TCRAP_Public/070219.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  

           Monday, February 19, 2007, Vol. 10, No. 35

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Hires O'Melveny & Myers as Bankruptcy Atty.
ADVANCED MARKETING: Court Okays Richards Layton as Local Counsel
AGENIX LTD: To Acquire Chinese Bio-Pharmaceutical Group
ANSELL LTD: Succeeds in Unimil Bid
ANSELL LTD: Net Profit for 6-Months Ended Dec. 31 Down 12.9%

CASBATA PTY: Members and Creditors' Meeting Set for March 14
COSSACK BAY: Members and Creditors to Meet on March 22
CROWLY PLASTER: Members and Creditors to Meet on March 22
EMBRAER AUSTRALIA: To Declare First and Final Dividend on Mar. 8
G.F.E. TRANSPORT: Receiver and Manager Steps Aside

HILLBROOK ESTATE: Taps Rodney Allan as Liquidator
NAC HIRE: Names Paul Burness and Matthew Jess as Liquidators
NORTONS CARTAGE: To Declare Dividend for Priority Creditors
REWI GEORGE: Liquidator to Present Wind-Up Report on March 22
THE IRISH TIMES: Appoints Receivers and Managers

WESTPOINT GROUP: Investor Files Legal Action Against Planner


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Gets Forex Approval for Overseas Investment
AVANTICORP. HONG KONG: Liquidators Resign from Posts
BANK OF COMMUNICATIONS: To List in Shanghai by March
CHINA CONSTRUCTION: Inks Business Support Deal With China Life
CHINA CONSTRUCTION: To Open 14 Branches in Macau and Hong Kong

CHINA NETCOM: Buys Property from H.K. Unit for CNY1.5 Billion
CHINA NETCOM: Plans to Sell 50% Stake in PCCW Joint Venture
CHINA NETCOM: Seeks to Acquire Unicom's Mobile Network
E.O.D.C. (ASIA): Liquidator Quits Post
FAIRYLAND ENTERPRISES: Winds Up Operations Due to Liabilities

HDH ADVISORS: Appoints Joint and Several Liquidators
HINSWIN ELECTRONICS: Members and Creditors to Meet on March 27
LEADER MAX: Members and Creditors to Receive Wind-Up Report
PANVA GAS: Shareholders OK Acquisition of Interests in 10 Firms
TAT HUNG: Liquidators Cease to Act

VINCENT IDEA: Creditors Must Prove Debts by March 19
WANG ON: Proofs of Debt Due on March 19
WINGS TOYS: Final General Meeting Set for March 19
ZTE CORP: Reschedules EGM to March 13


I N D I A

BHARTI AIRTEL: Cuts Roaming Tariffs & Waives Roaming Rental
GENERAL MOTORS: Talks with DaimlerChrysler AG's Chrysler Group
MYLAN LABORATORIES: Earns US$135.4 Mil. in Quarter Ended Dec. 31
QUEBECOR WORLD: Board Declares Cash Dividend Payment on March 1
SITRONICS JSC: GDRs Begin Trading on the London Stock Exchange

SITRONICS JSC: Sets Offering Price at US$0.24 Per Share
VISTEON CORP: Names William Quigley as Chief Financial Officer


I N D O N E S I A

ALCATEL-LUCENT: Workers Protest in Paris
ANIXTER INT'L: Moody's Downgrades Corporate Family Rating to Ba2
BANK NISP: Targets 30% Rise in 2007 Lending
CORUS GROUP: Tata May Buy Back Existing Debt; Investors at Risk
CORUS GROUP: Netherlands Unit Sets March 7 Bondholder Meeting

CORUS GROUP: Meeting on Revised Tata Offer Slated for March 7
FOSTER WHEELER: UK Unit Scoops ECITB ACTIVE Cup
HANOVER COMPRESSOR: Turns Around with US$30MM Profit in 4Q 2006
HILTON HOTELS: Signs Agreement to Manage Second Hotel in Jordan
HUNTSMAN: Board OKs 1st Quarterly US$0.10 A Share Cash Dividend


J A P A N

BANCO BRADESCO: Insurance Unit Sees 8% to 10% Revenue Increase
CONTINENTAL AIRLINES: Pays US$111MM in Profit Sharing to Workers
FORD MOTOR: Merrill Cuts Recommendation on Shares to "Sell"
JAPAN AIRLINES: May Retain Matsumoto-Nagano-Sapporo Route
MITSUBISHI MATERIALS: S&P Changes Outlook on BB Rating To Pos.

MITSUKOSHI LTD: To Use JPY180 Bil On Store Expansion and Repair
NIKKO CORDIAL: S&P Downgrades Ratings On Faulty Accounting
SAPPORO HOLDINGS: Steel Partners Want to Raise Stake to 66.6%
TOSOH CORP: Moody's Reviews Ba2 Rating for Possible Upgrade


K O R E A

CITIBANK KOREA: Committee Nominates Ha Yung-ku for CEO
WOORI BANK: Gov't. Advised to Delay Woori Financial's Stake Sale


M A L A Y S I A

ANTAH HOLDINGS: Court Rejects Injunction Against ECK's Petition
ANTAH HOLDINGS: Creditors Approve Restructuring Scheme
FOAMEX: Chap. 11 Emergence Cues S&P to Raise Rating to B from D
TT RESOURCES: Bursa Delists Securities on February 16
UNITED CHEMICAL: Books MYR10.42 Mil. Loan Default as at Jan. 31


N E W   Z E A L A N D

BOND COACH: CIR Seeks to Liquidate Company
CACTUS JACK'S: Court Issues Liquidation Order
CARROLLS EXCAVATING: Liquidation Hearing Slated for Feb. 26
DRAGON WORLD: Court Appoints Joint Liquidators
ENTILEY CREATIVE: Court Sets Liquidation Hearing on Feb. 26

LIVE BAR: Court Names Shephard and Dunphy as Liquidators
PROVINCIAL FINANCE: Receivers Forecast 3rd Dividend Distribution
PURELY FREERANGE: Appoints Official Assignee as Liquidator
THE BUSINESS: Crichton and Horne to Act as Liquidators
VERTICAL ROOFING: Creditors' Proofs of Claim Due on Feb. 26

WAIKATO SOLID: Court to Hear Liquidation Petition on Feb. 26
WEST CITY: Faces Liquidation Proceedings


P H I L I P P I N E S

GUESS? INC: Board Okays Two-for-One Stock Split
WARNER MUSIC: 1st Qtr. Fiscal Results Cues S&P's Neg. Outlook


S I N G A P O R E

COMPACT METAL: Unveils Shareholders' Change of Interests
FLEXTRONICS INTL: Grants Options to Purchase 773,000 Shares
HLG ENTERPRISES: 2006 Net Profit Soars 507% to US$11.3 Million
REFCO INC: Former President Tone Grant Charged with Fraud
REFCO INC: Plan Administrator Wants AIDMA Pact Approved Today


T H A I L A N D

BANK OF AYUDHYA: Offers To Buy Ayudhya Auto Lease PCL Shares
DAIMLERCHRYSLER AG: Sells 7.5% EADS Stake to Consortium
TMB BANK: Appoints New Board Director and Chairman

     - - - - - - - -

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

ADVANCED MARKETING: Hires O'Melveny & Myers as Bankruptcy Atty.
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ O'Melveny & Myers LLP as their
general bankruptcy counsel, nunc pro tunc to Dec. 29, 2006.

Since April 2004, O'Melveny has represented the Debtors as
general corporate, securities and litigation counsel.  It has
provided:

   -- extensive representation and advice relating to the
      Debtors' prepetition Loan and Security Agreement with
      Wells Fargo Foothill, Inc., as agent, and a syndicate of
      lenders;

   -- efforts to refinance the Senior Facility and other
      strategic alternatives to recapitalize the Debtors; and

   -- disclosure advice regarding the Debtors' public
      announcements and regulatory obligations.

The Debtors wanted to hire O'Melveny because of the firm's
knowledge in their operations and finances, and its expertise
and experience in reorganizations, bankruptcy cases and other
relevant areas of expertise.

As the Debtors' general bankruptcy counsel, O'Melveny will:

   (a) advise the Debtors regarding matters of bankruptcy law;

   (b) advise the Debtors of the requirements of the Bankruptcy
       Code, the Federal Rules of Bankruptcy Procedure,
       applicable local bankruptcy rules pertaining to the
       administration of their cases and U.S. Trustee Guidelines
       related to the daily operation of their business and the
       administration of the estates;

   (c) prepare motions, applications, answers, proposed orders,
       reports and papers in connection with the administration
       of the estates;

   (d) negotiate with creditors, prepare and seek confirmation
       of a Chapter 11 plan and related documents and assist the
       Debtors with implementation of the plan;

   (e) assist the Debtors in the analysis, negotiation and
       disposition of certain estate assets for the benefit of
       the estates and their creditors;

   (f) advise the Debtors regarding general corporate and
       securities matters and bankruptcy related employment and
       litigation issues; and

   (g) render other necessary advice and services as the Debtors
       may require in connection with their cases.

O'Melveny will be paid on an hourly basis at its normal and
customary hourly rates, plus reimbursement of actual, necessary
expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Suzzanne Uhland, Esq.                US$725
       Austin Barron, Esq.                  US$540
       Alexandra Feldman, Esq.              US$445
       Ana Acevedo                          US$300
       Lynn Talab                           US$285

Suzzanne Uhland, Esq., a partner at O'Melveny, disclosed that
before Dec. 29, 2006, the Debtors paid O'Melveny US$1,201,990
for fees and expenses for advice and legal services rendered in
connection with restructuring advice and the preparation and
commencement of the Debtors' cases, as well as to serve as a
retainer.  During the 90-day period before Dec. 29, 2006, the  
Debtors paid invoices totaling US$942,682 to the firm.

According to Ms. Uhland, after deducting fees and expenses
previously billed and paid for the prepetition legal services
plus estimated unbilled prepetition amounts, approximately
US$721,038 remains as retainer, which will be applied to
postpetition services.

Ms. Uhland attested that her firm is a "disinterested person,"
as that term is defined in Section 101(14) of the Bankruptcy
Code, and does not hold or represent any interest adverse to the
estates.

                  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 US$100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


ADVANCED MARKETING: Court Okays Richards Layton as Local Counsel
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Richards, Layton & Finger, P.A.
as their local bankruptcy counsel, nunc pro tunc to Dec. 29,
2006.

Richards Layton will be performing extensive legal services that
will be necessary during the Chapter 11 proceedings.

Aside from the firm's extensive knowledge in the field of
debtors' and creditors' rights and business reorganizations, the
Debtors also desired to employ Richards Layton because of its
expertise, experience and knowledge in practicing before the
Delaware Bankruptcy Court, its proximity to the Court and its
ability to respond quickly to emergency Court matters.

Richards Layton began providing legal services and advice to the
Debtors since December 2006.  During the firm's representation
period, it has acquired knowledge of the Debtors' business,
financial affairs and capital structure.

The Debtors believe that Richards Layton is well qualified and
capable to efficiently represent them in the Chapter 11 cases.

As the Debtors' counsel, Richards Layton will:

   (a) advise the Debtors of their rights, powers and duties as
       debtors and debtors in possession;

   (b) take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions,
       the defense of any actions against the Debtors, the
       negotiation of disputes involving the Debtors and the
       preparation of objections to claims;

   (c) prepare all necessary motions, applications, answers,
       orders, reports and papers in connection with the
       administration of the debtors' estates; and

   (d) perform all other necessary legal services in connection
       with the Chapter 11 cases.

Richards Layton will be paid on an hourly basis at its normal
and customary hourly rates, plus reimbursement of actual,
necessary expenses and other charges incurred:

       Professional                      Hourly Rate
       ------------                      -----------
       Mark D. Collins, Esq.                US$520
       Paul N. Heath, Esq.                  US$350
       Chun I. Pang                         US$225
       Aja E. McDowell                      US$165

Mark D. Collins, Esq., a director at Richards Layton, reports
that prior to the filing of the bankruptcy case, the Debtors
paid the firm a US$125,000 retainer.

The Debtors proposed that the amount paid be treated as an
evergreen retainer to be held by the firm as security throughout
the Chapter 11 cases, until its fees and expenses are awarded.

Mr. Collins assured the Court that his firm is a "disinterested
person," as that term is defined in Section 101(14) of the
Bankruptcy Code, and does not hold or represent any interest
adverse to the estates.

                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 US$100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


AGENIX LTD: To Acquire Chinese Bio-Pharmaceutical Group
-------------------------------------------------------
On Feb. 14, 2007, Agenix Limited disclosed that it has signed a
binding heads of agreement to acquire a private Chinese bio-
pharmaceutical company, which has a pipeline of products in
development, for:

   -- CNY49 million (AU$8.1 million) in cash; and

   -- up to CNY51 million (AU$8.4 million) in the form of Agenix
      shares over the next two or more years if performance
      milestones are achieved.

A share and options grant will also be made to the vendor
shareholders.

The most developed of the product pipeline is an anti-hepatitis
B virus drug which has successfully completed Phase III clinical
trials.  The product is expected to be market launched later
this year subject to final approval from the State Food and Drug
Administration of the People's Republic of China.

The Chinese company is projecting revenue from China in the
first 12 months of sale of the HBV drug post market launch in
excess of CNY50 million (AU$8.3 million), rising to CNY240
million (AU$40.0 million) within 5 years.  This is not a generic
product and gross profit margins are high, with net profit from
product sales in China projected by the company to generate
CNY30 million (AU$5 million) in the second year after launch,
rising to over CNY72 million (AU$12 million) in the fifth year
after launch.

Ravi Govindan, Chairman of Agenix, stated "the Agenix Board and
advisers have considerable familiarity with and expertise in
doing deals and running businesses in China.  There are
significant opportunities there.  The Agenix Board believes we
have the ability to build on the platform established by this
transaction to look for other products in development in China
which have short lead times to market launch and commencement of
revenue generation."

As a result of the deal, which is subject to shareholder
approval at an extraordinary general meeting to be called on
April 11, 2007, Agenix gets access to:

   * the anti-hepatitis B drug which is patent-protected and has
     Chinese government support;

   1) the potential to market the drug in Indonesia, Korea, and
      Vietnam;

   2) an existing product pipeline of other proprietary products
      in pre-clinical development, including:

      * an additional hepatitis B virus drug;

      * a drug showing efficacy against HIV;

      * a drug showing efficacy against colon cancer;

      * a drug showing efficacy against liver cancer;

      * a research collaboration agreement with one of the major
        medical universities in China, giving the company access
        to future research on gastrointestinal diseases;

      * a GMP manufacturing facility licensed to manufacture
        tablets, drugs, granules, aerosols and oral solutions.
        This facility has capacity to manufacture 50 million
        tablets per annum, well above manufacturing requirements
        for the HBV drug.  The under-utilized capacity could be
        used for other projects;

      * a distribution agreement with a Chinese medical
        distributor which has access to over 6,000 Chinese
        hospitals;

      * a management team which has more than 50 years'
        accumulated bio-pharmaceutical drug development and
        marketing expertise gained in global pharmaceutical
        companies;

      * an existing scientific advisory board with enormous
        expertise in infectious and gastrointestinal conditions.

                       Acquisition Details

Full details of the consideration for the acquisition are:

   -- CNY49 million (AU$8.1 million) in cash;

   -- options over Agenix shares will also be issued over the
      next 2 or more years if performance milestones are
      reached.

      Milestones relate to achievement of revenue, profit and
      clinical development targets.  The total value of the
      milestones is CNY51 million (AU$8.4 million).  The number
      of options to be issued if a milestone is achieved will be
      based on the Agenix share price for the 10 trading days
      prior to the achievement of the milestone, but will not be
      less than AU$0.16.

   -- the granting of the equivalent of CNY35 million (AU$5.8
      million) in shares in Agenix to the vendor shareholders to
      be fully financed by a loan from Agenix at 8% interest per
      annum.  The price per Agenix share will be AU$0.16 for the
      first CNY20 million (AU$3.3 million).  The price per share
      for the remaining CNY15 million (AU$2.5 million) will be
      the weighted average share price for the 10 trading days
      prior to the date of approval by Agenix shareholders and
      will be a minimum of AU$0.16 per share and a maximum of
      AU$0.30 per share;

   -- the granting of 15 million options over shares in Agenix
      with 3 year vesting periods and 6 years to expiry with
      exercise prices ranging from AU$0.30 to AU$0.70;

Further and more detailed information will be provided in the
documents to be forwarded to shareholders prior to the
extraordinary general meeting.

Agenix will be seeking shareholder approval as required by the
ASX Listing Rules to raise capital to fund both the acquisition
and ongoing working capital or as may otherwise be required by
ASX.  The amount of and structure of the capital raising is
still being evaluated.  However, as a guide, the capital raising
is likely to consist of a rights issue, shareholder purchase
plan, and placement.

Agenix estimates that the amount to be raised is AU$15 million
to AU$20 million.

The level of share ownership by the vendor shareholders
immediately after the settlement of the acquisition and the
capital raising depends on the Agenix share price for the 10
trading days prior to the date of the extraordinary general
meeting.  The higher the Agenix share price (up to a maximum
AU$0.30) the lower the percentage of the company owned by the
vendor shareholders.  The ownership percentage of Agenix by the
vendor shareholders immediately after settlement, taking into
account this consideration, is likely to be between 7.3% and
10.0%.

On the achievement of milestones over the next three years, the
ownership percentage of Agenix by the vendor shareholders taking
into account additional equity consideration but ignoring any
new capital raising during that period, would be between 13.5%
and 20.0%.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.

The Troubled Company Reporter - Asia Pacific reported on Nov. 3,
2006, that Agenix's consolidated net loss for FY 2005-06 fell to
AU$3.721 million from the previous year's AU$13.616 million.  
Agenix ended 2003 with a AU$811,000 net loss, owing to huge R&D
expense on Thromboview.  The Company had announced a AU$14.3-
million loss for the six months ending June 30, 2004, largely
due to increased investments and one-off items including legal
fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.


ANSELL LTD: Succeeds in Unimil Bid
----------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 30, 2007, Ansell Limited made a new tender offer of
PLN121.6 million (approximately US$42.2 million) for all of the
shares of the Polish listed company Unimil S.A., subject to
receiving 75% acceptance.

Ansell's tender offer expired on Feb. 2, 2007.

In an update, the minimum 75% threshold of acceptances has been
achieved, Ansell says, noting that the final result is not yet
certified.

As of the close of business on February 2, approximately 83% of
all shares had been tendered, Ansell relates.

"The acquisition of the strong Unimil brands and market shares
of approximately 50% in Poland and 8% in Germany, will be a
significant boost to Ansell's interests in Europe," Ansell's
Senior Vice President and Regional Director for Europe, the
Middle East and Africa, Werner Heintz, says.

According to the company, the acquisition increases its global
market share of the retail condom market to approximately 13%.

It is anticipated the acquisition will be earnings per share
neutral in Fiscal Years 2007 and 2008.

Ansell is interested in completing the acquisition of all
shares. In the meantime, however, Unimil will remain listed on
the Polish Stock Exchange.

                      About Ansell Limited

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare  
barrier protective products, primarily gloves and condoms.

On Oct. 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Ansell and revised
the outlook on the company to positive from stable.

The TCR-AP also reported on Sept. 5, 2006, that Moody's
Investors Service upgraded Ansell's issuer and senior unsecured
ratings to Baa3 from Ba1.  The outlook is stable.


ANSELL LTD: Net Profit for 6-Months Ended Dec. 31 Down 12.9%
------------------------------------------------------------
Ansell Limited's net profit for the six months ended Dec. 31,
2006, fell 12.9% to AU$44.4 million, reports say, noting that
the company attributed the decrease to increased investments and
higher latex input costs.

According to media reports, the company expects to achieve its
annual earnings forecast although the high cost of latex
continues to affect profitability.

Increased latex prices had a negative effect on Ansell's
earnings before interest and tax but the company noted
additional current investment costs are expected to have a
positive effect on future years' results, Forbes cites AFX News
Limited.

The Age relates that the company had sought to pass on the
higher costs of latex to customers, but encountered resistance
and was unable to secure the price increases.

The company has noted that latex prices were still volatile,
with a 50% increase since December 1, the paper relates.

Shaw Stockbroking recounts that in 2006, the company expected a
net impact of US$10 million in fiscal 2007 because of higher
latex costs, which would be offset partly by price increases and
manufacturing initiatives.

The company previously forecast full-year earnings per share
would come in between 59c to 64c per share, while a current
survey of 3 Australian brokerages is predicting full-year
earnings per share to come in around 66c per share, egoli.com
notes.

However, the company said its earnings outlook for the full year
remained unchanged because sales growth had been much stronger
than expected.

The company has forecast that EPS will be in the range of 46-50
US cents for the 2007 fiscal year, The Age says.

Sales in the six months to Dec. 31, 2006, rose 14.1% to
AU$602.6 million, with Ansell's occupational gloves, examination
and surgical gloves, and condoms businesses all stronger.

But despite the sales growth, earnings before interest and tax
(EBIT) fell 9.6% to AU$57.2 million.

Overall second half sales would grow albeit at a slower pace
than in the first half.

The company said it would spend an additional US$12 million on
research, new product development, merger and acquisitions and
geographic expansion in fiscal 2007, egoli.com reveals.

                 To Buy Back 10 Million Shares

The Age reveals that Ansell also announced it would buy back 10
million shares, starting in the second half.

"If there's a downturn in this half, it's going to impact them
in the first half of next year," the paper cites Shaw
Stockbroking analyst Brent Mitchell, as saying.

"The share price will probably be supported by the buyback," Mr.
Mitchell notes.

Ansell declared an unfranked interim dividend of 10 (Australian)
cents per share, compared to nine cents previously, The Age
says.

                      About Ansell Limited

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare  
barrier protective products, primarily gloves and condoms.

On Oct. 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on Ansell and revised
the outlook on the company to positive from stable.

The TCR-AP also reported on Sept. 5, 2006, that Moody's
Investors Service upgraded Ansell's issuer and senior unsecured
ratings to Baa3 from Ba1.  The outlook is stable.


CASBATA PTY: Members and Creditors' Meeting Set for March 14
------------------------------------------------------------
The members and creditors of Casbata Pty Ltd will hold a final
meeting on March 14, 2007, at 11:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
company entered voluntary wind-up on Aug. 9, 2006.

The liquidator can be reached at:

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

                       About Casbata Pty

Casbata Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


COSSACK BAY: Members and Creditors to Meet on March 22
------------------------------------------------------
The members and creditors of Cossack Bay Pty Ltd will hold a
general meeting on March 22, 2007, at 9:30 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:

         Gregory J. Shilton
         Gregory J. Shilton & Co
         Suite 4/58 Dow Street
         South Melbourne 3205
         Australia

                        About Cossack Bay

Cossack Bay Pty Ltd operates auto and home supply stores.

The company is located in Victoria, Australia.


CROWLY PLASTER: Members and Creditors to Meet on March 22
---------------------------------------------------------
Crowly Plaster Pty Ltd will hold a general meeting for its
members and creditors on March 22, 2007, at 11:30 a.m.

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

The liquidator can be reached at:

         Gregory J. Shilton
         Gregory J. Shilton & Co
         Suite 4/58 Dow Street
         South Melbourne 3205
         Australia

                      About Crowly Plaster

Crowly Plaster Pty Ltd is engaged with building and
construction.

The company is located in Victoria, Australia.


EMBRAER AUSTRALIA: To Declare First and Final Dividend on Mar. 8
----------------------------------------------------------------
Embraer Australia Pty Ltd, which is subject to a deed of company
arrangement, will declare a first and final dividend for its
creditors on March 8, 2007.

Accordingly, creditors must prove debts by March 7, 2007, to be
included in the distribution of dividend.

The joint & several deed administrators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co.
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855

                    About Embraer Australia

Embraer Australia Pty Ltd is a distributor of transportation
equipment and supplies.

The company is located in Victoria, Australia.


G.F.E. TRANSPORT: Receiver and Manager Steps Aside
--------------------------------------------------
On Feb. 1, 2007, Mathew Muldoon ceased to act as receiver and
manager of G.F.E. Transport Pty Ltd.

Mr. Muldoon can be reached at:

         Mathew Muldoon
         SimsPartners, Level 2
         446 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 2100

                     About G.F.E. Transport

G.F.E. Transport Pty Ltd is involved with local trucking without
storage.

The company is located in Victoria, Australia.


HILLBROOK ESTATE: Taps Rodney Allan as Liquidator
-------------------------------------------------
At a general meeting held on Jan. 17, 2007, the members of
Hillbrook Estate Developments Pty Ltd resolved to wind up the
company's operations.

In this regard, Rodney Allan was appointed as liquidator.

The Liquidator can be reached at:

         Rodney Allan
         Hogg Lawson
         Chartered Accountants
         Level 19, 141 Queen Street
         Brisbane, Queensland 4000
         Australia

                      About Hillbrook Estate

Hillbrook Estate Developments Pty Ltd is engaged with deposit
banking.

The company is located in Queensland, Australia.


NAC HIRE: Names Paul Burness and Matthew Jess as Liquidators
------------------------------------------------------------
Nac Hire Pty Ltd, which is in liquidation, has appointed
Paul Burness and Matthew Jess as the company's liquidators on
Feb. 2, 2007.

The Liquidators can be reached at:

         Paul Burness
         Matthew Jess
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                         About Nac Hire

Nac Hire Pty Ltd is involved with equipment rental and leasing.

The company is located in Darwin, Australia.


NORTONS CARTAGE: To Declare Dividend for Priority Creditors
-----------------------------------------------------------
Nortons Cartage Contractors Pty Ltd will declare a first and
final dividend for its priority creditors on March 15, 2007.

Accordingly, creditors are required to file their proofs of debt
by March 7, 2007, to be included in the distribution of
dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Jan. 10, 2006.

The liquidator can be reached at:

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

                     About Nortons Cartage

Nortons Cartage Contractors Pty Ltd is engaged with local
trucking without storage.

The company is located in Victoria, Australia.


REWI GEORGE: Liquidator to Present Wind-Up Report on March 22
-------------------------------------------------------------
A general meeting will be held for the members and creditors of
Rewi George Pty Ltd on March 22, 2007, at 10:30 a.m.

At the meeting, Liquidator Gregory J. Shilton will present the
report on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Gregory J. Shilton
         Gregory J. Shilton & Co
         Suite 4/58 Dow Street
         South Melbourne 3205
         Australia

                       About Rewi George

Rewi George Pty Ltd is engaged with food preparations.

The company is located in Victoria, Australia.


THE IRISH TIMES: Appoints Receivers and Managers
------------------------------------------------
Gess Michael Rambaldi and Andrew Reginald Yeo were appointed as
joint and several receivers and managers of The Irish Times Pty
Ltd on Feb. 2, 2007.

Messrs. Rambaldi and Yeo can be reached at:

         Gess Michael Rambaldi
         Andrew Reginald Yeo
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia
         Telephone: 8610 5000

                     About The Irish Times

The Irish Times Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


WESTPOINT GROUP: Investor Files Legal Action Against Planner
------------------------------------------------------------
Retired Mornington Peninsula pharmacist Trevor Pollard is
seeking to recover AU$600,000 plus other costs and fees from a
Shepparton-based financial planner who recommended Westpoint,
the Herald Sun reports.

The report relates that Mr. Pollard and his wife, Joyce, have
filed a Federal Court writ in Melbourne against Wealthcare
Financial Planning Pty and its principal, Gregory Flexmore
Roberts.

The first Victorian case had been a long-time coming, Investor
Daily cites Slater and Gordon lawyer Ben Phi, acting on behalf
of the Pollards, as saying.

"It has taken nearly a year to prepare the legal action because
of the number of claimants, the complexity of the issues and the
due diligence required in each case," Mr. Phi said, noting that
similar claims are expected to follow.

According to Mr. Phi, the claim is based on old provisions of
the Corporations Act.

The Herald Sun relates that it was alleged Wealthcare Financial
and Mr. Roberts failed to provide advice that was suitable for
the personal circumstances of the investor.

"It really goes to the due diligence that was performed, the
research into the product, and the fact that the recommendation
of the higher risk product was inappropriate given the client's
risk profile," the paper cites Mr. Phi as saying.

Mr. Phi said it would be alleged Mr. Pollard's advisers failed
to adequately understand the Westpoint products, or made errors
in the risk assessment.  "Had the defendants acted as reasonable
and prudent financial planners, they would have known it was a
high-risk investment," Mr. Phi asserted.

The Herald Sun recounts that after Westpoint's collapse, there
were allegations that financial advisers recommended Westpoint
because its products paid high commissions.

However, Mr. Phi noted that commissions were not part of the
core claim of his client's lawsuit.

Mr. Phi also disclosed that in Victoria, there would be a range
of all available actions depending on the circumstances of the
clients

The Herald Sun relates that Slater and Gordon has been contacted
by nearly 1,000 people who lost money in Westpoint and a range
of claims is being launched around the country.

A group action is under way in NSW with all of the claimants
named, and class actions on behalf of larger numbers of
investors are also planned, the paper notes.

Specifically, the law firm has taken class actions in Queensland
against financial planning group Branelley and in New South
Wales against the country's largest dealer group, Professional
Investment Services, Investor Daily relates.

Wealthcare is a boutique firm based in Shepparton with a branch
office in Melbourne's upmarket Toorak Road, Investor Daily
notes.

                    About Westpoint Group

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

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

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


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

AGRICULTURAL BANK: Gets Forex Approval for Overseas Investment
--------------------------------------------------------------
China's State Administration of Foreign Exchange has given a
US$500 million quota to Agricultural Bank of China to convert
yuan savings into foreign currency for overseas investment,
China Daily reports.  

According to the report, the approval allows the bank to invest
for its clients under the qualified domestic institutional
investor (QDII) program.

China Daily notes that the government has now awarded more than
US$13 billion in quotas for QDII investments.

The Troubled Company Reporter - Asia Pacific reported on Feb.
15, 2007, that ABN AMRO-Mellon was hired by the bank to act as
its global custodian in its investments abroad.

                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an Individual rating 'E'.


AVANTICORP. HONG KONG: Liquidators Resign from Posts
----------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
liquidators of Avanticorp. Hong Kong Limited on Jan. 23, 2007.

The former Liquidators can be reached at:

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


BANK OF COMMUNICATIONS: To List in Shanghai by March
----------------------------------------------------
Bank of Communications Co., Ltd. will be listed in Shanghai by
March at the earliest, Forbes reports.

The report, which cited an unnamed senior executive, said that
the bank has submitted its A-share launch plan to the banking
and securities regulators.  The move follows the shareholders'
approval to offer up to CNY4.5 billion A-shares in Shanghai,
which could be worth up to about HK$40 billion.

Bank of Communications Co Ltd --
http://www.bankcomm.com/jh/en/index.jsp-- is a commercial bank  
in the People's Republic of China.  As of December 31, 2005, the
bank had 137 branches and sub-branches, in addition, to over
2,600 business outlets in China.  It also has its branches in
Hong Kong, New York, Tokyo, Singapore and Seoul.  The bank's
business is divided into four segments: corporate banking,
retail banking, treasury and others.  Its corporate banking
business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

The bank carries Fitch Rating's D individual rating effective on
November 21, 2005.


CHINA CONSTRUCTION: Inks Business Support Deal With China Life
--------------------------------------------------------------
China Construction Bank Corp. has signed a "full business
cooperation agreement" with China Life, the country's biggest
insurer, Forbes reports.

The agreement will widen the cooperation to funds management,
assets custody, capital settlement, financing and bank cards,
China Construction said in a statement posted at its Web site.

According to Forbes, the pair has signed an insurance
cooperation deal in 2004.

CCB expects the new agreement to bring more diversified
financial services to its clients, Forbes notes.

                          *     *     *

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.


CHINA CONSTRUCTION: To Open 14 Branches in Macau and Hong Kong
--------------------------------------------------------------
China Construction Bank Corp. plans to open 14 branches in Hong
Kong and Macau in the next three years as it seeks to develop
its retail franchise outside mainland China, MarketWatch.Com
reports.

Marketwatch explains that the additional branches will almost
double its current network of 17 branches in Hong Kong and
Macau, which it acquired from Bank of America Corp. in 2006 for
HK$9.71 billion.

                          *     *     *

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.


CHINA NETCOM: Buys Property from H.K. Unit for CNY1.5 Billion
-------------------------------------------------------------
China Netcom (Group) Ltd acquired the telecom assets of its
unit, China Netcom Group Corp (Hong Kong), located in Guangdong
and Shanghai for CNY3.5 billion, Forbes reports.

According to the report, the unit's shareholders unanimously
voted in favor of the deal.

China Netcom (Hong Kong) expects to achieve better financial
results after the sale, Forbes says.

The acquisition is expected to end before the end of this month,
Forbes notes.

                          *     *     *

China Netcom Group (Hong Kong) Ltd --
http://www.chinanetcom.com/-- operates fixed-line  
telecommunications operator in China and international data
communications operator in the Asia-Pacific region. The Company
also provides fixed-line telephone services, broadband and other
Internet-related services, and business and data communications
services.

On April 11, 2006, China Netcom Group CORP (Hong Kong) Ltd has
incurred a working capital deficit of CNY83.9 billion during the
fiscal year ended December 31, 2005, as indicated by the
company's latest 6-K filing to the U.S. Securities and Exchange
Commission.  The amount is based from total current assets of
CNY14.5 billion against CNY98.4 billion.  During the same period
in 2004, however, the Company's working capital deficit was
CNY81.6 billion.

A significant percentage of the Group's funding requirements is
achieved through short term borrowings.  Consequently, the
balance sheet indicates a significant working capital deficit.  
In the past, a substantial portion of the Group's short-term
borrowings has been rolled over upon maturity.


CHINA NETCOM: Plans to Sell 50% Stake in PCCW Joint Venture
-----------------------------------------------------------
China Netcom (Group) Ltd plans to sell off its 50% stake in --
China Netcom Broadband Corp -- a broadband joint venture with
Hong Kong's PCCW Holdings Ltd, Reuters reports, citing the
company's statement posted on Beijing's China Equity Exchange
Information Centre Web site.

According to the company's statement, it is offering its stake
in China Netcom Broadband for a reference price of CNY318
million to a domestic investor.

Reuters notes that the move came after China Netcom opposed a
plan in which PCCW wanted to sell its main telecommunications
assets to foreign investors.  The Chinese government reportedly
backed China Netcom's objection, Reuters relates.

The paper recounts that PCCW tried to sell its telecom assets
with competing bids from TPG-Newbridge and Australia's Macquarie
Bank.  The two had respectively offered US$7.55 billion and
US$7.3 billion, including PCCW's debt.

Li Tao, China Netcom's spokesman, told Reuters that they had
already reached agreement with PCCW on the planned stake sale.  
"We have informed PCCW.  But China Netcom and PCCW still have
cooperations in other business areas, which won't be affected by
the sale."

However, The Standard reports that PCCW declined to confirm that
China Netcom informed the company on the proposed sale.  

PCCW invested CNY318 million for a 50% stake in China Netcom
Broadband in August 2005, sharing control of the joint venture
with China Netcom group, Reuters notes.

                          *     *     *

China Netcom Group (Hong Kong) Ltd --
http://www.chinanetcom.com/-- operates fixed-line  
telecommunications operator in China and international data
communications operator in the Asia-Pacific region. The Company
also provides fixed-line telephone services, broadband and other
Internet-related services, and business and data communications
services.

On April 11, 2006, China Netcom Group CORP (Hong Kong) Ltd has
incurred a working capital deficit of CNY83.9 billion during the
fiscal year ended December 31, 2005, as indicated by the
company's latest 6-K filing to the U.S. Securities and Exchange
Commission.  The amount is based from total current assets of
CNY14.5 billion against CNY98.4 billion.  During the same period
in 2004, however, the Company's working capital deficit was
CNY81.6 billion.

A significant percentage of the Group's funding requirements is
achieved through short term borrowings.  Consequently, the
balance sheet indicates a significant working capital deficit.  
In the past, a substantial portion of the Group's short-term
borrowings has been rolled over upon maturity.


CHINA NETCOM: Seeks to Acquire Unicom's Mobile Network
------------------------------------------------------
China Netcom Group Corp (Hong Kong) Ltd is interested in
acquiring the GSM mobile network of China Unicom through a share
swap, AFX News says citing a report from the South China Morning
Post.

According to the report, Zuo Xunsheng, chief executive of China
Netcom and chief financial officer Li Fushen told an analysts'
luncheon that the company is more interested in operating
Unicom's GSM service than its CDMA service.

The acquisition of Unicom's 2G network operations would help
serve as a base for building up China Netcom's 3G business, the
report said.

                          *     *     *

China Netcom Group (Hong Kong) Ltd --
http://www.chinanetcom.com/-- operates fixed-line  
telecommunications operator in China and international data
communications operator in the Asia-Pacific region. The Company
also provides fixed-line telephone services, broadband and other
Internet-related services, and business and data communications
services.

On April 11, 2006, China Netcom Group CORP (Hong Kong) Ltd has
incurred a working capital deficit of CNY83.9 billion during the
fiscal year ended December 31, 2005, as indicated by the
company's latest 6-K filing to the U.S. Securities and Exchange
Commission.  The amount is based from total current assets of
CNY14.5 billion against CNY98.4 billion.  During the same period
in 2004, however, the Company's working capital deficit was
CNY81.6 billion.

A significant percentage of the Group's funding requirements is
achieved through short term borrowings.  Consequently, the
balance sheet indicates a significant working capital deficit.  
In the past, a substantial portion of the Group's short-term
borrowings has been rolled over upon maturity.


E.O.D.C. (ASIA): Liquidator Quits Post
--------------------------------------
On Feb. 5, 2007, Antonio Chan resigned from his post as the
liquidator of E.O.D.C. (Asia) Limited, after presenting the
accounts of the company's wind-up proceedings.

Mr. Chan can be reached at:

         Antonio Chan
         c/o Grant Thornton
         13th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong


FAIRYLAND ENTERPRISES: Winds Up Operations Due to Liabilities
-------------------------------------------------------------
At an extraordinary general meeting held on Feb. 6, 2007, the
shareholders of Fairyland Enterprises Co. Limited decided to
voluntarily wind up the company's operations, due to its
liabilities.

Accordingly, Chan Ming Sum was appointed as liquidator.


HDH ADVISORS: Appoints Joint and Several Liquidators
----------------------------------------------------
HDH Advisors (HK) Limited, which is in members' voluntary wind-
up, appointed Huy Dho Hoang and Charle Ong Peza as the company's
liquidators on Feb. 16, 2007.

The Liquidators can be reached at:

         Huy Dho Hoang
         4B South Bay Tower
         59 South Bay Road
         Hong Kong

         -- and --

         Charle Ong Peza
         Flat C, 13/Floor
         Bonham Mansion,
         63 Bonham Road
         Hong Kong


HINSWIN ELECTRONICS: Members and Creditors to Meet on March 27
--------------------------------------------------------------
The members and creditors of Hinswin Electronics Limited will
hold a final meeting on March 27, 2007, at 10:00 a.m. and 10:30
a.m., respectively, at Room B, 4/F., Kiu Fu Commercial Building,
300 Lockhart Road in Wan Chai, Hong Kong.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on April 19, 2006.

The liquidator can be reached at:

         Leung Chi Wing
         Room 1101, 11/F
         Shiu Lam Building
         23 Luard Road
         Wan Chai, Hong Kong


LEADER MAX: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Leader Max Limited will hold final
meetings on March 27, 2007, at 3:00 p.m. and 3:30 p.m.,
respectively, at Room B, 4/F., Kiu Fu Commercial Building, 300
Lockhart Road in Wan Chai, Hong Kong.

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


PANVA GAS: Shareholders OK Acquisition of Interests in 10 Firms
---------------------------------------------------------------
Panva Gas Holdings Limited, on February 15, 2007, disclosed that
pursuant to an Extraordinary General Meeting, its shareholders
approved the acquisition of the entire issued share capital of
eight target companies, which hold, collectively, equity
interests varying from 27% to 100% in 10 companies in mainland
China.  These companies operate in various cities in the
People's Republic of China, including Qingdao, Zibo, Longkou,
Weifang, Weihai, Taian, Maanshan and Anqing, and are all engaged
in the operation of piped gas assets and related business in the
PRC.

Shareholders of Panva also approved a waiver dispensing The Hong
Kong and China Gas Company Ltd's (Towngas) obligation to make a
mandatory general offer for all the securities of Panva under
Rule 26 of the Takeovers Code.  Upon completion of the
transaction, approximately 772 million new shares of Panva at a
unit price of HK$4.18 per share will be issued to Towngas,
equaling approximately 44% of Panva's enlarged share capital.
Subsequently, Towngas will become the controlling shareholder of
Panva.  After completion, Panva will cease to be a subsidiary of
Enerchina Holdings Limited and will be treated as an associated
company of Enerchina and Towngas.  The transaction is expected
to be completed on March 1, 2007.

Alfred Chan Wing-kin, Managing Director of Towngas said, "We
greatly appreciate the support shown by Panva's shareholders in
relation to our companies' cooperation.  We are delighted to
have the opportunity to work with the Panva management to
jointly develop our gas distribution business in China, and we
are fully confident of our future success.  In the coming
months, Towngas and Panva will work closely to integrate the
operations of the newly acquired projects, and to fully manifest
the synergistic benefits of this collaboration.  Meanwhile, with
our support, Panva will continue to actively develop gas
projects within new cities in China, fulfilling its mission as
an acquisition platform in the China city gas distribution
sector."

Ou Yaping, Chairman of Panva commented, "I am very grateful for
the support of Panva shareholders to approve the transaction
with Towngas.  Being one of the most experienced and successful
brand names in the Asian utility sector, Towngas will offer
tremendous value to enhance Panva's management, operations and
services.  I am extremely optimistic about Panva's future
business prospects as well as its long-term return potential,
and have strong faith in its mission to become the flagship
venture in the China city gas distribution industry."

                          *     *     *

Panva Gas, listed on the Hong Kong Stock Exchange, is primarily
engaged in the downstream selling and distribution of LPG and
natural gas in Mainland China.  Its main operations include the
sale of LPG in bulk and cylinders, the provision of piped
natural gas, the construction of gas pipelines and, to a lesser
extent, the sale of LPG household appliances.

On Dec. 5, 2006, Standard & Poor's Ratings Services had placed
its BB corporate credit rating on Panva Gas Holdings Ltd on
CreditWatch with positive implications following an announcement
that the company plans to acquire 10 piped gas projects from
Hong Kong & China Gas Co. Ltd.  At the same time, the BB issue
ratings on US$50 million convertible bonds due 2008 and US$200
million senior unsecured notes due 2011 were also placed on
CreditWatch with positive implications.

Moody's Investors Service on December 4, 2006, has placed under
review for possible upgrade its Ba2 corporate family rating and
senior unsecured bond rating of Panva Gas.

The rating action follows Panva's announcement that it will
issue new shares to Hong Kong and China Gas and, in return,
acquire ten piped gas-operating projects in Eastern China.  
Accordingly, the transaction will involve no cash payment.


TAT HUNG: Liquidators Cease to Act
----------------------------------
James Wardell and Chan Wai Dune, Charles ceased to act as
liquidators of Tat Hung Investments Limited on Feb. 14, 2007.

As reported by the Troubled Company Reporter - Asia Pacific,
Messrs. Wardell and Dune, Charles presented the company's wind-
up report on Nov. 6, 2006.

The former Liquidators can be reached at:

         James Wardell
         Chan Wai Dune, Charles
         Room 1601-1602
         16th Floor
         One Hysan Avenue
         Causeway Bay
         Hong Kong


VINCENT IDEA: Creditors Must Prove Debts by March 19
----------------------------------------------------
Vincent Idea Limited requires its creditors to file their proofs
of debt by March 19, 2007.

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

The liquidator can be reached at:

         Lam Ying Sui
         Room 1004-1005
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai
         Hong Kong


WANG ON: Proofs of Debt Due on March 19
---------------------------------------
The creditors of Wang On (HK) Limited must prove debts by
March 19, 2007, to be included in the company's distribution of
dividend.

The liquidator can be reached at:

         Lam Ying Sui
         Room 1004-1005
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai
         Hong Kong


WINGS TOYS: Final General Meeting Set for March 19
--------------------------------------------------
The members of Wings Toys Limited will hold a final general
meeting on March 19, 2007, at 1307, Dominion Centre, 43 Queen's
Road East 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.


ZTE CORP: Reschedules EGM to March 13
-------------------------------------
Since ZTE Corporation's Share Incentive Scheme (Phase I) is
currently under review by relevant authorities of the state, the
company advises the Hong Kong Exchange Ltd. that its board of
directors resolved to reschedule the extraordinary general
meeting from Jan. 30, 2007, to March 13, 2007.

The postponement is to avoid undue burden for shareholders that
would be caused by convening a series of general meetings in
succession.

The record date of November 27, 2006, remains unchanged.

                          *     *     *

Headquartered in Shenzhen, 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
=========

BHARTI AIRTEL: Cuts Roaming Tariffs & Waives Roaming Rental
-----------------------------------------------------------
Bharti Airtel Ltd reduces its roaming tariffs that are at par
with existing local call tariffs.

With effect from Feb. 15, 2007, Airtel mobile users can avail
significant lower roaming tariffs.  All local calls while
roaming will be charged at INR1.40 per min., STD calls at
INR2.40 per min and incoming calls while roaming will be charged
at INR1.75 per minute.  These revised tariffs spell huge
benefits for the Airtel user as they save close to 55% on local
calls and 40% on STD calls.  Equally promising are savings on
incoming calls while roaming that are around 56%.

In addition, the monthly roaming rental of INR49 has been waived
off.

Mr. Sanjay Kapoor, Joint President, Mobile Services, of the
Company said, "Every Indian travels across the country for work,
to meet their social commitments or on vacation.  We now usher
in an era of simplified roaming tariffs wherein all Airtel
mobile users will benefit from our seamless network and have the
opportunity to make calls while traveling anywhere in India."

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


GENERAL MOTORS: Talks with DaimlerChrysler AG's Chrysler Group
--------------------------------------------------------------
General Motors Corp. and DaimlerChrysler AG are in talks about a
possible purchase of the Chrysler Group by GM, according to
German publication Manager Magazin.

According to various news agencies, DaimlerChrysler hired
JPMorgan for advice regarding strategic alternatives.

In a TCR report yesterday, DaimlerChrysler Chairman of the Board
of Management Dr. Dieter Zetsche said, "... in order to optimize
and accelerate the presented plan, we are looking into further
strategic options with partners ....  In this regard, we do not
exclude any option in order to find the best solution for both
the Chrysler Group and DaimlerChrysler."

GM and DaimlerChrysler AG's Chrysler Group are also in talks of
an alliance to share costs of chassis designs and reduce
development expenses for a large sport utility vehicle, Jeff
Green and Jeff Bennett of Bloomberg report citing people
familiar with the talks.

GM and the Chrysler Group have been discussing the matter for
six months without reaching an agreement, the Wall Street
Journal notes.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,  
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

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

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                     About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the    
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                          *     *     *

Standard & Poor's Ratings Services, on Dec. 13, 2006, affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed on March 29, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, S&P said that the company's announcement that it
is restating financial results from 2002 through the third
quarter of 2006 raises new concerns about the integrity of the
company's financial reporting and internal controls, but has no
immediate effect on the ratings on GM, GMAC LLC
(BB+/Developing/B-1), or GMAC unit Residential Capital LLC
(ResCap; BBB/Negative/A-3).

As reported in TCR-AP on Nov. 16, 2006, Moody's Investors
Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5
Billion secured term loan.  The term loan is expected to be
secured by a first priority perfected security interest in all
of the US machinery and equipment, and special tools of GM and
Saturn Corporation.


MYLAN LABORATORIES: Earns US$135.4 Mil. in Quarter Ended Dec. 31
----------------------------------------------------------------
Mylan Laboratories Inc. reported US$135.4 million of net
earnings on US$401.8 million of revenues for the third quarter
ended Dec. 31, 2006, compared with US$48.2 million of net
earnings on US$311.2 million of revenues for the same period in
2005.

Robert J. Coury, Mylan's vice chairman and chief executive
officer, commented: "We are extremely pleased to have been able
to deliver the most successful quarter and nine month period,
financially, in our company's history.  These results are even
more impressive considering they were achieved at the same time
the company was successfully completing the Matrix transaction,
further demonstrating Mylan's ability to maintain its focus on
its superior operational performance while executing on its
well-stated strategic growth initiatives."

The increase in revenues was primarily due to revenues
contributed by products launched subsequent to Jan. 1, 2006,
specifically $66.2 million from sales of oxybutynin, Mylan's
generic version of Alza Corporation's Ditropan XL(R) extended-
release tablets.

Third quarter gross profit increased 44% or US$68.7 million to
US$224.5 million from US$155.8 million in the same prior year
period, and gross margins increased to 55.9% from 50.1%.  
Earnings from operations were US$183.7 million for the quarter
ended Dec. 31, 2006, compared with US$78 million in the same
period in 2005.

The higher gross profit combined with lower overall operating
expenses and a net gain of US$34.6 million from the settlement
of non-product litigation were primarily responsible for the
increase in earnings from operations.

Other income for the third quarter of fiscal 2007 was
US$32.4 million, compared to US$4.5 million in the same prior
year period.  This change is the result of a US$25.2 million
gain related to a foreign currency forward contract with respect
to the Matrix acquisition.

At Dec. 31, 2006, the company's balance sheet showed
US$2.2 billion in total assets, US$1.1 billion in total
liabilities, and US$1.1 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2006, are available
for free at http://researcharchives.com/t/s?19d8

               Acquisition of Matrix Laboratories  

On Aug. 28, 2006, Mylan Laboratories Inc. entered into a Share
Purchase Agreement to acquire, through MP Laboratories
(Mauritius) Ltd, its wholly-owned indirect subsidiary, a
controlling interest in Matrix Laboratories Limited, a publicly
traded company in India.  Matrix is engaged in the manufacture
of active pharmaceutical ingredients and solid oral dosage forms
and is based in Hyderabad, India.

On Jan. 8, 2007, Mylan completed its acquisition of
approximately 51.5% of Matrix's outstanding shares from the
selling shareholders for approximately $545,551.  Including the
Matrix shareholdings maintained by Prasad Nimmagadda (one of the
selling shareholders), which are subject to a voting arrangement
with Mylan, Mylan controls in excess of 75% of the voting share
capital of Matrix.

                    About Mylan Laboratories

Headquartered in Canonsburg, Pennsylvania, Mylan Laboratories
Inc. -- http://www.mylan.com/-- is a pharmaceutical company  
with three principal subsidiaries, Mylan Pharmaceuticals Inc.,
Mylan Technologies Inc., UDL Laboratories Inc., and a
controlling interest in Matrix Laboratories Limited, India.  
Mylan develops, licenses, manufactures, markets and distributes
an extensive line of generic and proprietary products.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service affirmed Mylan Laboratories Inc.'s Ba1
Corporate Family Rating in connection with the implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Pharmaceutical sector.


QUEBECOR WORLD: Board Declares Cash Dividend Payment on March 1
---------------------------------------------------------------
Quebecor World Inc.'s Board of Directors declared a dividend of
CDN$0.3845 per share on Series 3 Preferred Shares and
CDN$0.43125 on Series 5 Preferred Shares.  The dividends are
payable on March 1, 2007, to shareholders of record at the close
of business on Feb. 23, 2007.

Quebecor World Inc. -- http://www.quebecorworld.com-- is a  
commercial print media services company. The company offers its
customers a range of printed products and related communication
services, such as magazines, retail inserts, catalogs, direct
mail, books, directories, pre-media, logistics and other value-
added services. Quebecor World operates in the commercial print
media segment of the printing industry.

Headquartered in Montreal, Canada, the company also has
facilities in India, France and Argentina.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the
ratings on CreditWatch with negative implications.

Moody's Investors Service downgraded the Corporate Family Rating
of Quebecor World (USA) Inc. to B1 from Ba3, and moved this
benchmark rating to the parent company, Quebecor World Inc.
Related ratings were impacted.  The outlook for all ratings is
negative.


SITRONICS JSC: GDRs Begin Trading on the London Stock Exchange
--------------------------------------------------------------
JSC Sitronics disclosed that its Global Depositary Receipts have
been admitted to the Official List and will begin trading on
Feb. 13 on the London Stock Exchange under the ticker symbol
SITR.

Sitronics' shares are also listed on the Moscow Stock Exchange
and RTS under the ticker symbol SITR.

"As the first technology company from Russia to list on the LSE,
we are naturally very pleased with the success of our GDR
Offering and the status that a London listing brings to the
Company.  We believe that the proceeds raised from the Offering
will allow Sitronics to further develop its strengths in all its
markets," Evgeni Utkin, Sitronics' Chief Executive Officer,
said.

As reported in the TCR-Europe on Feb. 9, the price for the
Offering has been set at US$0.24 per Share and US$12 per Global
Depositary Receipt, with each GDR representing an interest in 50
ordinary shares.

The Offer Price results in Sitronics having a market
capitalization of around US$2.3 billion (before exercise of the
over-allotment option).

Sitronics has also granted the underwriters an over-allotment
option in respect of an additional 125 million Shares in the
form of GDRs.

Sitronics' free float will amount to around 17.5% of the
Company's issued share capital (before exercise of the over-
allotment option).  The share mix in the Offering (before
exercise of the over-allotment option) will be 92.5% primary and
7.5% secondary.

Sitronics intends to use around 50% of the proceeds from the
Offering for acquisitions, including for the consolidation of
minority interests in its subsidiaries, 25% of the proceeds for
the repayment of debt and the remaining 25% of the proceeds for
general corporate purposes, including for the development of new
projects and for working capital.

Credit Suisse, Goldman Sachs International and Renaissance
Capital are acting as Joint Global Coordinators and Bookrunners
of the Offering.  HSBC is acting as Co-Lead Manager.

                        About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.  
Sistema controls the company.  The company also operates in
Russia, the Middle East and India.  

                          *     *     *

Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


SITRONICS JSC: Sets Offering Price at US$0.24 Per Share
-------------------------------------------------------
JSC Sitronics has set the price of its offering, of ordinary
shares and Global Depositary Receipts representing interests in
its shares.

Sitronics intends to list its GDRs on the London Stock Exchange.
The ordinary shares are listed on the RTS Stock Exchange and the
Moscow Stock Exchange.  The Offering is subject to receipt of
all necessary regulatory approvals by the U.K. Financial
Services Authority.

                     Details of the Offering

The price for the Offering has been set at US$0.24 per Share and
US$12 per Global Depositary Receipt, with each GDR representing
an interest in 50 ordinary shares.

The Offer Price results in Sitronics having a market
capitalization of around US$2.3 billion (before exercise of the
over-allotment option).

Sitronics has also granted the underwriters an over-allotment
option in respect of an additional 125 million Shares in the
form of GDRs.

Sitronics' free float will amount to around 17.5% of the
Company's issued share capital (before exercise of the over-
allotment option).  The share mix in the Offering (before
exercise of the over-allotment option) will be 92.5% primary and
7.5% secondary.

Sitronics' GDRs will trade on the London Stock Exchange under
the ticker symbol "SITR."  Sitronics' shares are listed on the
Moscow Stock Exchange and RTS under the ticker symbol "SITR."

Sitronics intends to use around 50% of the proceeds from the
Offering for acquisitions, including for the consolidation of
minority interests in its subsidiaries, 25% of the proceeds for
the repayment of debt and the remaining 25% of the proceeds for
general corporate purposes, including for the development of new
projects and for working capital.

Alexander Goncharuk, chairman of Sitronics' Board of Directors,
said, "We are delighted with the level of interest in the
offering from a broad range of investors in Russia, Europe and
the United States.  We are now looking forward to the next stage
of SITRONICS' strategic development".

Credit Suisse, Goldman Sachs International and Renaissance
Capital are acting as Joint Global Coordinators and Bookrunners
of the Offering.  HSBC is acting as Co-Lead Manager.

                        About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.  
Sistema controls the company.  The company also operates in
Russia, the Middle East and India.  

                          *     *     *

Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.


VISTEON CORP: Names William Quigley as Chief Financial Officer
--------------------------------------------------------------
Visteon Corporation has named William G. Quigley III as chief
financial officer effective March 9, 2007.  He will assume this
role and continue as the company's chief accounting officer.

"Bill Quigley brings strong financial acumen and industry
knowledge that positions him to take on this key role to help
Visteon continue driving its three-year improvement plan,"
Michael F. Johnston, Visteon Chairman and Chief Executive
Officer, said.  "Being able to draw on talent from within our
organization enables us to ensure a seamless transition and
continued momentum in executing our plan."

Mr. Quigley, who currently serves as vice president, corporate
controller and chief accounting officer for Visteon, has been
responsible for leading the company's financial planning,
analysis and reporting.  He joined Visteon in 2005 and is an
elected corporate officer.

Prior to joining Visteon, Mr. Quigley was vice president and
corporate controller for Federal-Mogul Corp., where he held
several management positions during his 10-year tenure.  Before
that, Mr. Quigley was an assistant corporate controller at
Nissan Research and Development and an audit manager at Deloitte
& Touche.

Mr. Quigley earned a bachelor's degree in accounting from
Michigan State University and is a certified public accountant
in the state of Michigan.  He is a member of the American
Institute of Certified Public Accountants and the Michigan
Association of CPAs.

Mr. Quigley will replace James F. Palmer who was named CFO for
Northrop Grumman, a $30 billion global defense and technology
company headquartered in Los Angeles.  Mr. Palmer served as
Visteon's executive vice president and CFO since 2004.

"We appreciate Jim Palmer's significant contribution to
Visteon," Mr. Johnston added. He played an important role in
bringing together the Ford agreement that set Visteon on a path
to improve its cost structure and competitiveness.  We wish him
the best in his new assignment."

                   About Visteon Corporation

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.

                          *     *     *

At Sept. 30, 2006 the Company's balance sheet showed total
assets of US$6.721 billion and total liabilities of
US$6.823 billion, resulting in a total shareholders' deficit of
US$102 miilion.  Total shareholders' deficit at Dec. 31, 2005,
stood at US$48 million.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Moody's Investors Service has downgraded Visteon Corporation's
Corporate Family Rating to B3 from B2, changed the ratings
outlook to stable from under review for possible downgrade and
affirmed the company's liquidity rating of SGL-3.


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I N D O N E S I A
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ALCATEL-LUCENT: Workers Protest in Paris
----------------------------------------
About 200 employees of Alcatel-Lucent SA demonstrated in front
of the company's Paris headquarters to protest against planned
job cuts, Business Week reports.

According to the report, the company said last week that it
plans to cut 1,468 -- representing 12% -- jobs in France within
two years as part of its global restructuring program.

Company managers reportedly told union leaders that they
intended to cut the jobs as part of 12,500 job losses planned
globally over the next three years, the report relates.

The report recounts that Alcatel-Lucent made a loss of
EUR618 million in the fourth quarter of 2006, the first period
for which the newly merged company reported combined earnings,
compared with a profit of EUR381 million a year earlier.

                      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 of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB-
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ANIXTER INT'L: Moody's Downgrades Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded Anixter International
Inc.'s corporate family rating to Ba2 from Ba1.  In a related
rating action, Moody's lowered the ratings of Anixter Inc.'s
US$200 million guaranteed senior unsecured notes to Ba1 from
Baa3 and Anixter's 3.25% LYON's notes to B1 from Ba2.  The
rating outlook was changed to stable from negative.

The downgrade of the corporate family rating reflects the
company's increased leverage resulting from the recent $300
million convertible senior notes offering and its recent history
of debt-financed special dividends, share repurchases, and
acquisitions.  Over the intermediate term, Moody's believes that
Anixter's credit profile is more consistent with a Ba2 corporate
family rating given its current leverage, fairly aggressive
financial philosophy, debt repayment limitations, and the
likelihood of an economic slowdown in the company's end markets.

The proceeds from the offering and a separate warrant
transaction will be used to repurchase approximately US$110
million of its common stock and purchase a convertible note
hedge of approximately US$88 million to offset the dilution to
Anixter's common stock upon conversion of the notes.  The
remaining proceeds will be primarily used for the reduction of
approximately US$146 million of borrowings under its revolving
credit and accounts receivable securitization facilities.  The
additional share repurchases are complementary to Anixter's
recent repurchase of one million shares in January 2007.

Anixter's Ba2 corporate family rating continues to recognize the
company's large and diversified customer base, reasonably stable
earnings performance, good supplier relationships, broad
geographic reach, counter cyclical working capital needs,
minimum capital expenditure requirements, and good liquidity.
The ratings recognize that working capital will help to limit
the deterioration of credit metrics through a downturn.
Furthermore, Moody's still views Anixter's market environment
favorably, although growth rates will likely fall in 2007 due to
the expected slowdown in the overall economy and moderating
copper prices.

Anixter's unsecured notes and Anixter Inc.'s LYON's notes were
lowered due to the changes in the company's capital structure
within Moody's Loss-Given-Default rating methodology.  Both the
downgrade of the corporate family rating and the additional
subordinated debt at the Anixter legal entity level increased
the expected loss rate for each obligation.

Moody's previous rating action occurred on September 29, 2005
when its outlook was changed to negative from stable following
the company's most recent special dividend announcement.  The
company financed the majority of the US$151 million special
dividend with debt.

Downgrades:

Issuer: Anixter Inc.

   -- Senior Unsecured Bond/Debenture, Downgraded to Ba1 from
      Baa3

Issuer: Anixter International Inc.

   -- Corporate Family Rating, Downgraded to Ba2 from Ba1

   -- Senior Unsecured Bond/Debenture, Downgraded to B1 from Ba2

Outlook Actions:

Issuer: Anixter International Inc.

   -- Outlook, Changed To Stable from Negative

                         About Anixter

Anixter International Inc. -- http://www.anixter.com-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.


BANK NISP: Targets 30% Rise in 2007 Lending
-------------------------------------------
PT Bank NISP Tbk is aiming to boost its lending by about a third
this year, helped by more conducive economic conditions and
lower interest rates, Reuters reports, citing Bank NISP
President Director Pramukti Surjaudaja.

The report discloses that Bank NISP posted a 26% rise in credit
growth last year, outstripping a 14% rise for the entire
industry.

According to the report, Mr. Surjaudaja said that the bank aimed
for 30% loan growth, or between IDR5-6 trillion in new loans for
2007.  At the end of 2006, its outstanding loans stood at
IDR15.6 trillion.

Reuters notes that Mr. Surjaudaja told reporters that for this
year, he is optimistic that demand for credit would be fairly
good, because Bank Sentral Republik Indonesia's interest rate is
currently at a favorable level.

The Troubled Company Reporter - Asia Pacific reported on Feb. 8,
2007, that Bank Indonesia cut its key interest rate on
February 6, by 25 basis points to 9.25%.

The TCR-AP noted that expectations for a rate cut had been
running high after the central bank's governor, Burhanuddin
Abdullah, commented that the authority saw room to reduce rates.

Reutes points out that some analysts expect the BI rate to fall
to 8.5% by the end of 2007.

Bank NISP's net profit jumped 16% last year to IDR237 billion
while its net interest income climbed 27% to IDR903.7 billion,
the report relates.

Reuters recounts that Bank NISP's non performing loans ratio
stood at 1.99% last year, slightly up from 1.87% a year before,
but well below the 5% guidance from the central bank.

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb 01, 2007, that Fitch Ratings has affirmed all the ratings of
PT Bank NISP Tbk as follows:

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '3'.

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


CORUS GROUP: Tata May Buy Back Existing Debt; Investors at Risk
---------------------------------------------------------------
Investors holding derivatives contracts linked to debt
previously issued by Corus Group Plc may be at risk as Tata
Steel intends to buy back existing debt of the steelmaker in its
financing of the GBP6.7 billion (US$13.1 billion) acquisition,
The Financial Times reports citing people familiar with the
matter.

According to FT, Tata's move could slash the value of
derivatives contracts and cause losses for the investors holding
these contracts, such as hedge funds.

Tata declined to provide further details regarding its financing
mechanism for the acquisition or for Corus's outstanding debt
since talks are still ongoing.

However, Tata is considering a bridge finance scheme to buy out
Corus's current shareholders and debtors via a special-purpose
vehicle that would take over Corus's assets, financed by fresh
equity and new non-recourse debt, raised against Corus's cash
flows, FT relates.

FT says holders of Corus derivatives contracts would want Tata
to link the debt raised in this way to outstanding Corus credit-
default swap contracts because CDS contracts, which protect
investors from corporate default, in effect lose their value if
a company suddenly withdraws all its outstanding debt.

However, officials familiar with the financing plans told FT
that outstanding Corus contracts will probably have no
deliverable debt under the financing structure making them
"orphaned" or potentially worthless.

Corus has about EUR800 million (US$1 billion) of euro bonds and
GBP300 million of sterling bonds outstanding.  The volume of
related CDS contracts written in private markets is estimated to
be between five and 10 times that value, FT reveals.

As previously reported in the TCR-Europe on Jan. 31, Tata Steel
won an auction for Corus over Companhia Siderurgica Nacional
after offering investors 608 pence per share in cash, or GBP5.7
billion (US$11.3 billion).

                        About Tata Steel

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

                       About Corus Group

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

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'\
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


CORUS GROUP: Netherlands Unit Sets March 7 Bondholder Meeting
-------------------------------------------------------------
Corus Nederland BV is calling a Bondholder Meeting for holders
of its NLG345 million 4.625% convertible bonds due April 2007,
of which NLG335 million are currently outstanding.

The Bondholder Meeting will be held at 10:00 a.m. CET on March 7
at the offices of:

         De Brauw Blackstone Westbroek  
         Tripolis
        (Tower 100)
         Burgerweeshuispad 301
         1076 Amsterdam
         The Netherlands

If necessary, the Adjourned Bondholder Meeting will be held at
the same address on March 26.

                           Background

On Jan. 31, it was disclosed that Tata Steel Ltd. had emerged as
the winner of an auction process for Corus Group plc.  Tata
Steel's winning bid of 608 pence in cash for each share in Corus
valued the company at approximately GBP6.2 billion.  The
acquisition of Corus is to be made by Tata Steel U.K. Ltd., a
wholly owned indirect English subsidiary of Tata Steel.

The Acquisition is proposed to be effected by means of a scheme
of arrangement under section 425 of the Companies Act 1985 of
England and Wales, but may, in the alternative, be effected by
way of an offer in accordance with the City Code on Takeovers
and Mergers in the United Kingdom.  The date on which the Scheme
is currently proposed to be effective is April 2.

Corus Nederland BV is offering Bondholders the opportunity to
redeem the Bonds early in conjunction with the Acquisition.
Bondholders are asked to consider whether they wish the Bonds to
be redeemed on the Early Redemption Date.  The necessary
resolution will be voted upon at a Bondholder Meeting to be held
on March 7.  Bondholders may vote by proxy if they do not wish
to attend the Bondholder Meeting.

                          The Proposal

If the Resolution is passed, the Issuer and the Trustee will
enter into a supplemental trust deed amending the terms of the
Bonds. If the effective date of the Scheme, or the date on which
the Offer becomes unconditional in all respects, then occurs on
or before April 18, the redemption of the Bonds will occur on
the day two business days after the Effective Date, instead of
on April 22 as currently documented.  In these circumstances the
Bonds will be redeemed at the Early Redemption Price plus
accrued interest on the Bonds from April 22 to Dec. 30, 2006.

If the Resolution is passed and the Bonds are redeemed on the
Early Redemption Date, Bondholders on whose behalf a Dutch bank
or other institution submits a Voting Instruction in favor of
the Resolution to the Tabulation Agent so that it arrives prior
to 16:00 CET on the Early Submission Date (Feb.28) will, subject
to the terms and conditions in the Consent Solicitation
Statement, receive, in addition, a premium in an amount of
NLG2.50 per NLG1,000 principal amount of the Bonds which were
the subject of that Voting Instruction, provided that such
Bondholders do not revoke their Voting Instructions or attend
the Bondholder Meeting or Adjourned Bondholder Meeting.

                   The Early Redemption Price

The Early Redemption Price in Dutch Guilders for each NLG1,000
principal amount of Bonds will be calculated in accordance with
the following formula:

   (CR x OP x FX)
    ------------      x NLG 1,000
       1,000

   CR= the Conversion Ratio (the number of Corus shares
       which would, if the Bonds were converted in
       accordance with the Trust Deed, be issued per
       NLG1,000 principal amount of Bonds), which is
       57.7821 (being NLG 1,000 divided by the
       Conversion Price (as defined in the Trust Deed) per
       Corus share of EUR7.8533))

   OP= the offer price per Corus share for the purposes of
       the Acquisition, being GBP6.08; and

   FX= the Dutch Guilder/Pound Sterling foreign exchange
       rate, determined by the Issuer, expressed as the
       number of Dutch Guilders per GBP1, and derived from
       the official Dutch Guilder/Euro rate of NLG2.203710
       per EUR1, and using the Euro/Pound Sterling
       foreign exchange rate taken to be the GBP/EUR
       FX rate as posted on Bloomberg page GBPEURCRNCY (or
       such other similar rate as the Trustee may approve if
       no such rate is posted) at midday, London time, on
       the Effective Date

Bondholders who convert in the Corus 2007 financial year are
entitled, under the Trust Deed, to accrued interest on their
Bonds in respect of the Corus 2006 financial year (which ended
on Dec. 30, 2006).  This is the reason why under the Proposal
Bondholders will also receive the Accrued Interest.  Under the
Trust Deed, no accrued interest is payable to any converting
Bondholder for any period after the end of the 2006 financial
year.

              Participating in the Consent Solicitation

Bondholders may vote at the Bondholder meeting by one of two
methods, as follows:

   1. By giving proxy to the Trustee, or its nominee, to vote
      on the Bondholder's behalf.  This can be implemented
      by instructing an Affiliate Institution which holds
      the Bonds on behalf of the Bondholder to submit a
      Voting Instruction to the Tabulation Agent prior to
      16:00 CET on the Final Submission Date or the
      Adjourned Meeting Submission Date, respectively.
      The Voting Instruction must be accompanied by
      a Declaration from that Affiliate Institution. Details
      of how to do this and Forms of Voting Instruction
      and Declaration are included in the Consent
      Solicitation Statement.

   2. By attending the Bondholder Meeting in person or
      by another proxy.  Details of how to do this are
      included in the notice of the Bondholder Meeting which
      is  expected to be published on Feb. 14 (and which is
      set out in the Consent Solicitation Statement).

The Declaration of the Affiliate Institution accompanying a
Voting Instruction includes an undertaking from the Affiliate
Institution through which the Bonds are held that the Bondholder
will remain the co-owner of the Bonds until three Business Days
(as defined in the Trust Deed) after the day of the Bondholder
Meeting or, provided that the Adjourned Bondholder Meeting is
convened within two Business Days after the Bondholder Meeting,
until the Business Day after the Adjourned Bondholder Meeting
(if required) or, if earlier than either of these days, the
Business Day after which Corus Nederland BV gives notice that
the Proposal has been withdrawn.  Accordingly, a Bondholder
which has submitted a Voting Instruction will not be able to
transfer or submit for conversion the Bonds to which that Voting
Instruction refers during this period.

            Conditions of the Consent Solicitation

The Proposal will only become effective if the Resolution is
passed at the Bondholder Meeting (or at a subsequent Adjourned
Bondholder Meeting, if required) and if the Effective Date
occurs on or before the Backstop Date, April 18.  Should these
conditions not be met, the terms and conditions of the Bonds
will remain unchanged, the Bonds will mature on April 22 and
neither the Early Redemption Price nor the Early Voting Premium
will be payable.

                      Transaction Timetable

    Date             Time                Event
    ----             ----                -----
   Feb. 14          Morning       Notice of Bondholder Meeting
                                  published in Het
                                  Financieele Dagblad
                                  and Euronext Amsterdam
                                  Official 2007 Price List

   Feb. 28         16:00          Early Submission Date
                   CET            Bondholders must submit a
                                  Qualifying Voting Instruction
                                  in favor of the Resolution by
                                  this time in order to be
                                  eligible to receive the
                                  Early Voting Premium.

   March 5         16:00          Final Submission Date.
                   CET            Final date for submission
                                  of Voting Instructions.

   March 7         10:00          Bondholder Meeting.  If
                   CET            a quorum is not present,
                                  it will be necessary to
                                  call the Adjourned
                                  Bondholder Meeting.  If
                                  Resolution is passed,  
                                  execution of the Supplemental
                                  Trust Deed.

                                  Notice of Results.  As soon as
                                  practicable after the
                                  Bondholder Meeting.  notice of
                                  results of Bondholder Meeting
                                  published in Het Financieele
                                  Dagblad, and Euronext  
                                  Amsterdam Official Price List
                                  and on Bloomberg and Reuters
                                  IIIA.

                                  Anticipated date of court
                                  meeting and extraordinary
                                  general meeting of Corus
                                  Shareholders to approve the
                                  Scheme.

   March 22      16:00            Adjourned Meeting
                 CET              Submission Date.  Final date
                                  of submission of Voting
                                  Instructions for Adjourned
                                  Bondholder Meeting.

   March 26      10:00            Adjourned Bondholder Meeting
                  CET             (if required).  If the
                                  Resolution is passed,
                                  execution of the Supplemental
                                  Trust Deed.

                                  Notice of Results. As soon as
                                  practicable after the
                                  Adjourned Bondholder Meeting,
                                  notice of results of Adjourned
                                  Bondholder Meeting published
                                  in Het Financieele Dagblad,
                                  and Euronext Amsterdam
                                  Official Price List.  and on
                                  Bloomberg and Reuters IIIA.

   April 2      Business          Anticipated Effective Date.
                hours             Fixing of Dutch Guilder/
                                  Pound/Sterling FX rate at
                                  midday (London time)

   Effective Date  Business       Early Redemption Date
   + 2 business    hours
   days

   April 18        Close of       Backstop Date
                   business

About Tata Steel

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

                       About Corus Group

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

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb. 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


CORUS GROUP: Meeting on Revised Tata Offer Slated for March 7
-------------------------------------------------------------
Corus Group Plc is reconvening a Court Meeting and Extraordinary
General Meeting relating to the Revised Tata Offer.

The reconvened Court Meeting will be held at 10.00 a.m. on
March 7 at:

         London Hilton
         22 Park Lane
         London
         W1K 1BE
         England

The Extraordinary General Meeting will be held at the same
location at 10.15 a.m. on the same date (or as soon thereafter
as the Court Meeting is concluded or adjourned).

The anticipated timetable of principal events is as follows:

   March 7  - Court Meeting and Extraordinary General Meeting

   March 27 - Court hearing to sanction the Scheme

   March 29 - Dealings in Corus Shares suspended on the
              London Stock Exchange and the Amsterdam
              Stock Exchange and dealings in Corus
              ADSs suspended on New York Stock Exchange

   March 30 - Court hearing to confirm the Reduction of Capital

   April 2  - Effective Date of the Scheme

On Jan. 31, Tata Steel disclosed of its revised offer for Corus
at a price of 608 pence for each Corus Share.  The Revised Tata
Offer is to be implemented by means of a scheme of arrangement
under section 425 of the Companies Act 1985.  Subsequently,  
Corus revealed in a statement that its directors intend to
recommend unanimously that the company shareholders vote in
favor of the scheme of arrangement to implement the Revised Tata
Offer.

On Feb. 7, Tata Steel disclosed that it intends to despatch the
consideration pursuant to the Scheme as soon as practicable
following the Effective Date and, if practicable, on the
Effective Date.  Tata Steel is, in any event, required under the
terms of the Scheme to despatch the consideration pursuant to
the Scheme not more than 14 days after the Effective Date.

Copies of the Scheme Document and the Revised Scheme Document
have been submitted to the U.K. Listing Authority and will be
available for inspection at the U.K. Listing Authority's
Document Viewing Facility, which is situated at:

         The Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London
         E14 5HS
         England

                        About Tata Steel

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

                       About Corus Group

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

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb. 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


FOSTER WHEELER: UK Unit Scoops ECITB ACTIVE Cup
-----------------------------------------------
Foster Wheeler Ltd. revealed that a team from its UK subsidiary
Foster Wheeler Energy Limited, part of its Global Engineering
and Construction Group, has won the Engineering Construction
Industry Training Board ACTIVE Cup.  A record field of 10 teams
from the UK's leading engineering and project management
companies took part in this year's competition.  Foster Wheeler
has participated in the competition since its inception 10 years
ago and this is the sixth time that the company has won the
award.

The popular ACTIVE Cup is an annual competition-based learning
event in project management.  The ACTIVE initiative was launched
in 1996 with the aim of improving the performance of capital
projects in the process industries and encouraging the sharing
of good practice.  The ACTIVE Cup uses sophisticated technology
to test teams from companies within the industry on their
ability to put the ACTIVE principles to work when managing a
substantial project.  The annual weekend event, sponsored by the
ECITB, a UK organization, is based around a dynamic and
interactive computer simulation managed by Cranfield University
School of Management in the UK.  Teams are set the challenge of
project managing the construction, from inception to client
acceptance, of an "environmental monitoring station" located in
a remote area.

"The project is executed over a 20- to 25- 'week' simulated
schedule, with each week lasting 15 to 20 minutes," said Matthew
Morley, leader of the winning team, and proposal manager, Foster
Wheeler Energy Limited.  "The time pressures created by the
simulation required rapid and accurate progress assessment and
decision-making with respect to equipment and material
procurement, workforce allocation and plant hire deployment.  
The competition judges assessed team performance against actual
project performance, namely achieving the highest profit against
a fixed-price, lump- sum contract, the ability to meet both
schedule and profit forecasts at key stages throughout the
project and the continuous application of the ACTIVE
principles."

"Foster Wheeler is proud of its project management and project
execution expertise and proven track record in 'real life',"
said Steve Davies, chairman and chief executive officer, Foster
Wheeler Energy Limited.  "It is very pleasing to see a Foster
Wheeler team demonstrate these same skills and apply the same
commitment and professionalism in this prestigious competition."

"The ECITB ACTIVE Cup allows us to simulate the life-cycle of a
major project within a single weekend," commented David Edwards,
chief executive, ECITB.  "This, and the competition element,
puts the pressure on and intensifies the learning experience.
The teams are tested across the spectrum of project management
activity, including negotiating with clients, suppliers and
bankers.  In winning, the Foster Wheeler team demonstrated a
thorough understanding and application of the ACTIVE
principles."

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of  
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

On Dec. 17, 2006, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the Clinton, New Jersey-based
engineering and construction company.  The company had about
US$217 million of total debt at Sept. 29, 2006.


HANOVER COMPRESSOR: Turns Around with US$30MM Profit in 4Q 2006
---------------------------------------------------------------
Hanover Compressor Company said that it swung to a profit in the
fourth quarter as sales rose amid improved market conditions,
the Associated Press reports.

According to the report, the company said that it posted a
profit of US$30.1 million, or 28 cents per share, compared with
a loss of US$4.2 million, or 4 cents per share, during the same
period in 2005.  Revenue rose 30% to US$468.4 million from
US$359.3 million.

The report notes that Hanover recorded a tax benefit related to
the release of US$10.2 million valuation allowance on net
deferred tax assets, recorded as a reduction to its provision
for income taxes.

The company posted a net income tax benefit of US$427,000 in the
recent quarter, versus income taxes of US$6.8 million in the
year-ago period, the report discloses.

The company posted revenue improvements in each of its business
segments, led by a gain at its production and processing
equipment fabrication unit of 73% to US$131.5 million from
US$76.1 million in the year-ago period, adding that the
company's backlog as of Dec. 31 stood at an all-time high of
US$807.6 million, AP says.

AP adds that the company reported a profit in the full year of
US$86.5 million, or 86 cents per share, compared with a loss of
US$38 million, or 42 cents per share, in 2005 and that revenue
grew 21% to US$1.67 billion from US$1.38 billion.

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, that 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.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit ratings on oilfield service company Universal Compression
Holdings Inc. and its related entity Universal Compression Inc.

The rating actions come after the report that Hanover Compressor
and Universal Compression Holdings have entered into a
definitive agreement to merge in an all-stock transaction.

Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector,
confirmed its B1 Corporate Family Rating for Hanover Compressor
Company.

Four layers of bond debt issued by Hanover Compressor and
maturing between 2008 and 2014 carry low-B ratings from Moody's
Investors Service and Standard & Poor's Rating Services.


HILTON HOTELS: Signs Agreement to Manage Second Hotel in Jordan
---------------------------------------------------------------
The international arm of Hilton Hotels Corporation has signed an
agreement with Aqaba Gate for Hotels and Tourism Projects LLC to
manage the Hilton Aqaba.  The hotel will be part of a landmark
development in the city of Aqaba, Jordan.

Due to open in the first half of 2010, the Hilton Aqaba will
become the second property managed by Hilton in Jordan, and is a
highly anticipated addition to the leading hotel brand's
portfolio of 33 established properties in the Middle East.

A signing ceremony held on 12 February 2007 was attended by
Chief Commissioner of Aqaba Special Economic Zone, His
Excellency Engineer Nader Al-Dahabi; President of Aqaba Gate for
Hotels and Tourism, Ziad Abujaber; ASEZA Chief Commissioner,
Nader Dahabi; and Vice President Operations, Hilton Hotels -
Egypt, Jordan & Lebanon, Simon Hasdell.

Koos Klein, President, Hilton Hotels Middle East and Asia
Pacific, commented on the new development milestone, "We are
thrilled to have signed our second property in Jordan - a key
development market for us in our global pipeline.  The addition
of a second property will strengthen Hilton's market position in
the Middle East.  Hilton Aqaba will offer guests a one-of-a-kind
stay in an exceptional resort destination, where all their needs
will be met whether it's business or leisure."

The hotel, located in the Tala Bay Resort complex on the
Southern beach of the City of Aqaba, will comprise 346 guest
rooms, restaurants, bars and multi-purpose function, meeting and
conference rooms, in addition to the various recreational
facilities, including a swimming pool, health club and gym.

The Tala Bay Resort complex features several tourist
attractions, including the Red Sea Beach, stretching over two
kilometers, a 30,000-square-meter yacht harbor and a variety of
accommodation facilities, hotels and recreational activities,
including a golf court, beach club, water garden, other support
services and shops.

"The Hilton Aqaba project is our first project with Hilton,"
said Ziad Abujaber, President of Aqaba Gate for Hotels and
Tourism.  "We are delighted to join hands with Hilton for this
development, which we foresee will be a tremendous success, and
look forward to a fruitful and longstanding relationship."

The property will complement Jordan's existing Hilton property
under construction, the 590-room Hilton Amman - Jordan Gate,
located on a hill west of central Amman, and will occupy the
highest point in the city, making it a new landmark, visible
from most parts of the capital.

                       About Hilton Hotels

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

                          *     *     *

The Troubled Company Reporter reported on Feb. 6, 2007, that
Standard & Poor's Ratings Services placed its ratings on Hilton
Hotels Corp., including the 'BB' corporate credit rating, on
CreditWatch with positive implications.

TCR-AP reported on Feb. 2, 2007, that Fitch Ratings has upgraded
the debt ratings for Hilton Hotels as follows:

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

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

   --Senior notes to 'BB+' from 'BB'.

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

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

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

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

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


HUNTSMAN: Board OKs 1st Quarterly US$0.10 A Share Cash Dividend
---------------------------------------------------------------
Huntsman Corp.'s board of directors has approved initiation of a
quarterly cash dividend for its common stock and has declared a
US$0.10 per share cash dividend, payable on March 30, 2007, to
shareholders of record as of March 15, 2007.

"Having taken major strides to strengthen the company's balance
sheet through positive operating cash flows, funds raised in our
IPO (international public offering), and the proceeds from our
ongoing divestitures of our commodity petrochemical businesses,
it is now time to return some of our free cash flow to our
shareholders," Huntsman president and chief executive officer
Peter R. Huntsman said.

Huntsman founder and chairperson Jon M. Huntsman noted, "Our
board of directors has every confidence that solid financial
results will continue.  The board was pleased to approve this
first quarterly dividend.  Our focus going forward is to
strongly enhance shareholder value through growth and
innovation."

                         About Huntsman

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

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

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


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

BANCO BRADESCO: Insurance Unit Sees 8% to 10% Revenue Increase
--------------------------------------------------------------
Banco Bradesco's insurance division, Bradesco Seguros, looks to
an 8% to 10% revenue increase this year, Business News Americas
reports, citing a top executive at the firm.

BNamericas says the executive asked not to be named discussing
projections for this year.

"I don't see any business area growing less," the executive was
quoted by BNamericas as saying.  He believes the insurance unit
would add about 30%-35% to Bradesco's bottom line in years to
come.

Bradesco's insurance, private pension and savings bonds
divisions increased net profits 35.2% to BRL2.16 billion
(US$1.02 billion) last year compared to 2005 and accounted for
34% of the bank's BRL6.36 billion-recurring net profit in 2006,
BNamericas relates.

Total insurance revenues rose 13.1% to BRL19 billion in 2006,
with insurance premiums and private pension contributions rising
14.3% to BRL17.6 billion.  Savings bonds contributions remained
flat at BRL1.42 billion, BNamericas says.

                      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.


CONTINENTAL AIRLINES: Pays US$111MM in Profit Sharing to Workers
----------------------------------------------------------------
Continental Airlines Inc. distributed US$111 million in profit
sharing to employees on Feb. 14, 2007.

"When we work together, we win together, and my co-workers are
sharing Continental's success through profit sharing,"
Continental Chairman and CEO Larry Kellner said.  "We all worked
together in 2006 to deliver solid financial and operational
results, and my co-workers will now receive US$111 million in
cash as a result of the best profit sharing program in the
industry."

The carrier recorded net income of US$343 million in 2006.  This
marks the first Continental profit sharing payment since the
payment for the 2000 results.  The US$111 million distribution
is both the highest of any U.S. carrier this year and the
highest profit sharing distribution in Continental's history.

Mr. Kellner will hand out profit sharing checks tomorrow at the
airline's hub at Newark Liberty International Airport, while
President Jeff Smisek will distribute profit sharing to the
airline's employees at the company's Bush Intercontinental
Airport hub and other Houston locations.  Continental's Airport
Services Senior Vice President, Bill Meehan, will present
profit-sharing to Continental's employees at the airline's hub
at Cleveland Hopkins International Airport.  Other Continental
officers will travel to many other locations throughout the
Continental system to distribute profit sharing.

                   About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia.  It serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 10, 2006
Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the US$200 million of senior unsecured notes issued by
Continental Airlines Inc.'s.  Moody's affirmed the B3 corporate
family rating.  Moody's said the outlook is stable.

As reported in the TCR on Oct. 23, 2006, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B' long-
term and 'B-3' short-term corporate credit ratings, on
Continental Airlines Inc.  The outlook is revised to stable from
negative.  Continental has about US$17 billion of debt and
leases.

At the same time, Fitch Ratings has upgraded Continental
Airlines Inc.'s Issuer Default Rating to 'B-' from 'CCC' and
Senior Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Fitch said
the rating outlook was stable.


FORD MOTOR: Merrill Cuts Recommendation on Shares to "Sell"
-----------------------------------------------------------
Merrill Lynch has lowered its recommendation on shares of Ford
Motor Co. to "sell" from "neutral" because the stock may be
overvalued, The Associated Press reports Tuesday last week.

Ford may be trading at a price that is higher than appropriate,
AP says, citing Merrill.  

According to AP, Merrill auto analyst John Murphy is of the
opinion that newly appointed Ford Chief Executive Alan Mulally
is "making progress," but he is saddled by slumping products and
a decline in large pickup truck sales.

The automaker, Mr. Murphy added, may have difficulty raising
money needed to buy down some of its retiree health-care
obligations.

AP relates that Deutsche Bank also upgraded the company's shares
to "buy," citing optimism that the company can win health care
cost savings from the United Auto Workers union this fall.

                          Lower Sales

Ford disclosed in a press statement that its January 2007 sales
declined 19% compared with a year ago, as a result of a proposed
reduction in sales to daily rental companies.

Sales to daily rental companies were cut by 65%, Ford said.

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

                        About Ford Motor

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

The company also has operations in Japan.

                          *     *     *

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

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

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


JAPAN AIRLINES: May Retain Matsumoto-Nagano-Sapporo Route
---------------------------------------------------------
A domestic route Japan Airlines Corp. intended to cancel as part
of its consolidation plans may be retained, The Japan Times
reports, citing a top JAL executive.

The report says that Nagano Governor Jin Murai and JAL Senior
Managing Director Kiyoshi Kishida met at the company's
headquarters in Tokyo, and it was during that meeting that the
possibility of retaining the Matsumoto-Nagano Prefecture-Sapporo
route was discussed.  

The report says that Mr. Kishida and other JAL officials refused
to comment on the matter.

The Times adds that Nagano residents have collected, and
submitted to JAL, more than 150,000 signatures to support the
retention of the Matsumoto-Sapporo route.

The Troubled Company Reporter - Asia Pacific reported on Feb. 1,
2007, that Japan Airlines Corp. will realign its domestic routes
as part of its efforts to turn around its operations.

The TCR-AP stated that the 10 routes include seven flights per
week between Nagoya and Kitakyushu, between Nagoya and Nagasaki,
between Kobe and Sendai, between Kagoshima and Naha, and four
flights per week between Fukuoka and Aomori, and reduced flights
on five routes, including those between Nagoya and Sapporo and
between Sendai and Fukuoka.

                       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.


MITSUBISHI MATERIALS: S&P Changes Outlook on BB Rating To Pos.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable the outlook on its 'BB' long-term corporate credit rating
on Mitsubishi Materials Corp. based on the company's increasing
level and stability of cash flows, and expectations for further
improvement in the company's financial profile.  At the same
time, Standard & Poor's affirmed its long-term corporate credit
and 'BB+' senior unsecured debt ratings on the company.

Mitsubishi Materials' companywide revenues and cash flows are
sound as it has strengthened its business structure to balance
decreased profits in some segments with earnings from stronger
areas.  The company's ratio of total debt to capital is expected
to improve, dropping to around the 60% mark at March 31, 2007
from 65.9% as at March 31, 2006, as Mitsubishi Materials
continues to amass capital through retained earnings, despite
the weaker pace of debt reduction due to the company's
relatively large appetite for capital investments, which include
ongoing maintenance and renewals.

Although the earnings outlook beyond fiscal 2007
(ending March 31, 2008) for the copper smelting business is
uncertain, Mitsubishi Materials should be able to maintain
improvements in its financial profile as downside risks for
earnings have decreased due to its diversified business
structure.  As the company is promoting expansion overseas in
its main copper, cement, and powder metallurgy products and
tools businesses, the revenue base for each of the businesses is
expected to strengthen further, and this should contribute to
further stabilization of cash flow in the medium term.

Conversely, the company's dependence on total debt remains high,
and whether the company's active capital investments lead to a
dramatic increase in its debt burden under the new medium term
management plan starting in April 2007 is currently a key
consideration in the credit analysis on the company.

For an upgrade the company needs to show more definitively that
it will be able to lower its debt-to-capital ratio to less than
60%, and that it can absorb the weight of its investments by
stabilizing its profitability and cash flow through its
diversified business structure.

The rating on the long-term senior unsecured debt issued by
Mitsubishi Materials is one notch higher than the long-term
issuer rating on the company, reflecting the assumption that
bondholders would incur no losses from a default, as
Standard & Poor's believes there is a probability, to a certain
extent, that any default by the company would take the form of a
loan waiver (including debt-for-equity swap on loans), rather
than bankruptcy.  The rating also reflects the lower likelihood
of a default of long-term debt than that of bank borrowing.
The debt rating also reflects the company's business profile,
low reliance on bank borrowings, and close relationship with its
creditor banks.

Ratings List
Ratings Affirmed

Mitsubishi Materials Corp.
Senior Unsecured
  Local Currency                        BB+                

Ratings Affirmed; CreditWatch/Outlook Action

                                     To                From
Mitsubishi Materials Corp.
  Corporate Credit Rating       BB/Positive/--     BB/Stable/--

                   About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,  
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company's principal
activity is the manufacture of metals and ceramics.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.


MITSUKOSHI LTD: To Use JPY180 Bil On Store Expansion and Repair
----------------------------------------------------------------
Mitsukoshi Ltd. plans to spend JPY180 billion on store openings
and renovations over six years to lift its group pre-tax profit
2.8 times to JPY45 billion, The Asahi Shimbun reports.

The report says that the company's main store in Tokyo's
Nihonbashi district and store in Ginza will be renovated, and a
new store in Osaka will be opened.  That translates an increase
of its outlets in suburban shopping malls to six.

The Asahi recounts that Mitsukoshi opened an outlet in
Musashi-Murayama in November 2007 -- a store with the same
classy ambience and design features of the main store, and
aisles wide enough for parents to push baby strollers while they
shop.  

The report adds that Mitsukoshi will open another outlet in the
Diamond City complex in Natori, Miyagi Prefecture, in late
February 2007.

Mitsukoshi aims to record JPY45 billion in group pretax profit
in the year through February 2013, compared with JPY15.8 billion
estimated for the latest financial year ending February 2007,
The Asahi Shimbun says.

                     About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

Standard & Poor's gave Mitsukoshi BB- Long-Term Foreign and
Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


NIKKO CORDIAL: S&P Downgrades Ratings On Faulty Accounting
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB-' from 'BBB+'
its long-term counterparty credit and senior unsecured debt
ratings on Nikko Cordial Corp.  At the same time, Standard &
Poor's lowered to 'A-3' from 'A-2' its short-term counterparty
credit rating on the company.  Standard & Poor's also lowered to
'BBB' from 'BBB+' its long-term counterparty credit ratings on
Nikko Cordial Securities Inc., and to 'A' from 'A+' its long-
term counterparty credit ratings on NikkoCiti Trust & Banking
Corp.  Standard & Poor's affirmed its 'A-2' short-term
counterparty credit rating on Nikko Cordial Securities and 'A-1'
short-term counterparty credit rating on NikkoCiti Trust &
Banking.  All ratings remain on CreditWatch with negative
implications.

The ratings revisions reflect the increased negative impact on
the Nikko Cordial group's profitability, business franchise, and
overall position of the group stemming from faulty accounting
practices.  The ratings on the three companies were first placed
on CreditWatch on Dec. 26, 2006, on concerns over the potential
negative impact on the group companies' business franchise and
profitability from the resignations of the group's president and
chairman over disclosure problems.  As uncertainty remains
regarding the action the Tokyo Stock Exchange may take on the
group, the ratings remain on CreditWatch with negative
implications.

The flawed accounting practices that took place companywide have
dealt a major blow to Nikko Cordial Corp.'s business franchise.
In particular, the wholesale and private equity segments are
expected to slump in the near term, and there is concern over
the impact on the operating activities of the retail segment,
which has had relatively solid performance.  In addition,
although the Nikko Cordial group currently has ample liquidity,
depending on the outcome of any TSE action, its fundraising
flexibility may be restricted.  While the company's measures to
restructure its internal controls and corporate governance
systems announced on Feb. 13, 2007, should be beneficial towards
recovering public trust, whether the new management will be able
to take full advantage of the measures to make drastic
improvements on past problems remains uncertain.

The downward revision of the ratings on Nikko Cordial Corp. also
takes into account the likelihood of exposure to liquidity risk
and market risks due to large-scale investments
(JPY457.8 billion as of Dec. 31 2006) by subsidiaries, including
Nikko Principal Investments Ltd. (NR).  The rating on Nikko
Cordial Corp. also reflects the credit quality of its wholesale
subsidiary, Nikko-Citi Securities (Japan) (NR).  If the slump in
performance is prolonged, there is a risk of a change in the
support stance of Citigroup Inc. (AA/Stable/A-1+), which
underpins the credit quality of Nikko-Citi Securities.
NikkoCiti Trust & Banking's standalone performance has been
improving, and it has ample capital to cover the risks in its
trust business.  However, the rating on the trust bank was
lowered given the possibility that the core investment trust-
related businesses would be impacted by risks assumed by the
Nikko Cordial group.

Regarding the placement of the company's stock on a monitoring
post, the TSE currently plans to decide in mid-March whether it
will delist Nikko Cordial group's stock depending on the details
of revised financial statements to be submitted by Nikko Cordial
by the end of February.  If the company's stock is delisted, it
is highly likely that the ratings on Nikko Cordial companies
will be lowered further if the company's business franchise and
liquidity are impacted negatively.  Conversely, if the company's
stock remains listed and there are no major changes in other
areas, it is highly likely that there will be no further ratings
revisions.  Key credit factors include the TSE's decision, any
action by Japan's Financial Services Agency, trends in Nikko
Cordial's business franchise and liquidity, and changes in
ownership of major shareholders.

Ratings List
Downgraded
                                   To                 From
Nikko Cordial Corp.

   Counterparty Credit
   Rating                BBB-/Watch Neg/A-3   BBB+/Watch Neg/A-2

   Senior Unsecured
   Local Currency        BBB-/Watch Neg       BBB+/Watch Neg

NikkoCiti Trust & Banking Corp.

   Counterparty Credit
   Rating                A/Watch Neg/A-1      A+/Watch Neg/A-1

   Certificate of
   Deposit               A/Watch Neg          A+/Watch Neg

Nikko Cordial Securities Inc.

   Counterparty Credit
   Rating                BBB/Watch Neg/A-2    BBB+/Watch Neg/A-2

                       About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of  
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 13, 2007, that Fitch Ratings has downgraded Nikko Cordial
Corporation's Long- term foreign and local currency Issuer
Default ratings to 'BBB-' from 'BBB', the Short-term foreign and
local currency IDRs to 'F3' from 'F2', and the Individual rating
to 'C/D' from 'C'.

The TCR-AP reported on Dec. 22, 2006, that Fitch placed its
ratings on Nikko Cordial Corp. and Nikko Cordial Securities Inc.
on Rating Watch Negative following the decision announced on
Dec. 18 by the Tokyo Stock Exchange to place the shares of NCC
on its official watchlist pending the full investigation into
reported accounting breaches by the company.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating Nikko
Cordial for falsifying its annual financial statements for the
business year ended March 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.


SAPPORO HOLDINGS: Steel Partners Want to Raise Stake to 66.6%
-------------------------------------------------------------
Steel Partners Japan Strategic Fund(Offshore), L.P., submitted a
proposal to the management of Sapporo Holdings Ltd. requesting
discussions aimed at securing their recommendation for a
negotiated transaction to acquire (including the Fund's current
holding) shares representing 66.6% of the voting rights in the
Company.

The Fund currently owns 17.52% of the outstanding common shares
in Sapporo Holdings (as at December 31, 2006).  As the single
largest shareholder in Sapporo Holdings, Steel Partners has high
regard for the management and employees of the Company and
wishes to increase its stake to reflect its continued confidence
in the prospects of the Company.

In accordance with Sapporo Holdings' "Policy For Dealing With
Significant Purchases of the Company's Shares," the Fund has
disclosed to the management of the Company certain details of
its proposals.  While the Fund has requested that shareholders
resolve to abolish this Policy, at this stage it intends to
comply with the Policy pending the outcome of the shareholder
vote.

                         About the Fund

The Fund is a limited partnership type investment fund domiciled
in the Cayman Islands with SPJS Holdings LLC as its General
Partner.  The principal business of the Fund is to invest in
companies in Japan.

                     About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--    
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The Company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan 26, 2007, Fitch Ratings affirmed the ratings of Sapporo
Holdings Limited as follows:

   -- Long-term foreign and local currency Issuer Default rating
      'BB'/ Outlook Stable;

   -- Senior unsecured debt 'BB';

   -- Short-term foreign and local currency IDR 'B'.

Standard & Poor's Rating Service gave Sapporo Holdings 'BB'
Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings.


TOSOH CORP: Moody's Reviews Ba2 Rating for Possible Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed under review for possible
upgrade its Ba2 issuer rating of Tosoh Corporation.  The rating
action reflects Moody's view that the stability of both the
company's earnings and cash flow may continue to improve,
supported by ongoing efforts at reinforcing its business
fundamentals, and improvements to its balance sheet structure,
such that it can pursue its growth strategy.

In its review, Moody's will assess the company's ability to
further bolster the competitiveness of its core products through
its growth strategy.  It will also focus on Tosoh's financial
strategy over the intermediate term as it is actively
implementing investments through strengthening its vinyl and
isocyanate chain operations in Japan and China.

Tosoh has emphasized building the competitiveness of its vinyl
and isocyanate chain operations, which range from caustic soda,
vinyl chloride monomer and polyvinyl chloride (PVC) to methyl
diphenyl isocyanate (MDI).  In particular, the company has
focused on leveraging the cost competitiveness of its Nanyo
complex in Yamaguchi Prefecture, which includes an electric
power plant, and its effective use of by-products to make its
production facilities No. 1 in Asia in terms of efficiency and
capacity.  Moody's believes that Tosoh's enhanced cost
competitiveness in petrochemicals and basic chemical groups
should mitigate the earnings volatility in its business areas
during a cycle trough.

In addition, the earnings of its specialty group have steadily
grown, helping mitigate the impact of earnings cyclicality in
petrochemicals and basic chemicals.  Its specialty group
consists of six sub-sectors, which include a diversified range
of users.  It also maintains leading positions in each product
area.  Therefore, Moody's believes that the stability of its
earnings and cash flow could further improve over the medium
term, supported by the steady growth of its specialty group.

Tosoh Corporation, headquartered in Tokyo, is an integrated
chemical company, and Japan's largest VCM and PVC producer.  Its
total sales in the fiscal year ended March 2006 were
JPY648.8 billion.


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

CITIBANK KOREA: Committee Nominates Ha Yung-ku for CEO
------------------------------------------------------
On Feb. 14, 2007, Citibank Korea Inc.'s CEO nominating committee
named Ha Yung-ku as the single candidate for the top position,
The Korea Herald reports, noting that shareholders will formally
reappoint Mr. Ha at a general meeting scheduled in March.

If reappointed, Mr. Ha serves until March 2010, the report
notes.

"As the first CEO of the newly merged bank under the Citigroup
franchise, Mr. Ha showed outstanding leadership to successfully
integrate the two legacy banks," the paper cites Stephen Long,
chairman of the nomination committee, as saying.  

Korea Herald recounts that Mr. Ha, who served as CEO of KorAm
Bank from May 2001, became the president of Citibank Korea in
October 2004 after the two banks merged.

                      About Citibank Korea

Citibank Korea Inc. -- http://www.citibank.co.kr/-- provides a  
variety of commercial banking, trust, and investment services.  
The bank's services include consumer loans, deposits, trust
accounts, credit cards, Internet banking, financial derivatives,
foreign exchange, and securities dealing and brokeraging.

Moody's Investors Service gave Citibank Korea a Bank Financial
Strength Rating of 'D+' effective on June 28, 2005.


WOORI BANK: Gov't. Advised to Delay Woori Financial's Stake Sale
----------------------------------------------------------------
The Government should hold a majority stake in Woori Bank's
financial holding company -- Woori Financial Group -- until next
year to further secure local buyers, The Korea Herald cites the
Korea Institute of Finance as saying.

"The government needs to keep controlling a certain amount of
shares -- 33% to 50% -- while selling the rest of its stake as
soon as possible," Kim Woo-jin, a research fellow with the KIF,
told a forum in Seoul.

The economist's proposal came as policymakers are looking to
delay the sale of Woori by one year to March 2008, Korea Herald
says, noting that the original deadline for stock sales was
March 2007.

Korea Herald recounts that in 2006, the state-run bailout fund
manager -- the Public Fund Oversight Committee -- said it would
gradually sell its 77.97% stake in Woori Financial to fully
privatize the company in the years ahead.

However, the sale is delayed due to a lack of local financiers
capable of taking over the trillion dollars worth of shares, the
paper relates.

The Government's stake is worth over KRW15 trillion at the
current price due to the bank's good performance in recent
years, Korea Herald says.

"If the government clarifies the future sales plan, it will
clear up uncertainties on the privatization and raise the bank's
value," Mr. Kim said, adding "it is not easy to sell the shares
in the short-term period."

According to Mr. Kim, local conglomerates, which are eager to
buy into the financial sector, are forbidden to bid for the
acquisition due to the investment barrier between commercial and
financial industries.

Mr. Kim further advised "the controlling stake should be put up
for bid in the second half of 2008, when the banking sector
gains more stability and the sale can be politically
independent."

The presidential election will be held in December, Korea Herald
notes.

The paper recounts that the government plowed in over KRW12
trillion (US$12.6 billion) to bail out the financially
distressed lender after the 1997 Asian financial crisis.

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

ANTAH HOLDINGS: Court Rejects Injunction Against ECK's Petition
---------------------------------------------------------------
The Kuala Lumpur High Court rejected Antah Holdings Bhd's
request for injunction pertaining to the wind-up petition filed
against the company by ECK Construction Sdn Bhd.

According to the Judge, ECK is entitled to present the wind-up
petition and that the Court will not proceed to deal on the
merits of the debt at this stage.

The Troubled Company Reporter - Asia Pacific reported on Oct. 6,
2006, that ECK is asserting a MYR19.8 million from Kaseh
Lebuhraya Sdn Bhd, a wholly owned subsidiary of Antah Holdings,
as payment for construction fees.  ECK served the demand notice
on its claim to Kaseh on May 16, 2006.

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

                          *     *     *

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

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

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


ANTAH HOLDINGS: Creditors Approve Restructuring Scheme
------------------------------------------------------
Antah Holdings Bhd obtained its creditors' approval of the
arrangement of payments as proposed by the company on its
regularization plan.

According to Antah, majority of its secured and unsecured
creditors, representing more than 75% in value and more than 50%
in number, agreed to the company's payment proposals.

RSM Nelson Wheeler Teo, the independent scrutineer for the Court
Convened Meetings, certified the approvals.  

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 13, 2007, Antah Holdings also obtained its shareholders
approval on the entire restructuring scheme's resolutions on
Feb. 7.

In addition, it was also reported by the TCR-AP that the
Securities Commission had also approved its proposed
restructuring scheme.

                          *     *     *

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

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

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


FOAMEX: Chap. 11 Emergence Cues S&P to Raise Rating to B from D
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Linwood, Penn.-based Foamex L.P. to 'B' from 'D',
following the company's emergence from bankruptcy on
Feb. 12, 2007.  S&P affirmed all other ratings.  The outlook is
stable.

"The ratings reflect the company's exposure to volatility in raw
material prices and economic cycles, customer concentration,
pricing and volumes vulnerable to weak automotive fundamentals
in North America, and a highly leveraged capital structure,"
said Standard & Poor's credit analyst Robyn Shapiro.  "The
rating also reflects the company's leading market share and
manageable debt maturity schedule."

With revenues of about US$1.4 billion, Foamex is the leading
manufacturer and distributor of flexible polyurethane and
advanced polymer foam products, focused mainly on North America.  
The company's foam products business (about 45% of sales),
serves the bedding, furniture and consumer products industries
with a mixture of commodity and specialty cushioning foams.  
Automotive products (about 30% of sales) include foam rolls and
laminate products manufactured for seat covers and other
interior soft-trim applications.  Carpet cushion products (about
15% of sales) consist of carpet underlay utilizing scrap foam
generated by the company as well as outside sources.  Foamex
also maintains a technical foams business (about 10% of sales)
that offers more attractive margins and growth opportunities due
to higher value-added applications and technological innovation.  
Overall, the business is vulnerable to consumer spending trends
and the level of activity in the automotive and housing sectors.

The company's customer concentration is a limiting factor, with
the largest customer in the automotive products segment.  The
top five customers in 2005 represented about 27% of total sales.  
The company's selection of proprietary products and production
techniques offsets some exposure to higher volume commodity-like
products.  In addition, Foamex's network of strategically
located manufacturing sites in North America provides a
competitive advantage for distribution because certain types of
foams are expensive to transport.

Movements in raw material costs, particularly toluene
diisocyanate and polyol, can affect Foamex's production
economics and profit margins.  Feedstock costs will be affected
by oil price trends and can have an impact on near-term profit
margins.  The escalation of raw material costs during 2005 and
the decline in operating margins that ensued highlights a key
risk factor, particularly during times of rapid cost increases
and lower demand linked to difficult economic conditions.  While
Foamex should be able to continue to pursue price increases to
offset any escalation in raw materials costs, this may occur
with some time lag and the company may not be able to fully
recover the increase in costs.  Operating margins before
depreciation and amortization are expected to remain in the 10%-
12% range, a substantial improvement from the 7% level achieved
in 2005.  Although the company has had meaningful productivity
gains through its restructuring efforts to control costs and
reduce overhead, a significant slowdown in demand or rising
costs could cause margins to decline.

Foamex entered voluntary bankruptcy protection on Sept. 19,
2005, prompted by the company's high leverage combined with a
material decline in operating performance.  Operating
performance had deteriorated because of significant price
increases in the company's raw materials combined with a bond
maturity, lack of liquidity, and a downturn in one of the
company's primary end markets, the automotive industry.  
However, increased operating efficiencies resulting from
restructuring initiatives and price increases implemented by
management have led to a meaningful improvement in operating
results over the last 12 months.  Sustained improvement in
operating performance despite potential softening end markets,
including housing and automotive, along with strengthening
credit ratios would provide upside potential for the prospective
rating over the intermediate term.


                          *     *     *

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of  
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  

The Company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.  
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.  
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TT RESOURCES: Bursa Delists Securities on February 16
-----------------------------------------------------
The Bursa Malaysia Securities Bhd removed TT Resources Bhd's
securities from its official list on Feb. 16, 2007, after the
company failed to show that it has adequate level of financial
condition and operations to warrant continued listing.

TT Resources' securities may remain deposited with the bourse,
Bursa Malaysia clarified.

However, shareholders who intend to hold their securities in the
form of physical certificates can withdraw by submitting an
application with the Central Depository System at anytime after
the securities have been delisted.  

The shareholders can contact Bursa Securities' General Line at
03-2034 7000 for further information on the withdrawal
procedures.

                          *     *     *

TT Resources Berhad's principal activities are the operation of
Chinese and Western restaurants, provision of catering, seafood
trading and operation of cafe and other food related business.  
Other activities include operation of musical entertainment
centres, investment holding, photography, studio portrait and
film and colour developing and printing.

The Group operates in Malaysia, Singapore, Thailand and China.

TT Resources is currently listed as an affected listed issuer
under the Amended PN17 List of Companies of the Bursa Malaysia
Securities Bhd, and is therefore required to submit a
regularization plan.


UNITED CHEMICAL: Books MYR10.42 Mil. Loan Default as at Jan. 31
---------------------------------------------------------------
United Chemical Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd that its loan default as of January 31, 2007,
reached MYR10.42 million comprising of:

    -- term loan from RHB Bank Bhd amounting to
       MYR6,578,895.08

    -- term loan from Bank Industri Malaysia Bhd amounting to
       MYR1,435,096.95; and

    -- revolving loan from Bank Industri Malaysia Bhd amounting
       to MYR2,409,458.09

                          *     *     *

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of September 30, 2006, the company's consolidated balance
sheet showed insolvency with total assets of MYR3.19 million and
MYR79.21 in total liabilities.


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

BOND COACH: CIR Seeks to Liquidate Company
------------------------------------------
On Jan. 8, 2007, the Commissioner of Inland Revenue filed a
liquidation petition against Bond Coach Builders Ltd -- formerly
known as Left To Right Steering Conversion Ltd.

The petition will be heard before the High Court of Auckland on
April 5, 2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         Kay Susanne Morgan
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


CACTUS JACK'S: Court Issues Liquidation Order
---------------------------------------------
On Jan. 23, 2007, the High Court of Invercargill ordered Cactus
Jack's Entertainment Center Ltd to liquidate its business.

In this regard, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as joint and several liquidators.

According to the Troubled Company Reporter - Asia Pacific,
Wellesley Land Co. Ltd. filed the liquidation petition against
the company.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level 3, Burns House
         10 George Street (PO Box 1058), Dunedin
         New Zealand


CARROLLS EXCAVATING: Liquidation Hearing Slated for Feb. 26
-----------------------------------------------------------
A liquidation petition filed against Carrolls Excavating Ltd
will be heard before the High Court of Hamilton on Feb. 26,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Dec.
22, 2006.

The CIR's solicitor can be reached at:

         Kay Susanne Morgan
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


DRAGON WORLD: Court Appoints Joint Liquidators
----------------------------------------------
The High Court of Wellington appointed Barry Phillip Jordan and
David Stuart Vance as joint and several liquidators of Dragon
World Ltd on Jan. 23, 2007.

In this regard, the liquidators fixed Feb. 23, 2007, as the last
day for creditors to lodge in their claims.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the company.

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


ENTILEY CREATIVE: Court Sets Liquidation Hearing on Feb. 26
-----------------------------------------------------------
The High Court of Hamilton will hear a liquidation petition
against Entiley Creative Ltd on Feb. 26, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Dec. 20, 2006.

The CIR's solicitor can be reached at:

         Kay Susanne Morgan
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


LIVE BAR: Court Names Shephard and Dunphy as Liquidators
--------------------------------------------------------
On Jan. 29, 2007, the High Court of Gisborne appointed Iain
Bruce Shephard and Christine Margaret Dunphy as joint and
several liquidators of Live Bar Ltd.

As reported by Troubled Company Reporter - Asia Pacific, The
Mill Liquorsave Ltd. filed a liquidation petition against the
company.

The Joint Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level 2, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


PROVINCIAL FINANCE: Receivers Forecast 3rd Dividend Distribution
----------------------------------------------------------------
The receivers of Provincial Finance Limited -- John Waller and
Maurice Noone, partners at PricewaterhouseCoopers -- have
forecast a further distribution to debenture holders at the end
of March in their latest report to the Companies Office.

"We're on track to make a third repayment to investors of around
10 cents in the dollar in late March," Mr. Waller says.  "This
payment will be funded from further collections of the book,
together with minor asset sales."

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Messrs. Waller and Noone advised of a second
interim repayment of principal to Provincial's 11,000 debenture
stockholders on Dec. 15, 2006.  The second repayment saw
Provincial's debenture stockholders receive a further 10 cents
in the dollar, bringing the total repayment since the receivers
were appointed to 35 cents in the dollar, the TCR-AP noted.

Mr. Waller reveals that investigations by the receivers have
uncovered a series of alleged frauds against Provincial.  "We've
commenced legal proceedings against Baycorp and other parties,
and we've also taken steps to freeze the assets of those other
parties."

Mr. Noone says the receivership is progressing favorably.
"Nothing has occurred since our last report to cause us to alter
our estimate that debenture holders should receive most, if not
all, of their principal back.  Repayments will be by way of
dividend, but we are unable to give a definitive date for final
payment at this time."

Mr. Noone identifies the three principal scenarios for realizing
value from the Provincial loan book:

   1) a wind-down of the business by the receivers;

   2) a restructure; or

   3) an outright sale of the business

"In a wind-down scenario, we would continue to collect remaining
loans to repay debenture holders' principal and interest," Mr.
Noone explains.

Discussions continue with potentially interested parties
relating to the other scenarios, but there is "nothing
substantial" to report at this stage, Mr. Noone says.

A copy of the receivers' full report is available on
http://www.pwc.com/nzor the Companies Office Web site  
http://www.companies.govt.nz

                    About Provincial Finance

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The Company owes
NZ$300 million to 14,000 small investors.


PURELY FREERANGE: Appoints Official Assignee as Liquidator
----------------------------------------------------------
On Jan. 25, 2007, the Official Assignee of Purely Freerange Ltd
was named as the company's liquidator.

The Troubled Company Reporter - Asia Pacific previously reported
that the High Court of Napier heard the liquidation petition
against the company on that day.  The Commissioner of Inland
Revenue filed the petition.

The Liquidator can be reached at:

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


THE BUSINESS: Crichton and Horne to Act as Liquidators
------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of The Business Directory Ltd by order of the High
Court on Jan. 29, 2007.

Accordingly, the liquidators fixed Feb. 26, 2007, as the day for
which the creditors are to make their claims and to establish
any priority claims they may have.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the company.

The Liquidators can be reached at:

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


VERTICAL ROOFING: Creditors' Proofs of Claim Due on Feb. 26
-----------------------------------------------------------
The creditors of Vertical Roofing Ltd are required to submit
their proofs of claim by Feb. 26, 2007.  

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

The Troubled Company Reporter - Asia Pacific previously reported
that the Commissioner of Inland Revenue filed the petition
against the company.  The Court heard the petition on Jan. 29,
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


WAIKATO SOLID: Court to Hear Liquidation Petition on Feb. 26
------------------------------------------------------------
The High Court of Hamilton will hear a liquidation petition
filed against Waikato Solid Plasterers Ltd on Feb. 26, 2007, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Dec. 22, 2006.

The CIR's solicitor can be reached at:

         Kay Susanne Morgan
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


WEST CITY: Faces Liquidation Proceedings
----------------------------------------
The High Court of Auckland heard a liquidation petition filed
against West City Electroplaters Ltd on Feb. 8, 2007.

The Commissioner of Inland Revenue filed the petition on Nov. 3,
2006.

The CIR's solicitor can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (PO Box 33150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


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

GUESS? INC: Board Okays Two-for-One Stock Split
-----------------------------------------------
Guess? Inc.'s Board of Directors has approved a two-for-one
stock split of the company's common stock.  The stock split will
be effected in the form of a 100% stock dividend to shareholders
of record at the close of business on Feb. 26, 2007.  
Stockholders will receive one additional share for each share
held on that date.  The additional shares will be distributed
beginning March 12, 2007.

In a separate action, the Board of Directors has also authorized
the initiation of a quarterly cash dividend of US$0.12 per share
on the company's common stock.  The first quarterly dividend is
payable on March 12, 2007, to shareholders of record as of the
close of business on Feb. 26, 2007.  Because the record date for
the first quarterly dividend precedes the distribution date for
the stock split, the cash dividend amount will be on a pre-split
basis.  While the company intends to pay regular quarterly
dividends for the foreseeable future, all subsequent dividends
will be reviewed quarterly and declared by the Board of
Directors at its discretion.  Any future dividends will be
adjusted for the split.

"We are pleased to announce the two-for-one stock split and the
initiation of a quarterly cash dividend," said Guess? President
and Chief Operating Officer Carlos Alberini.  "These actions
reflect our confidence in our company and recognize our solid
financial performance and strong balance sheet.  We believe that
these actions will result in increased trading liquidity and a
broader investor base in the future."

Guess?, Inc. -- http://www.guess.com/-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world,
including the Philippines, Hungary and the Dominican Republic.

                          *     *     *

Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


WARNER MUSIC: 1st Qtr. Fiscal Results Cues S&P's Neg. Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Warner
Music Group Corp. to negative from stable, while affirming all
ratings, including the 'BB-' corporate credit rating, on the
company.

As of Dec. 31, 2006, the company had US$2.27 billion of debt
outstanding, including its 9.5% holding company discount notes.

"The outlook revision was based on the company's fiscal first-
quarter results," said Standard & Poor's credit analyst Michael
Altberg.

"Although we expected a down quarter because of strong releases
in the year-ago period, actual results were lower than we
anticipated.  Tough year-over-year comparisons will continue
through the second quarter."

The outlook revision also recognizes that uncertainty around the
industry's digital migration is likely to be a long-term issue
that exacerbates volatile release schedules.

The rating on WMG reflects its heavy debt burden as a result of
its 2004 LBO and debt-financed capital distributions to
shareholders, the risks associated with the industry's migration
to a digital downloading business model, the extent of cost
downsizing that may be required as the online migration
continues, and persistent leakage of industry sales to piracy.  
These are the rating actions: risks are partially offset by the
company's competitive position as the fourth-largest recorded
music company and currently second-largest music publisher, its
recent market share gains, the industry's progress in combating
piracy and establishing a legitimate commercial digital
platform, and the company's good free cash flow.

WMG was acquired from Time Warner Inc. in March 2004 by an
investor group comprising Thomas H. Lee Partners L.P., Music
Capital Partners L.P., Bain Capital Partners, and Providence
Equity Partners Inc.

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines.


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

COMPACT METAL: Unveils Shareholders' Change of Interests
--------------------------------------------------------
Compact Metal Industries Ltd unveiled that its directors, Tan
Chin Eng and Tan Hua Joo, have acquired more direct shares in
the company pursuant to a rights issue.

Tan Chin Eng is presently holding 110,312,190 direct shares with
16.801% issued share capital.  Prior to the change, Mr. Tan Chin
held 103,710,270 direct shares with 23.821% issued share
capital.  

Mr. Tan Hua now holds 16,716,676 direct shares with 2.546%
issued share capital.  Prior to the change, Mr. Tan Hua held
16,006,676 direct shares with 3.677% issued share capital.

Chng Gim Huat, a substantial shareholder of the company, now
holds 1,802,874,352 direct shares with 51.000% issued share
capital.  Mr. Chng's new holdings of direct shares were due to
the completion of the Restated and Supplemental Restructuring
Agreement and the Debt Purchase and Conversion Agreement.

                       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.


FLEXTRONICS INTL: Grants Options to Purchase 773,000 Shares
-----------------------------------------------------------
On Feb. 15, 2007, Flextronics disclosed that it has granted
options to purchase an aggregate of 773,000 ordinary shares to
the employees of recently acquired International Display Works
Inc.  The options, which were granted from the company's 2004
Award Plan for New Employees, have an exercise price of IS11.54
-- equal to the closing price of Flextronics' ordinary shares on
the grant date and as quoted on the NASDAQ Global Select Market
-- and will expire 10 years after the date of grant -- or upon
termination of employment, if earlier.  The options are
exercisable over four years.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics   
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                          *     *     *

Fitch Ratings downgraded the ratings for Flextronics
International Ltd.:

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

   -- Senior Unsecured credit facility to BB+ from BBB-; and

   -- Senior subordinated notes to BB from BB+;

Fitch said the Rating Outlook is Stable.  Fitch's action affects
around US$1.7 billion of total debt.

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service revised the company's outlook to
stable from negative, while affirming its corporate family
rating at Ba1, due to Flextronics' solid revenue growth
over the past twelve months

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


HLG ENTERPRISES: 2006 Net Profit Soars 507% to US$11.3 Million
--------------------------------------------------------------
HLG Enterprise Limited reported a net profit of US$11.3 million
for the financial year ended Dec. 31, 2006.  This is a 506.7%
increase over the Group's US$1.658 million profit achieved in
the financial year ended Dec. 31, 2005.  According to HLG
Enterprise, the boost in profit is due mainly to the gains
arising from the ongoing asset rationalization program
undertaken by the Group to focus on its core businesses of
hospitality, property development and investment holding.

                      Continuing Operations

The Group's turnover from continuing operations for fiscal year
2006, declined from US$40.9 million to US$35.4 million,
representing a decrease of approximately 13.3%.  This was due
mainly to the completion of the sale of LKN Building and the
closure of the construction business, which contributed to a
decrease in the total turnover of US$5.1 million.

In FY2006, the hotel and restaurant sector recorded a marginal
0.7% decline or US$0.2 million in turnover as compared to
FY2005.  The overall soft hospitality market in Shanghai and the
two phases of room renovations carried out in Hotel Equatorial
Shanghai, completed in March 2006 for 208 rooms and August 2006
for 207 rooms, had caused a US$1.7 million fall in revenue from
Changning Equatorial Service Apartments and HES.  However, this
is partially offset by the US$1.3 million growth in combined
turnover from Hotel Equatorial Qingdao, Tristar Inn Singapore
and Hotel Equatorial Cameron which have all improved their
businesses in financial year 2006 over financial year 2005 on
the back of a rise in occupancy rate and average room rate.

The Group reported a profit before tax of US$3.8 million from
continuing operations for fiscal year 2006.  This is 39.1% below
the US$6.2 million profit achieved in fiscal year 2005.

The net attributable profit for fiscal year 2006 is mainly
supported by the substantial increase in other income arising
from the ongoing asset rationalization program.  These gains
include gains on disposal of LKN Building and P.T. Taman Nongsa
Indah Village amounting to US$9.6 million and US$0.6 million
respectively.  However, these gains were partially offset by the
net loss on disposal of the 27.23% equity interest in Hotel
Equatorial (M) Sdn Bhd amounting to US$1.9 million.  The
increase of US$0.5 million interest income in fiscal year 2006
over fiscal year 2005 and write back of provision for impairment
of receivables and debts owing by the Group to creditors
totaling US$1.8 million also contributed to the increase in
other income.

The Group incurred a higher interest expense of US$6.0 million
in fiscal year 2006 against US$4.1 million in fiscal year 2005.
This is due mainly to the higher interest accrued for the zero
coupon unsecured non-convertible bonds issued in July 2006.  In
addition, the Group has a net exchange loss of US$4.0 million
compared to a net exchange gain of US$4.3 million recorded in
fiscal year 2005.  The net exchange loss recorded in fiscal year
2006 relates mainly to the unrealized exchange loss from the
revaluation of foreign currency net monetary assets caused by
the weakening of US dollar, Ringgit Malaysia and Renminbi
against the Singapore dollar.  The company will continue to
review the Group's exposure in its foreign currency net monetary
assets and would consider the feasibility of hedging the
exposure after taking into account the prevailing market
conditions.

                        Discontinued Operations

Following the completion of the sale of Primefield Company Pte
Ltd to DBS Bank Ltd on Sept. 30, 2006, the Group has divested
its IT and computer operations business.  In accordance with the
Singapore Financial Reporting Standards, the gain on disposal of
Primefield and the results of Primefield and its subsidiaries
have been reclassified and presented separately on the income
statement as "Discontinued Operations".

The gain on disposal of Primefield amounted to US$10.2 million
boosted the Group's performance in the current year.  Primefield
and its subsidiaries reported US$1.4 million net loss for the
current year up to its disposal on Sep. 30, 2006.  Overall, the
Group's net profit from Discontinued Operations attributable to
the shareholders for the year under review was US$8.8 million
compared to a net loss of US$2.4 million recorded in fiscal year
2005.

As of Dec. 31, 2006, the group's balance sheet showed total
assets of US$179.2 million, total liabilities of US$192.5
million and shareholders' deficit of US$13.4 million.

HLG Enterprise Limited's financial results for the year ended
Dec. 31, 2006, is available for free at:

             http://bankrupt.com/misc/HLGfull-yr.pdf

                  About HLG Enterprise Limited

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

The company's Sept. 30, 2006 consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million, as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


REFCO INC: Former President Tone Grant Charged with Fraud
---------------------------------------------------------
Refco Inc.'s former president Tone N. Grant has been indicted on
securities fraud, bank fraud, wire fraud, and money laundering
in connection with an alleged scheme to hide hundreds of
millions of dollars in trading losses by Refco and its customers
from public investors, according to published reports.

Mr. Grant became the third Refco executive to be charged with
fraud, along with former chief executive officer Phillip Bennett
and former chief financial officer Robert C. Trosten, the
reports note.

Michael J. Garcia, the United States Attorney for the Southern
District of New York, said in a press statement that a
superseding indictment was returned against Tone N. Grant.  
Moreover, the charges against Messrs. Bennett and Trosten have
been expanded.

Mr. Bennett previously has been charged with conspiracy,
securities fraud, wire fraud, making false filings with the
Securities and Exchange Commission, and making material
misstatements to auditors.  Mr. Trosten, on the other hand, had
been charged with conspiracy, securities fraud, and wire fraud.

The superseding Indictment, according to Mr. Garcia, charges
Messrs. Bennett, Trosten, and Grant for the first time with bank
fraud and money laundering in connection with the fraud at
Refco.  Mr. Bennett and, at certain times, Messrs. Grant and
Trosten, directed a series of transactions every year from 1999
through 2005 to hide receivables of Refco Group Holdings Inc. --
Refco's holding company -- from, among others, Refco's auditors,
by temporarily paying down the receivable from RGHI over Refco's
fiscal year-end and replacing it with a receivable from one or
more other entities not related to Mr. Bennett.  Thus, at every
fiscal year-end and, later, at every fiscal quarter-end, Mr.
Bennett directed transactions that turned the debt owed to Refco
from RGHI into a debt owed to Refco by a Refco customer.  
Shortly after each fiscal year or quarter end, these
transactions were unwound, returning the debt to RGHI.

The superseding Indictment charges that Mr. Grant participated
with Messrs. Bennett and Trosten in the scheme to defraud
participants in the 2004 leveraged buyout of Refco by led by
private equity fund Thomas H. Lee Partners, by misleading the
Lee fund and the purchasers of the US$600 million in notes and
US$800 million in bank debt about the true financial health of
Refco.

The superseding Indictment alleges that Mr. Grant received
US$16 million in proceeds from the leveraged buyout transaction,
as well as the right to share in half of Mr. Bennett's profits
from any future sale of his Refco stock holdings.

The superseding Indictment contains eight new counts: a bank
fraud charge against Messrs. Bennett, Trosten, and Grant in
connection with the 2004 leveraged buyout transaction; money
laundering charges against Messrs. Bennett, Trosten, and Grant
in connection with their laundering of the proceeds of the
leveraged buyout transaction; and additional wire fraud charges
against Messrs. Bennett and Grant.

At the Jan. 19, 2006, hearing before the U.S. District Court
for the Southern District of New York, the three former Refco
executives entered a plea of "not guilty" to all charges,
Reuters reports.

U.S. District Judge Naomi Buchwald set a US$10,000,000 bail for
Mr. Grant.

The trial date for all three Refco officers has been set for
Oct. 9, 2007, said Norman Eisen, Esq., at Zuckerman Spaeder,
LLP, in Washington, D.C., on Mr. Grant's behalf, according to
Reuters.

Each defendant could face a minimum of five and a maximum of
30 years in prison if found guilty.  Each defendant could also
be fined a minimum of US$250,000 for conspiracy and wire fraud
charges, and up to US$5,000,000 for securities fraud.

Mr. Bennett, 58, resides in Gladstone, New Jersey.

Mr. Trosten, 37, resides in Sarasota, Florida.

Mr. Grant, 62, resides in Chicago, Illinois.

Mr. Garcia clarified that the charges contained in the
superseding Indictment are merely accusations, and the
defendants are presumed innocent unless and until proven guilty.

Assistant United States Attorneys David Esseks, Neil Barofsky,
and Lisa Korologos are in charge of the prosecution, Mr. Garcia
added.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


REFCO INC: Plan Administrator Wants AIDMA Pact Approved Today
-------------------------------------------------------------
RJM LLC, the Plan Administrator of Refco Inc. and its debtor-
affiliates' bankruptcy cases, asks the Honorable Robert D. Drain
of the U.S. Bankruptcy Court for the Southern District of New
York to approve a settlement agreement among Refco F/X
Associates LLC, AIDMA Co. Ltd., and RefcoFX Japan K.K., pursuant
to Rule 9019(a) of the Federal Rules of Bankruptcy Procedure.

The Refco Administrator insists that the Court should approve
the Settlement by Feb. 16, 2007, to timely process the payment
in Japan.

Pursuant to the Dec. 15, 2006, order confirming Refco, Inc.'s
Chapter 11 Plan, RJM, LLC, as Plan Administrator of the Debtors'
Chapter 11 cases, formed a non-Japan Refco F/X Associates LLC
customer committee, which has consent rights with respect to any
settlement regarding the litigation involving FXA's assets in
Japan.

FXA operated an online retail foreign exchange trading business
under a Facilities Management Agreement between Refco Group Ltd.
LLC and its designated subsidiaries, including FXA, and Forex
Capital Markets LLC on a Web-based trading platform created and
maintained by FXCM.

Richard Levin, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that approximately 35% of FXA's retail
customer account balances are attributable to clients in Japan.
To facilitate the Japan Clients' ability to make deposits and
withdrawals to and from their foreign exchange trading account,
FXA determined that it was desirable to open a Japanese yen
denominated bank account.

However, Mr. Levin notes, since FXA was not domiciled in Japan,
FXCM formed a Japanese entity -- RefcoFX Japan K.K. -- to open
and maintain a Japanese yen denominated account at the Hong Kong
Shanghai Banking Corp.  The shares in Refco Japan are presently
held by FXCM.

While the Japan Clients entered into client agreements with FXA
rather than with Refco Japan, the Japan Clients' funds were
deposited into Refco Japan's HSBC Account.  Mr. Levin states
that the HSBC Account currently holds Japanese yen valued at
approximately US$32,000,000.

The Reorganized Debtors currently estimate that claims filed by
Japan Clients total approximately US$38,000,000.

                      Japanese Civil Actions

Forty-eight Japan Clients have commenced three separate civil
actions in Japan against Refco Japan, asserting claims for the
return of funds deposited by those clients and have obtained
provisional attachment orders against the funds in the HSBC
Account.  The attachment orders have restricted FXA's and Refco
Japan's ability to transfer the funds in the HSBC Account under
Japanese law.

In October 2006, FXA commenced an Adversary Proceeding in the
Court against FXCM, Refco Japan, HSBC, and the FXA Japan
Clients.  FXA also commenced legal actions in Japan seeking
declaratory judgment that the funds in the HSBC Account are
property of FXA's estate and for turnover of those funds.  In
the alternative, the Turnover Action seeks declaratory relief
that the shares in Refco Japan held by FXCM are property of the
FXA estate and for turnover of the shares.  Consequently, Refco
Japan has sought to dismiss the Turnover Action for lack of
personal jurisdiction.  

                           AIDMA Claim

AIDMA Co., Ltd., is one of the largest Japanese clients of FXA.
AIDMA's FXA foreign exchange account balances as of July 31,
2006, aggregate to JPY1,258,833,316, or about US$10,600,000,
subject to fluctuation with the dollar-yen exchange rate.

Although AIDMA is not currently a plaintiff in the Japanese
Civil Actions, it has asserted that its rights in the funds held
in the HSBC Account are superior to the claims of non-Japan
clients.

              FXA Settles With AIDMA & Refco Japan

The Agreement provides, among others, that:

   (a) AIDMA will be paid JPY723,829,157, or approximately
       US$6,100,000, which represents 57.5% of AIDMA's July 2006
       yen-denominated FX Account balance;

   (b) AIDMA will be reimbursed US$100,000 to cover its
       attorneys' fees; and

   (c) AIDMA will be entitled to receive an additional payment
       that would provide an equivalent aggregate percentage
       recovery if FXA, Refco Japan, and FXCM settle with a
       Japan Client on or before December 31, 2007, for a higher
       percentage recovery than 57.5% of AIDMA's FX Account
       balance.

The parties further agree that all payments will be made from
the HSBC Account in Japanese yen, and will be in full and final
settlement of any and all claims that AIDMA has against Refco
Japan, FXCM, or the Debtors or their estates.

Upon receipt of the settlement payment, AIDMA will withdraw any
proofs of claim it has filed in the Debtors' cases.

The Refco Administrator asserts that the AIDMA Settlement is
reasonable considering that:

     (i) the trust and tort claims raised by AIDMA and the other
         Japan Clients raise complex factual and legal issues of
         both U.S. and Japanese laws, including issues of cross-
         border enforcement of judgments, that present
         substantial litigation risks to both sides; and

    (ii) the resolution of the Japan Clients' claims is further
         complicated by the fact that:

          * FXA does not presently control Refco Japan;

          * there is no stay of actions against Refco Japan or
            the funds held in the HSBC Account; and

          * Refco Japan and the HSBC Account are located outside
            of the U.S. and are subject to the laws of Japan.

                          About Refco Inc.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 56; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


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

BANK OF AYUDHYA: Offers To Buy Ayudhya Auto Lease PCL Shares
------------------------------------------------------------
The Bank of Ayudhya Public Company Limited disclosed that it has
approved to make a tender offer to purchase securities of
Ayudhya Auto Lease Public Company Limited in order to delist
Ayudhya Auto Lease's ordinary shares and warrants from the Stock
Exchange of Thailand.

The notice states that the bank will take such action when all
conditions necessary and in connection with the offer have been
fulfilled.  The conditions include:

   1) The Bank of Thailand approves Bank of Ayudhya's offer to
      purchase or hold all shares in Ayudhya Auto Lease;

   2) Ayudhya Auto Lease shareholders' meeting will resolve to
      delist Ayudhya Auto Lease Securities from the SET by means
      of the Bank of Ayudhya's tender offer;

   3) The SET has approved to delist Ayudhya Auto Lease
      Securities from the SET.

The Bank of Thailand has approved on Feb. 9, 2007, Bank of
Ayudhya's offer to purchase or hold all of Ayudhya Auto Lease's
shares.

                  About The Bank of Ayudhya PCL

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that Fitch Ratings upgraded Bank of Ayudhya's:

    * Long-term foreign currency Issuer Default rating to BBB-
      from BB+;

    * Short-term foreign currency to F3 from B;

    * Foreign currency subordinated debt rating to BB+ from BB;
      and

    * Individual rating to C/D from D.

Fitch also affirmed the bank's Support ratings at 3.

At the same time, the TCR-AP said that Moody's Investors Service
upgraded the Bank of Ayudhya's bank financial strength rating to
"D-" from "E+".


DAIMLERCHRYSLER AG: Sells 7.5% EADS Stake to Consortium
-------------------------------------------------------
DaimlerChrysler AG reached an agreement with a consortium of
private and public-sector investors that would reduce its
shareholding in the European Aeronautics Defence and Space Co.
to 15% from 22.5% as planned, while maintaining the balance of
voting rights between Germany and French controlling
shareholders.

The company placed its entire 22.5% equity interest in EADS into
a new company, where the consortium of investors will acquire a
one-third interest through a special-purpose entity.  This
represents a 7.5% stake in EADS.

DaimlerChrysler will receive around EUR1.5 billion in return for
granting the indirect shareholding in EADS.  The transaction
will be executed in the first quarter of 2007.

As compensation for the indirect ownership of EADS shares, the
investors will receive a preference dividend on the 7.5%
indirect investment of 175% of the normal EADS dividend from
DaimlerChrysler.

                        Dividend Payouts

The consortium of 15 investors could make more than EUR100
million in dividend-related bonus from DaimlerChrysler, Ivar
Simensen writes for Financial Times in Frankfurt.  

According to FT, if dividend payouts remain at current levels,
the investors will get further EUR120 million in additional
income over the next four years.

The company has the option of dissolving the new structure on
July 1, 2010, at the earliest.  If the structure is dissolved,
DaimlerChrysler has the right to either provide the investors
with EADS shares or pay cash compensation.

If EADS shares are provided, the German state, and the French
state and Lagardere through Sogeade, will be entitled to preempt
such EADS shares to retain the balance between the German and
the French side.

DaimlerChrysler will continue to control the voting rights of
the entire 22.5% package of EADS shares.  The structure of this
transaction underscores DaimlerChrysler's links with EADS as one
of its industrial partners and its main German shareholder.

This agreement has been coordinated with the German Government
as well as with the French State and Lagardere through Sogeade;
SEPI, EADS's Spanish shareholder, has been consulted with.  The
DaimlerChrysler Supervisory Board has also approved the
transaction.

The investor consortium comprises 15 investors, 7 from the
private sector and 8 from the public sector.  The private-sector
investors will acquire 60% of the total investment volume, while
the public-sector investors will acquire 40%.

The private-sector investors are:

   -- Allianz;

   -- Commerzbank;

   -- Credit Suisse;

   -- Deutsche Bank and Goldman Sachs, which will each acquire
      10% of the shares in the special purpose company; and

   -- Morgan Stanley and Sal. Oppenheim, which will each acquire
      5% of the shares.

The public-sector investors are:

   -- KfW banking group with 13% of the special-purpose company;

   -- HGV Hamburger Gesellschaft fuer Vermoegens- und
      Beteiligungsverwaltung with 10%;

   -- Hannoversche Beteiligungsgesellschaft with 5%;

   -- Bayerische Landesbodenkreditanstalt;

   -- Anstalt der Bayerischen Landesbank with 3.5%;
   
   -- LfA Foerderbank Bayern with 1.5%;

   -- Landesbank Baden-Wuerttemberg and the Landes-kreditbank
      Baden Wuerttemberg - Foerderbank with 2.5% each; and

   -- Bremer Investitions-Gesellschaft with 2%.

Commerzbank, Deutsche Bank, Goldman Sachs and KfW have played
the role of lead investors, representing the entire group of
investors in the structuring of the transaction.

The first 7.5% reduction in DaimlerChrysler's shareholding in
EADS that was announced in April 2006, was completed, and
resulted in a cash inflow for DaimlerChrysler of around EUR2
billion.

The impacts of both transactions on DaimlerChrysler's net income
will be stated together with the disclosure of the results for
the first quarter of 2007.

                     About DaimlerChrysler

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

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

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

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

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


TMB BANK: Appoints New Board Director and Chairman
--------------------------------------------------
In a notice to the Stock Exchange of Thailand, TMB Bank
disclosed the appointment of Chulakorn Singhakowin -- the former
president of the Bank of Asia -- as the new director and
chairman of the Board of Executive Directors, taking effect on
Feb. 12, 2007.

The Troubled Company Reporter - Asia Pacific reported on  
Feb. 1, 2007, that TMB Bank was looking for a replacement for
Sommai Phasee, who resigned as director and chairman of the
bank's board to become deputy finance minister.  
                                                      
In the notice, TMB bank also submitted a complete list of its
Board of Directors as of Feb. 12, 2007:

    1. Somchainuk Enktrakul
    2. Gen. Sonthi Boonyaratglin
    3. Chulakorn Singhakowin
    4. Gen. Pang Malakul
    5. Bodi Chunnananda
    6. Amorn Asvanun
    7. Kampree Kaocharern
    8. Vudhibhandhu Vichairatana
    9. Chantra Purnariksha
   10. Christopher John King
   11. Rajan Raju Kankipati
   12. Jeanette Wong Kai Yuan
   13. Kraithip Krairiksh
   14. Subhak Siwaraksa         

                        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.




                            *********

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 ***