     152.37      -67.11  
Montecarlo Co. Ltd.              7569      66.29       -3.05  
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10  
Sumiya Co., Ltd.                 9939      89.32      -11.57  
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20  
  
  
MALAYSIA  
  
Antah Holdings Bhd                ANT     184.60      -98.30  
Ark Resources                     ARK      25.91      -28.35  
Cygal Bhd                         CYG      58.47      -69.79  
Comsa Farms Bhd                   CFB      50.74      -25.55  
Mentiga Corporation Berhad       MENT      22.13      -18.25  
Metroplex Bhd                     MEX     323.51      -49.28  
Mycom Bhd                         MYC     222.58     -136.17  
Lityan Holdings Bhd               LIT      22.22      -19.11  
Olympia Industries Bhd           OLYM     272.49     -281.44  
Pan Malay Industries             PMRI     199.08       -6.30  
Panglobal Bhd                     PGL     188.83      -60.07  
Park May Bhd                      PMY      11.04      -13.58  
PSC Industries Bhd                PSC      62.80     -116.18  
Sateras Resources Bhd             SRM      43.84      -27.08  
Setegap Berhad                    STG      19.92      -26.88  
Wembley Industries Holdings Bhd   WMY     111.72     -204.61  
  
  
PHILIPPINES  
  
APC Group Inc.                    APC      67.04     -163.14  
Atlas Consolidated Mining and  
   Development Corp.               AT      33.59      -57.17  
Cyber Bay Corporation            CYBR      11.54      -58.06  
East Asia Power Resources Corp.   PWR      92.55      -64.61  
Fil-Estate Corporation             FC      33.30       -5.80  
Filsyn Corporation                FYN      19.20       -8.83  
Geograce Resources Phils. Inc.    GEO      24.18       -1.81  
Gotesco Land, Inc.                 GO      17.34       -9.59  
Prime Orion Philippines Inc.     POPI      98.36      -74.34  
Swift Foods Inc.                  SFI      26.95       -8.23  
Unioil Resources & Holdings  
   Company Inc.                   UNI      10.64       -9.86  
United Paragon Mining Corp.       UPM      21.19      -21.52  
Universal Rightfield Property  
   Holdings Inc.                   UP      45.12      -13.48  
Uniwide Holdings Inc.              UW      61.45      -30.31  
Victorias Milling Company Inc.    VMC     127.83      -32.21  
  
  
SINGAPORE  
  
ADV Systems Auto                  ASA      14.32       -8.54  
China Aviation Oil (Singapore)  
   Corporation                    CAO     211.96     -390.07  
Compact Metal Industries Ltd.     CMI      54.36      -25.64  
Falmac Limited                    FAL      10.90       -0.73  
Gul Technologies Singapore  
   Limited                        GUL     152.80      -27.74  
HLG Enterprise                   HLGE     150.70      -12.72  
Informatics Holdings Ltd         INFO      22.30       -9.14  
L&M Group of Companies            LNM      57.98       -5.20  
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43  
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23  
Pacific Century Regional          PAC    1381.26     -107.11  
See Hup Seng Ltd.                 SHS      17.36       -0.09  
  
  
SOUTH KOREA  
  
BHK Inc                          3990      24.36      -17.38  
C & C Enterprise Co. Ltd.       38420      28.05      -14.50  
Cenicone Co. Ltd.               56060      36.82       -1.46  
Cheil Entech Co. Ltd.           53330      37.25       -0.31  
DaeyuVesper Co. Ltd.            41140      19.06       -1.60  
Everex Inc.                     47600      23.15       -5.10  
EG Greentech Co.                55250     186.00       -1.50  
EG Semicon Co. Ltd.             38720     166.70      -12.34  
Tong Yang Major                  1520    2332.81      -86.95  
TriGem Computer Inc             14900     629.32     -292.96  
  
  
THAILAND  
  
Bangkok Rubber PCL                BRC      70.19      -56.98  
Central Paper Industry PCL      CPICO      40.41      -37.02  
Circuit Electronic  
   Industries PCL              CIRKIT      20.37      -64.80  
Daidomon Group Pcl              DAIDO      12.92       -8.51  
Datamat PCL                       DTM      12.69       -6.13  
Kuang Pei San Food Products  
   Public Co.                  POMPUI      12.51       -9.87  
Sahamitr Pressure Container  
   Public Co. Ltd.               SMPC      20.77      -28.13  
Sri Thai Food & Beverage Public  
   Company Ltd                    SRI      18.29      -43.37  
Tanayong PCL                    TYONG     178.27     -734.30  
Thai-Denmark PCL                DMARK      21.37      -18.88  
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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

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

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


                            *********


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

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