TCRAP_Public/070220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, February 20, 2007, Vol. 10, No. 36

                            Headlines

A U S T R A L I A

ACYZ LTD: Members Resolve to Close Business
ATTASON PTY: To Declare Dividend for Creditors
BIXTELL PTY: Will Declare Dividend on March 28
BOE SHOPFITTERS: Appoints Dougal McLay as Liquidator
BRISBANE ENTERPRISES: Creditors Must Prove Debts by March 6

COLEMATT PTY: Members and Creditors to Meet on March 16
ENESCO GROUP: Court Approves Shaw Gussis as Bankruptcy Counsel
ENESCO GROUP: Completes Asset Sale to Tinicum Capital Partners
GLASS DECOR: Members and Creditors to Meet on March 15
ION LIMITED: Administrators Sure Shareholders Can Be Creditors

JANOPE PTY: Members and Creditors to Meet on March 16
JENSCAN FORMWORK: Will Declare Dividend on March 30
LYMAUL PTY: Members to Receive Wind-Up Report on March 15
MULTILINE SUPERANNUATION: Creditors Must Prove Debts by March 7
NOMEL PTY: Undergoes Wind-Up Proceedings

ORIDIN PTY: Members and Creditors to Receive Liquidator's Report
PEOPLE TELECOM: Acquires Smartedge Equipment for AU$500,000
PRIMELIFE CORPORATION: Acquires Lexington Gardens
RIHGA INTERNATIONAL: Members Opt to Shut Down Firm

RICORAN INVESTMENTS: Members' Meeting Slated for March 23
STEM CELL: Losses Rise to EUR4.5 Million in 2006


C H I N A   &   H O N G  K O N G

CHINA FISHERY: Moody's Keeps B1 Ratings; Outlook Stable
CHINA MERCHANTS: Gets Approval to Open Jinhua Branch
FAIRYLAND ENTERPRISES: Names Chan Ming Sum Chris as Liquidator
GREENTOWN CHINA: Sets Up New Unit with Hangzhou Jiajing
HDH ADVISORS: Undergoes Wind-Up Proceedings

MISSION OF MERCY: Members to Meet on March 30
MOUNT CITY: Appoints Ng Hon Wai as Liquidator
NEW MILLENNIUM: Creditors Must Prove Debts by March 16
PACE INTERNATIONAL: Members' Final Meeting Set for March 23
PANVA GAS: Moody's Continues Review on Ba2 Ratings for Upgrade

SHANGHAI PUDONG: Confirms JV with AXA and Shanghai Dragon
SHIMAO PROPERTY: Sees More Growth as Regulations Stifle Rivals
SHIMAO PROPERTY: Property Sales Fuel 11-Fold Increase
SHIMAO PROPERTY: Acquires Land Property in Zhejiang for CNY816MM
TONG REN: Shareholders Decide to Liquidate Business

YIP FAT: Shareholders Opt to Liquidate Business
YONG CHANG: Placed Under Members' Voluntary Liquidation
ZTE CORP: Wireless Products Hits Record Sales in January 2006


I N D I A

GENERAL MOTORS: Provides Update on Accounting Issues
INDUSTRIAL DEV'T. BANK: To Raise INR15 Bil. by Tier II Bonds
JIK INDUSTRIES: Board Okays Capital Increase and Shares Issue
STATE BANK OF INDIA: INR10BB Tier II Bonds Gets CRISIL's 'AAA'
SYNDICATE BANK: CARE Reaffirms 'AA+' Rating on INR700-Cr. Bonds


I N D O N E S I A

ALCATEL-LUCENT: Wins Contract for GSM Lines with ITI
BANK INDONESIA: Sees Room for Rate Cut in March
FOSTER WHEELER: Wins Contract for New Petrochemicals Complex
HILTON HOTELS: Set to Manage the Hilton Aqaba
HUNTSMAN CORP: Posts US$80.2MM Fourth Quarter 2006 Net Income

HUNTSMAN CORP: Selling U.S. Commodities Business to Flint Hills
MERPATI NUSANTARA: To Lease 15 Chinese MA-60 Aircraft
TELKOM INDONESIA: Facilities in Semanggi-II Have Been Restored


J A P A N

AMR CORP: Likely Buyout Target of Goldman Sachs & Brit Airways
DELPHI CORP: Posts US$1.97-Bil. Net Loss in 3Q Ended Sept. 30
EDDIE BAUER: S&P Says Ratings Remain on Negative CreditWatch
KOBE STEEL: JCR Assigns A+ Ratings to Bond Nos. 44 and 45
NORTHWEST AIRLINES: Files Disclosure Statement in New York

NORTHWEST AIRLINES: Disclosure Statement Hearing Set For Mar. 26
NORTHWEST AIRLINES: Posts US$2.8-Bil. Net Loss in Full Year 2006
NORTHWEST AIRLINES: Wants Court Approval on Mesaba Purchase
OKI ELECTRIC: Moody's Changes Ba2 Rating Outlook To Negative
SAPPORO HOLDINGS: To Block Steel Partners Takeover, Reports Say

SAPPORO HOLDINGS: 2006 Profit Drops 36% to JPY2.33 Billion


K O R E A

HANAROTELECOM: 2006 Net Loss Falls 58.8% On One-Time Expenses
KOREA EXCHANGE BANK: NACF to Bid for Bank
KOOKMIN BANK: Court Orders Payment to Clients for e-mail Blunder
LG CARD: Earns KRW1.19 Trillion in 2006, Down 12.4% Year-on-Year
LG CARD: Shareholder Sells US$249 Million Worth of Shares


M A L A Y S I A

CYGAL BERHAD: Close of Proposed Acquisitions Extended to June 30
CYGAL BHD: Creditors OK Plan Implementation Extension to June 30
DCEIL INTERNATIONAL: Court Orders Unit's Wind-Up
FA PENINSULAR: Unveils Proposals Under Regularization Plan
GEORGE TOWN: Unable to Submit Third Quarter Results


N E W   Z E A L A N D

BLUES CONTRACTING: Court to Hear CIR's Liquidation Petition
DENCO AIR: Creditors to Prove Debts by March 16
DIMENSION BUILDERS: Court Orders Liquidation
EPS SERVICES: Court Sets Liquidation Hearing on March 1
GENTRY RESIDENTIAL: Liquidation Hearing Slated for Feb. 26

GLOVER LAND: Shareholders Opt to Liquidate Business
KRAMILA KRUTCHING: Court Issues Liquidation Order
PROVINCIAL FINANCE: Receivers Sue Car Dealers for NZ17.6 Million
SONNFORD SOLUTIONS: Court to Hear Liquidation Petition
TORINO HOLDINGS: Liquidation Hearing Slated for February 26

TPC GROUP: Commences Liquidation Proceedings


P H I L I P P I N E S

ATLAS CONSOLIDATED: Eyes Offering Additional Shares
ATLAS CONSOLIDATED: Unit to Take On PHP3.4-Billion Water Project
EAST ASIA POWER: Files Claim & Comment to Unit's Rehab Plan
MAYNILAD WATER: Stockholders Name Seven New Directors


S I N G A P O R E

AVAGO TECH: Court Denies Elan's Motion to Dismiss Lawsuit
CATHAY DECORATION: Court to Hear Wind-Up Petition on March 2
COMPACT METAL: Reorganizes Composition of Committees
COMPACT METAL: Posts Shareholders Change of Interests
DIGILAND INTERNATIONAL: Director Increases Direct Holdings

FRESCO ADVISORS: Creditors' Proofs of Debt Due on March 16
GUL TECHNOLOGIES: Posts US$0.2 Million Net Profit in FY 2006
HERCULES SHIPPING: Court Releases Wind-Up Order
INTERSHOP COMMUNICATIONS: Posts EUR2.4 MM Net Loss in 4th Q. '06
ODYSSEY RE: 4.375% Notes Still Convertible Until May 13

PAXAR CORP: Posts US$9.05-Mil. Net Income in 4th Qtr. 2006
VALEANT PHARMACEUTICALS: Acquires Commerical Rights to Nabilone


T H A I L A N D

DAIMLERCHRYSLER: Chrysler Group In Talks with General Motors
KASIKORNBANK PCL: Sells 26,627,126 Shares in Manager Media
KRUNG THAI BANK: To Increase Shareholding in Krungthai Panich


* BOND PRICING: For the Week 12 February to 16 February 2007

     - - - - - - - -

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

ACYZ LTD: Members Resolve to Close Business
-------------------------------------------
At an extraordinary general meeting held on Jan. 31, 2007, the
members of ACYZ Ltd resolved to close the company's business.

Accordingly, Brian McMaster and Oren Zohar were appointed as
liquidators.

The Liquidators can be reached at:

         Brian McMaster
         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia
         Australia

                          About ACYZ Ltd

ACYZ Ltd is an investor relation company.

The company is located in Western Australia, Australia.


ATTASON PTY: To Declare Dividend for Creditors
----------------------------------------------
Attason Pty Ltd will declare a first and final dividend to its
creditors on March 29, 2007.

Accordingly, creditors are required to prove their debts by
Feb. 25, 2007, to be included in the distribution of dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Jan. 9, 2007.

The Liquidators can be reached at:

         I. A. Currie
         P. G. Biazos
         c/o Currie Biazos Insolvency Accountants
         Level 5, 99 Creek Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3220 0994
         Web site: http://www.cbia.com.au

                       About Attason Pty

Attason Pty Ltd is an investor relation company.

The company is located in Queensland, Australia.


BIXTELL PTY: Will Declare Dividend on March 28
----------------------------------------------
Bixtell Pty Ltd, which is subject to deed of company
arrangement, will declare a dividend on March 28, 2007.

Accordingly, creditors are required to submit their proofs of
debt by March 6, 2007, to be included in the distribution.

The deed administrator can be reached at:

         Robert Hutson
         KordaMentha (Queensland)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999

                        About Bixtell Pty

Bixtell Pty Ltd provides reduction & recycling services of waste
disposal.

The company is located in Queensland, Australia.


BOE SHOPFITTERS: Appoints Dougal McLay as Liquidator
----------------------------------------------------
On Jan. 31, 2007, the members of Boe Shopfitters Design & Build
Pty held a general meeting and resolved to close the company's
business.

In this regard, Dougal McLay was appointed as liquidator.

The Liquidator can be reached at:

         Dougal McLay
         Summerscorporate
         Level 5, Next Building
         16 Milligan Street
         Perth Western Australia 6000
         Australia

                     About Boe Shopfitters

Boe Shopfitters Design & Build Pty Ltd is involved with
carpentry work.

The company is located in Western, Australia.


BRISBANE ENTERPRISES: Creditors Must Prove Debts by March 6
-----------------------------------------------------------
Brisbane Enterprises Pty Ltd, which is subject to a deed of
company arrangement, will declare a dividend on March 28, 2007.

Accordingly, creditors must prove their debts by March 6, 2007,
to be included in the distribution of dividend.

The deed administrator can be reached at:

         Robert Hutson
         KordaMentha (Queensland)
         22 Market Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999

                   About Brisbane Enterprises

Brisbane Enterprises Pty Ltd provides engineering services.

The company is located in Queensland, Australia.


COLEMATT PTY: Members and Creditors to Meet on March 16
-------------------------------------------------------
The members and creditors of Colematt Pty Limited -- trading as
Megalans Bakery -- will hold a final meeting on March 16, 2007,
at 11:00 a.m., to receive the liquidator's accounts of the
company's wind-up proceedings and property disposal exercises.

The liquidator can be reached at:

         Robert Moodie
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


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

Shaw Gussis will:

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

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

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

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

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

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

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

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

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

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

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

Mr. Fishman can be reached at:

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

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

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

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


ENESCO GROUP: Completes Asset Sale to Tinicum Capital Partners
--------------------------------------------------------------
EGI Acquisition, LLC, an affiliate of Tinicum Capital Partners
II, L.P., a private investment partnership, completed the
purchase of substantially all of the assets of Enesco Group,
Inc. and the assumption of certain of Enesco's unsecured
liabilities.

The United States Bankruptcy Court for the Northern District of
Illinois approved the transaction.

As reported in the Troubled Company Reporter on Jan. 24, 2007,
the purchase price for Enesco's business, operations and assets
included Enesco LLC's forgiveness of all amounts due under
Enesco's senior secured debtor-in-possession financing facility
and certain other obligations owed to Tinicum and its
affiliates, the assumption of certain of Enesco's liabilities,
and the establishment of a $700,000 wind-down fund for Enesco's
use in its Chapter 11 bankruptcy case.

"This day marks the beginning of a new day and a new area for
Enesco," Basil Elliott, President and CEO of Enesco LLC,
commented.  "On behalf of all our employees around the globe, we
are very excited to begin a new chapter in our history, one that
focuses on growing our business and our brands profitably, while
providing our retail customers the quality service they demand.
We are confident that with our new partnership with Tinicum and
with our dedicated employees, we are poised for growth and will
once again become the leader within the giftware industry."

"We are very pleased that we have completed this transaction,"
Terence M. O'Toole, co-managing partner of Tinicum added.  "We
share Enesco's vision of growth and look forward to working with
the management team to unlock the full potential of this
business.  We are excited to realize the vision that Tinicum and
Enesco have for both the future of the business and the gift
industry.  We are confident that together we will create a
higher standard for best-quality products, design excellence and
superior customer service."

Enesco intends to file a plan of liquidation with the Court in
the near future, which will provide for the payment of Enesco's
bankruptcy-related expenses, the distribution of any residual
funds to remaining creditors and dissolution of the former
entity.  Enesco does not anticipate that there will be any
distribution to its shareholders.

A full-text copy of the Asset Purchase Agreement is available
for free at http://ResearchArchives.com/t/s?19ed

                       About Enesco Group

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

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

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


GLASS DECOR: Members and Creditors to Meet on March 15
------------------------------------------------------
The members and creditors of Glass Decor (South Australia) Pty
Ltd will meet on March 15, 2007, at 11:00 a.m.

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

The liquidator can be reached at:

         Robert Colin Parker
         Freer Parker & Associates
         40 Sturt Street
         Adelaide South Australia 5000
         Australia
         Telephone:(08) 8211 7177
         Facsimile:(08) 8212 4677
         e-mail: freerparker@freerparker.com.au

                        About Glass Decor

Glass Decor (South Australia) Pty Ltd is a glass contractor.

The company is located in South Australia, Australia.


ION LIMITED: Administrators Sure Shareholders Can Be Creditors
--------------------------------------------------------------
On Jan. 31, 2007, the High Court handed down its decision on an
appeal from a decision of the Full Court of the Federal Court
brought by the Deed Administrators of Sons of Gwalia and by ING.

In the case pertaining to Sons of Gwalia, the High Court held
that a shareholder who has a claim against a company for
misleading or deceptive conduct or breach of continuous
disclosure obligations can prove that claim in the
administration or liquidation of the company, and will rank
equally with unsecured creditors in respect of that claim.

The outcome of the Sons of Gwalia decision will now enable the
Deed Administrators of ION Limited to proceed to determine the
proofs of debt that have been lodged by ION shareholders under
the ION Group Deeds of Company Arrangement in response to the
Deed Administrators' Notice Inviting Formal Proof of Debt or
Claim on June 28, 2005.

The outcome of the Sons of Gwalia decision now gives the Deed
Administrators certainty that shareholders can be creditors
under the ION Group DOCAs.

As of Jan. 31, 2007, the Deed Administrators have received in
excess of 3,000 proofs of debt lodged by ION shareholders
alleging that various conduct of ION was misleading or deceptive
conduct or in breach of continuous disclosure obligations.  The
nature and particulars of those allegations differ between
shareholder claimants.

The Deed Administrators advise that shareholder claims must be
determined according to law and having regard to the interests
of all persons properly entitled to participate in distributions
from the Fund established under the ION Group DOCAs.  The
adjudication of shareholder claims will now occur in the most
expeditious manner, consistent with those principles.

The Deed Administrators assure that they will carefully consider
shareholders' suggestions as to how to expedite the process of
determining their proofs of claims, and will respond to them
shortly.

As a general principle, the Deed Administrators anticipate that,
as part of the process of determining all shareholder claims, it
will be expedient for them to seek assistance from the Court in
relation to certain of those claims.  It will be appropriate, in
that regard, to involve relevant shareholders, and possibly
other non-shareholder creditors, in any such applications that
need to be made.

The Deed Administrators, with the assistance of their advisors,
will now settle the formulation of the precise terms of the
assistance that they require from the Court and will ensure that
all creditors are informed as soon as possible of the course
that they propose to adopt.

According to the Deed Administrators, many shareholders' proofs
of debt lodged are either:

   (a) defective in some way, or
   (b) lack appropriate particulars

Thus, to enable the Deed Administrators to make a proper
determination of those proofs, shareholders can expect to be
given a reasonable opportunity to address those matters once
they receive correspondence from the Deed Administrators.

The Deed Administrators note that the determination of the
proofs of debt according to law will take some time to complete.

                            About ION

ION Limited -- http://www.ionlimited.com/-- is a manufacturer
of automotive components and also has an energy services
business.  It employs around 3,000 people at sites in Australia,
New Zealand, and the United States of America and has annual
revenues of approximately AU$700 million.

ION manufactures wheels and alloy components, transmission
assemblies, cylinder heads, oil pans and other automotive
products.  Its energy services business distributes oil and gas
to retail and commercial outlets, undertakes aviation refuelling
and manages terminal operations.

On December 7, 2004, ION Limited was placed in voluntary
administration.  Trading in its shares has been suspended and
Colin Nicol and Peter Anderson of the independent restructuring
and corporate advisory firm, McGrath Nicol + Partners, have been
appointed as joint and several administrators to the group.

The TCR-AP stated on August 8, 2006, that the company has been
placed in administration by its board of directors primarily as
a result of cost overruns and delays associated with three major
capital projects, which have absorbed cash.

McGrath Nicol Partner Colin Nicol said that they will work
towards selling ION's businesses -- where possible as going
concerns -- recapitalizing parts of the group.  The
Administrators expected the existence of sufficient assets
within the group to ensure that employee entitlements were
secure.

A report to creditors dated April 15, 2005, disclosed that
administrators have been appointed to ION and each of its 22
Australian subsidiaries:

   1) Castalloy Limited,
   2) Castalloy Manufacturing Pty Ltd,
   3) Castalloy Wheels Pty Ltd,
   4) Core Cast Limited,
   5) ION Automotive Group Limited,
   6) ION Automotive Systems Pty Ltd,
   7) ION Light Metal Castings Pty Ltd,
   8) ION Transmissions Pty Ltd,
   9) XCTA Pty Ltd (formerly Cootes Transport Pty Ltd),
  10) XCTS Pty Ltd (formerly Cootes Tanker Service Pty Ltd),
  11) XIRC Pty Ltd (formerly I.R. Cootes Pty Ltd),
  12) XLC Pty Ltd (formerly Liquip Corp Pty Limited),
  13) XLO Pty Ltd (formerly Liquip Overseas Pty Ltd),
  14) XLS Pty Ltd (formerly Liquip Sales Pty Ltd),
  15) XLSE Pty Ltd (formerly Liquip Service Pty Ltd),
  16) XLSV Pty Ltd (formerly Liquip Sales (Vict.) Pty Ltd),
  17) XST Pty Ltd (formerly Stevenson Transport Pty Ltd),
  18) ION Finance Ltd,
  19) ION Holdings Pty Ltd,
  20) ION Investments Pty Ltd,
  21) Thomson & Scougall Industries Pty Ltd, and
  22) XCHO Pty Ltd (formerly Cootes Holdings Pty Ltd)

On May 30, 2005, the Administrators informed creditors that ION
and 17 of its subsidiaries executed deeds of company arrangement
on May 27, 2005:

   1) ION Automotive Group Limited,
   2) ION Light Metal Castings Pty Ltd,
   3) Core Cast Limited,
   4) Castalloy Limited,
   5) Castalloy Wheels Pty Ltd,
   6) Castalloy Manufacturing Pty Ltd,
   7) ION Automotive Systems Pty Ltd,
   8) ION Transmissions Pty Ltd,
   9) XCTA Pty Ltd,
  10) XCTS Pty Ltd,
  11) XIRC Pty Ltd,
  12) XST Pty Ltd,
  13) XLSV Pty Ltd,
  14) XLS Pty Ltd,
  15) XLSE Pty Ltd,
  16) XLC Pty Ltd, and
  17) XLO Pty Ltd


JANOPE PTY: Members and Creditors to Meet on March 16
-----------------------------------------------------
The members and creditors of Janope Pty Limited will meet on
March 16, 2007, at 12:30 p.m., to receive the liquidator's
accounts of the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
company commenced liquidation proceedings on Sept. 27, 2006.

The liquidator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


JENSCAN FORMWORK: Will Declare Dividend on March 30
---------------------------------------------------
Jenscan Formwork Pty Limited will declare a first and final
dividend on March 30, 2007.

Accordingly, creditors are asked to prove their debts by
March 6, 2007, to be included in the distribution of dividend.

The liquidator can be reached at:

         I. J. Purchas
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


LYMAUL PTY: Members to Receive Wind-Up Report on March 15
---------------------------------------------------------
The members of Lymaul Pty Limited will hold a final meeting on
March 15, 2007, at 9:00 a.m., to receive the liquidator's
accounts of the company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on July 11, 2006.

The liquidator can be reached at:

         Peter Robson
         12 Beta Road
         Lane Cove, New South Wales 2066
         Australia


MULTILINE SUPERANNUATION: Creditors Must Prove Debts by March 7
---------------------------------------------------------------
Multiline Superannuation Management Pty Ltd will declare a first
and final dividend on April 4, 2007.

Accordingly, creditors are asked to prove their debts by
March 7, 2007, to be included in the company's distribution of
dividend.

The liquidator can be reached at:

         G. L. Starkey
         c/o P. A. Lucas & Co
         Chartered Accountants
         Level 8, ING Building
         100 Edward Street
         Brisbane, Queensland 4000
         Australia

                 About Multiline Superannuation

Multiline Superannuation Management Pty Ltd provides services
for insurance agents and brokers.

The company is located in Queensland, Australia.


NOMEL PTY: Undergoes Wind-Up Proceedings
----------------------------------------
Nomel Pty Ltd went into liquidation on Feb. 6, 2007.

In this regard, Damien John Clarke was appointed as liquidator.

The Liquidator can be reached at:

         Damien John Clarke
         McCullough Robertson
         Level 11, Central Plaza Two
         66 Eagle Street
         Brisbane, Queensland 4000
         Australia

                        About Nomel Pty

Nomel Pty Ltd is an investor relation company.

The company is located in Queensland, Australia.


ORIDIN PTY: Members and Creditors to Receive Liquidator's Report
----------------------------------------------------------------
The members and creditors of Oridin Pty Limited will meet on
March 14, 2007, at 10:30 a.m.

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

   -- receive the liquidator's account regarding the company's
      wind-up;

   -- destroy the company's books & records; and

   -- discuss other business

The Troubled Company Reporter - Asia Pacific reported that the
company went into liquidation on June 30, 2005, due to its
inability to pay its debts.

The liquidator can be reached at:

         Robert Moodie
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


PEOPLE TELECOM: Acquires Smartedge Equipment for AU$500,000
-----------------------------------------------------------
People Telecom has reached an agreement with Ericsson's Redback
Networks to acquire Smartedge Internet aggregation equipment
that will:

   (a) add to the quality of service for People Telecom's
       existing broadband customers; and

   (b) enhance the scaleability of the network to meet new
       demand.

The decision to utilize Redback Networks followed an extensive
evaluation process involving live testing on test equipment
supplied by the vendor.

The deal was worth around AU$500,000 in total, ZDNet Australia
cites a spokesperson for the company, as saying.

People Telecom CEO John Stanton said the new Ethernet-based
equipment was needed because of the ongoing success of the
company's broadband business.

"In particular, strong sales of People Telecom's new 8Mbps high-
speed broadband services mean that we need to keep expanding our
network to ensure continued high quality service for both
consumer and business grade data services," Mr. Stanton said.

"The Smartedge technology will be integrated into our network as
a priority and a new suite of business and consumer grade
services will be launched," Mr. Stanton added.

"This latest upgrade will increase the efficiency of People
Telecom's network operations, further improve our operating
margins for broadband services and position People Telecom
for even stronger growth in the broadband sector."

ZDNet explains that SmartEdge is a class of routers that
aggregates and manages broadband subscribers over different
network infrastructures like ATM and Ethernet.  The machines are
deployed at the edge of telcos' networks, linking customers back
to much larger core network links, ZDNet adds.

                      About People Telecom

Headquartered in North Sydney Australia, and listed with the
Australian Stock Exchanges and the New Zealand Exchange Ltd.,
People Telecom Ltd.-- http://www.peopletelecom.com.au/--
formerly Swiftel Ltd, is engaged in the provision of
telecommunication services to the Australian corporate and
public markets.  The Company offers a range of products to homes
and businesses, including broadband Internet access, fixed wire
phone services, mobile phone services and corporate data
products.  The Company's wholly owned subsidiaries include
Swiftel Communications Pty Ltd, Swift Broadband Pty Ltd, People
Telecommunications Pty Limited, People Mobile Pty Ltd and PTS
Australia Pty Ltd.

                      Going Concern Doubt

The directors said in the company's annual report that the
company and the consolidated entity have made a loss from
ordinary activities of AU$22,103,061 and AU$21,609,667,
respectively, for the year ended June 30, 2006 (2005:
AU$2,746,931 and AU$596,412 respectively).  Excluding the asset
impairment loss of AU$21,241,233, the company and the
consolidated entity made a loss of AU$861,828 and AU$368,434
respectively for the year ended June 30, 2006.  These factors
cast fundamental uncertainty on the company's ability to
continue as a going concern.


PRIMELIFE CORPORATION: Acquires Lexington Gardens
-------------------------------------------------
On Feb. 14, 2007, Primelife Corporation Limited disclosed that
it will acquire the Lexington Gardens retirement village and
aged care facility that it operates, as a result of the Federal
Court's orders for the final winding up of the managed
investment schemes relating to the facility.

The managers of the investment schemes formed to invest in
Lexington Gardens have agreed to terminate the agreements
relating to its original sale, development and management for a
total consideration of AU$17.25 million.  It is expected that
settlement will occur by March 14, 2007.

Primelife Managing Director John Martin, said that "Lexington
Gardens is one of Primelife's largest integrated retirement and
aged care facilities comprising 293 independent living units
coupled with a 60 low care bed hostel located in Springvale.
Primelife intends to develop an additional 220 independent
living units on the site making it one of the largest retirement
villages in Australia."

"The acquisition is a valuable addition to Primelife's growing
portfolio of owned and operated retirement villages and aged
care facilities and has the potential for significant future
development and earnings growth," Mr. Martin said.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au/-- develops and manages properties
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

The ASIC alleged that the schemes are not registered, as
required under the Corporations Act.  ASIC brought the Federal
Court proceedings against Primelife and a number of other
defendants including parties who, ASIC alleges, have been
involved in promoting and managing the schemes to a large number
of investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on Feb. 9, 2007, showed that Primelife Corporation's
bond, with a coupon of 10.000% and maturity date of Jan. 31,
2008, trades at 1.03 cents on the dollar.


RIHGA INTERNATIONAL: Members Opt to Shut Down Firm
--------------------------------------------------
The members of Rihga International Australia Pty Ltd met on
Feb. 1, 2007, and decided to shut down the company's operations.

Accordingly, Gerard John Mier was appointed as liquidator.

The Liquidator can be reached at:

         Gerard John Mier
         c/o KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street
         Cairns, Queensland 4870
         Australia

                    About Rihga International

Rihga International Australia Pty Ltd operates hotels and
motels.

The company is located in Queensland, Australia.


RICORAN INVESTMENTS: Members' Meeting Slated for March 23
---------------------------------------------------------
The members of Ricoran Investments Pty Limited will meet on
March 23, 2007, at 10:00 a.m., to hear the report of Liquidator
Anthony W. Elkerton, regarding the company's wind-up proceedings
and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Sept. 5, 2005.

The liquidator can be reached at:

         Anthony W. Elkerton
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


STEM CELL: Losses Rise to EUR4.5 Million in 2006
------------------------------------------------
Stem Cell Sciences plc released its financial results for the
year ended Dec. 31, 2006.

Stem Cell Sciences plc posted EUR4.47 million in net loss on
EUR1.11 million in net sales for the full year 2006, compared
with EUR3.57 million in net loss on EUR1.27 million in net sales
for the same period in 2005.

As of Dec. 31, 2006, Stem Cell Sciences plc had EUR6.07 million
in total assets, EUR1.88 million in total liabilities and EUR4.2
million in shareholders' equity.

"The company made significant progress in pursuing its strategy,
particularly strengthening the infrastructure and business
development," said Peter Mountford, president and chief
executive officer of Stem Cell Sciences.  "Importantly, with
these solid foundations, and the successful in-licensing of
several new products, SCS expects to see revenue growth in the
coming year.  The Board continues to be optimistic on the
opportunities available to SCS and looks forward to an exciting
2007."

                  About Stem Cell Sciences plc

London-based Stem Cell Sciences plc --
http://www.stemcellsciences.com/-- is a global biotechnology
company, established in 1994 in Melbourne, Australia, providing
products in stem cell research and drug discovery markets, in
addition to the targeted development of cell-based therapies for
neurodegenerative disease and injury.

The company has established an intellectual property and
technology portfolio that enables the commercial application of
stem cells in drug discovery, providing the company with early-
stage revenue streams and technology development for at scale
cell production of SCS cell-based therapeutics.  The company's
principal focus is in neurological disease.  Revenues in the
neurotech market, including pharmaceuticals, devices, and
diagnostics, grew 10% in 2005 to US$110 billion.

SCS operates as a group of independent operations with
laboratories in Scotland, Japan, and Australia, each of which is
affiliated with an academic center of excellence.  These include
the Institute of Stem Cell Research, Edinburgh, UK, RIKEN Center
for Development Biology, Kobe, Japan, and the Australian Stem
Cell Center, Melbourne, Australia.

The company reported three consecutive annual net losses of
EUR4.47 million in 2006, EUR3.57 million in 2005, and EUR2.19
million in 2004.


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

CHINA FISHERY: Moody's Keeps B1 Ratings; Outlook Stable
-------------------------------------------------------
Moody's Investors Service on Feb. 16, 2007, affirmed its B1
rating for CFG Investment SAC's senior unsecured notes, which
are unconditionally and irrevocably guaranteed by China Fishery
Group Ltd, following the issuance's completion.

At the same time, Moody's has affirmed CFG's B1 corporate family
rating.  Moody's has also removed both ratings from their
provisional status.  The ratings outlook is stable.

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers.  Its catches are processed onboard and
frozen, packed and delivered to market.  It recently acquired
Alexandra SAC, which operates in Peru's fishing and fishmeal
processing markets.


CHINA MERCHANTS: Gets Approval to Open Jinhua Branch
----------------------------------------------------
China Merchants Bank has been given the approval by the Zhejiang
Bureau of China Banking Regulatory Commission to open and
commence the operations of its Jinhua Branch.

The branch will be opened after the completion of relevant
procedures in accordance with the requirements, the bank said in
a disclosure to the Hong Kong Stock Exchange.

China Merchants has also obtained approval from the CBRC to set
up a branch in Hohhot.  The bank will apply with the Inner
Mongolia Bureau of China Banking Regulatory Commission for the
opening of the branch.

                          *     *     *

China Merchants Bank -- http://www.cmbchina.com/-- is the
second-largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has upgraded its Individual rating
on China Merchants Bank to 'D' from 'D/E'.  At the same time,
the bank's Support rating was affirmed at '3'.

Fitch Ratings affirmed on September 5, 2006, China Merchants
Bank's Individual D and Support 3 ratings.

Fitch on August 3, 2006, upgraded its Individual rating on China
Merchants Bank (CMB) to 'D' from 'D/E'. At the same time, CMB's
Support rating was affirmed at '3'.


FAIRYLAND ENTERPRISES: Names Chan Ming Sum Chris as Liquidator
--------------------------------------------------------------
Chan Ming Sum Chris was appointed as the liquidator of Fairyland
Enterprises Co. Limited on Feb. 6, 2007.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on the same day.


GREENTOWN CHINA: Sets Up New Unit with Hangzhou Jiajing
-------------------------------------------------------
On Feb. 15, 2007, Greentown China Holdings Ltd incorporated
Wenzhou Greentown, a limited liability with a registered capital
of CNY388 million.

Wenzhou Greentown's shareholders are:

   (a) two wholly owned subsidiaries of Greentown China:

       * Greentown Real Estate, which holds equity interest of
         5%;

       * Best Smart with 55%; and

   (b) Hangzhou Jiajing Real Estate Dev. Co. Ltd, an independent
       company, holds the remaining 40%

Wenzhou Greentown's shareholders contributed in the share
capital by cash according to their respective shareholding
percentage.  Specifically:

   * Greentown Real Estate contributed CNY19.4 million; while

   * Best Smart gave CNY213.4 million

Wenzhou Greentown will carry out the development for a real
estate project in Wenzhou city, Zhejiang province.

                          *     *     *

Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and
Zhejiang province.  It currently has a land bank in seventeen
cities in China with an attributable gross floor area of nine
million square meters.  Greentown was listed on the Hong Kong
Stock Exchange in July 2006.

The company currently carries a Ba2/stable rating from Moody's.

On October 26, 2006, Standard & Poor's Ratings Services said
that it had assigned its 'BB' long-term corporate credit rating
to Greentown China Holdings Ltd.  The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes.  The issue is due 2013 and redeemable after 2010.  The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.


HDH ADVISORS: Undergoes Wind-Up Proceedings
-------------------------------------------
The members of HDH Advisors (Hong Kong) Limited met on Feb. 16,
2007, and agreed to wind up the company's operations.

Accordingly, creditors are required to file their proofs of debt
by March 10, 2007, to be included in any distribution the
company will make.

The liquidators can be reached at:

         Huy Dho Hoang
         Charle Ong Peza
         c/o Tricor Services Limited
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MISSION OF MERCY: Members to Meet on March 30
---------------------------------------------
The members of Mission of Mercy Foundation will hold their final
meeting on March 30, 2007, at 10:00 a.m., to hear the
liquidator's report on the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific reported that the
company commenced wind-up proceedings on October 2, 2006.

The liquidator can be reached at:

         Pong Yuen Sun Louis
         6th Floor
         United Chinese Bank Building
         31-37 Des Voeux Road Central
         Hong Kong


MOUNT CITY: Appoints Ng Hon Wai as Liquidator
---------------------------------------------
On Feb. 5, 2007, Ng Hon Wai, Derek was appointed as liquidator
of Mount City Property Limited.

The Liquidator can be reached at:

         Ng Hon Wai, Derek
         Room 1803, Sunbeam Commercial Building
         Nathan Road, Kowloon
         Hong Kong


NEW MILLENNIUM: Creditors Must Prove Debts by March 16
------------------------------------------------------
New Millennium Foundation, which is in members' voluntary
wind-up, requires its creditors to submit their proofs of debt
by March 16, 2007, to be included in the company's distribution
of dividend.

The liquidator can be reached at:

         Chan Lap Tat Dickman
         Shop 1, Ground Floor
         Nam Shing Court
         21 Nam Shing Street
         Tai Po, New Territories
         Hong Kong


PACE INTERNATIONAL: Members' Final Meeting Set for March 23
-----------------------------------------------------------
The members of Pace International Limited will meet on March 23,
2007, at 10:00 a.m., at Rooms 2305-8, 23/F., Hang Seng North
Point Building in 341 King's Road, Hong Kong.

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


PANVA GAS: Moody's Continues Review on Ba2 Ratings for Upgrade
--------------------------------------------------------------
On Feb. 16, 2007, Moody's Investors Service said that it will
continue its review for possible upgrade of Panva Gas Holdings'
Ba2 corporate family rating and Ba2 senior unsecured bond
rating.

The decision follows an announcement that Panva's shareholders
had approved all the acquisition transaction and a waiver
dispensing with the need for The Hong Kong and China Gas Company
Ltd (Towngas) to make a mandatory general offer for all Panva's
securities.

Accordingly, upon completion of the current transaction between
the two companies, Towngas will become Panva's major shareholder
with 44% ownership.  Moreover, upon the official closing, likely
by early March, Moody's expects to upgrade Panva's ratings to
Ba1 with a positive outlook.

"The upgrade will be prompted by Moody's assessment of the
likelihood of the strong financial and operational support Panva
will receive from Towngas as its largest shareholder," says Ken
Chan, Moody's lead analyst for Panva.

"Going forward, it is also likely that Panva will become
increasingly integrated into the Towngas group, as evidenced by
various management and board appointments which have already
taken place," says Chan.

"Moody's had previously expressed concerns about the
effectiveness of Panva's risk management practices, " says Chan.
"However, because Towngas now holds effective management
control, Moody's expects a strengthening in corporate governance
standards and risk control practices."

Upon completion, Alfred Chan, Towngas Managing Director, will
become Panva Chairman, and Peter Wong, Towngas China Head, will
become Panva Managing Director.  Moreover, Towngas will appoint
4 of 10 board of directors.

The financial impact of the deal on Panva will be minimal as
only 3 of the 10 Towngas projects it will purchase as part of
the transaction will be consolidated.  Furthermore, they are
small in scale, when compared to Panva's existing portfolio, and
will show limited contributions to revenue and cash flow in the
near term.  Nevertheless, Moody's expects improvements in its
capital structure, as the acquisition is majority equity funded.

The outlook for the ratings is positive, reflecting Moody's
expectation that Panva will benefit from its collaboration and
integration with Towngas on future China projects.  At the same
time, Panva will likely see improvements in the next 12 months
in its risk management practices and its financial policies.

Upward rating pressure will evolve with evidence of ongoing
support from Towngas, for example, with it allowing Panva to
play an important role as a platform for its China operations,
providing funding support to Panva, and/or it increases its
ownership level in Panva, especially to majority control.

At the same time, Panva will need to demonstrate financial
stability through growing cash flow from piped gas sales and new
projects and improving its overall EBITDA margins without
material increases in leverage, or a permanent de-leveraging to
improve balance sheet strength.

On the other hand, the rating is sensitive to changes in Moody's
assessment of operational and financial support from Towngas.
Accordingly, downward rating pressure would emerge if Towngas'
ownership level falls, but which Moody's does not expect to
occur in the near term, or if there is evidence that Towngas
does not provide the expected level of support.

Furthermore, the rating may experience downward pressure if
Panva is unable to achieve its expected growth and returns, or
if regulatory changes that negatively affect its cash-generating
ability occur.  The key credit metrics that Moody's would
consider for a rating downgrade include Adj FFO/Int below 2.0x.

Panva Gas, listed on the Hong Kong Stock Exchange, is primarily
engaged in the downstream sale 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.


SHANGHAI PUDONG: Confirms JV with AXA and Shanghai Dragon
---------------------------------------------------------
Shanghai Pudong Development Bank Co. Ltd. has received approval
from the banking regulator to establish a joint venture fund
management company with France's AXA Investment Managers and
Shanghai Dragon Investment Co. Ltd., Forbes reports.

Forbes recounts that the bank Vice-Director Ma Li had earlier
told XFN-Asia that Shanghai Pudong won approval from the banking
regulator to set up a fund management joint venture but failed
to identify the partners involved.

Forbes adds that Shanghai Pudong will control 51% of the
venture, which still requires approval from the securities
regulator.

                          *     *     *

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating.  According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.

The bank also carries Moody's Ba1 rating for its long-term bank
deposits, NP short-term rating and a D bank financial strength
rating.


SHIMAO PROPERTY: Sees More Growth as Regulations Stifle Rivals
--------------------------------------------------------------
Shimao Property Holdings Ltd may boost its real-estate
developments in the mainland almost threefold by 2010 as
regulations to curb investments force out smaller rivals, The
Standard cites a report from Bloomberg News.

Shimao Property Chief Financial Officer Lawrence Hui outlined
the company's growth plans as follows:

   * Shimao plans to complete 1.3 million square meters of
     property in 2007, 2.5 million sq. meter in 2008, and
     3.5 million sq. meter in 2010.

   * With 21 projects under way, Shimao may buy as much as
     4.5 million square meter of land in 2007, primarily in
     northern cities like Tianjin and Dalian, and western cities
     including Changsha, Chengdu, and Xian.

   * The company may increase the size of its land bank by a
     third to as much as 25 million sq. m. from the current
     18.8 million sq. m. in as little as two years.

According to the report, small property companies have scaled
back developments after China tightened real-estate investment
rules and raised interest rates amid concerns that a boom would
lead to overcapacity, falling prices, and bad loans.

At the same time, a record US$177.5 billion trade surplus last
year has flooded the world's fourth-biggest economy with money,
encouraging banks to increase lending, The Standard relates.

"There are more banks to lend than there are well-managed
property companies to borrow," Mr. Hui was quoted by Bloomberg
News as saying.

                          *     *     *

Shimao Property Holdings Limited --
http://www.shimaogroup.com/english/main.asp-- is a large-scale
developer of real estate projects in China, specializing in
high-end developments in prime locations.  The company's
business portfolio comprises the development of residential
properties, retail properties, offices and hotels.  The company
has 15 projects at various stages of development located in
Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou, Kunshan,
Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.


SHIMAO PROPERTY: Property Sales Fuel 11-Fold Increase
------------------------------------------------------
Shimao Property Holdings Ltd. reports a total turnover of
CNY2.19 billion for the six months ending June 30, 2006,
representing an increase of 11.1 times as compared with the
corresponding period last year, the company said in its interim
report.

Turnover for the six months ended June 30, 2006, consists:

                                Six months ended June 30,

                                   2006            2005
                                 CNY'000         CNY'000
                                ----------      ----------

Sale of properties              2,144,120         167,043

Hotel operating income             31,640          -

Rental income from an
investment property                15,708          14,496
                                ----------      ----------

                                2,191,468         181,539

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

Net profit attributable to shareholders increased by 1.3 times
as compared with the same period in 2005, amounting to CNY703.6
million (2005: CNY305.8 million).  Earnings per share was
CNY0.309 (2005: CNY0.171).

Highlights for the half-year includes:

   * acquired listing status on July 5, 2006 with the Main Board
     of The Stock Exchange of Hong Kong Limited;

   * Gross profit amounted to CNY758.8 million which translates
     to a gross profit margin of 34.6% for the period under
     review and is 10.3 times that of the same period in 2005;

   * gross profit excluding fair value adjustment and land
     appreciation tax amounted to CNY1,119.6 million which
     translates to a management analyzed gross profit margin of
     51% for the period under review.

   * profit attributable to shareholders rose by 130% to
     CNY703.6 million as compared with the corresponding period
     in 2005.  Excluding the net fair value gain of an
investment
     property of CNY272.7 million, profit attributable to
     shareholders amounted to CNY430.9 million.

   * earnings per share reported at CNY0.309, an increase of
     80.7% fromCNY0.171 compared with the corresponding period
     in 2005.

                          *     *     *

Shimao Property Holdings Limited --
http://www.shimaogroup.com/english/main.asp-- is a large-scale
developer of real estate projects in China, specializing in
high-end developments in prime locations.  The company's
business portfolio comprises the development of residential
properties, retail properties, offices and hotels.  The company
has 15 projects at various stages of development located in
Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou, Kunshan,
Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.


SHIMAO PROPERTY: Acquires Land Property in Zhejiang for CNY816MM
----------------------------------------------------------------
Shimao Property Holdings Limited has acquired a prime site
located in Xiasha area of Hangzhou City, near Qiantang River for
CNY816 million.

This is the biggest land transaction ever in terms of gross
floor area since the method of listing-for-sale was adopted in
Hangzhou City, the company said in the statement.

Situated in Xiasha near the bank of Qiantang River section, the
land secured by Shimao Property has an excellent location with
convenient transport connections.  This is the third piece of
land, which the Group has acquired in Zhejiang Province,
following the previous acquisitions in Shaoxing and Jiaxing.

The aggregate area of the site is about 280,000 square meters to
provide a gross floor area of about 720,000 square meters.

Shimao plans to develop the area into a large-scale residential
community facing the river.

                          *     *     *

Shimao Property Holdings Limited --
http://www.shimaogroup.com/english/main.asp-- is a large-scale
developer of real estate projects in China, specializing in
high-end developments in prime locations.  The company's
business portfolio comprises the development of residential
properties, retail properties, offices and hotels.  The company
has 15 projects at various stages of development located in
Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou, Kunshan,
Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.


TONG REN: Shareholders Decide to Liquidate Business
---------------------------------------------------
The shareholders of Tong Ren Tang Hutchison (Hong Kong)
Pharmaceutical Development met on Feb. 6, 2007, and resolved to
liquidate the company's business.

Accordingly, Ying Hing Chiu and Chung Miu Yin, Diana were
appointed as liquidators.

The Liquidators can be reached at:

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


YIP FAT: Shareholders Opt to Liquidate Business
-----------------------------------------------
The shareholders of Yip Fat Book Binding and Printing Company
Limited held a general meeting on Feb. 8, 2007, and passed a
resolution to wind up the company's operations.

In this regard, Yam Ming Fai was appointed as liquidator.

The Liquidator can be reached at:

         Yam Ming Fai
         Flat I, 3/F., 285 King's Road
         North Point
         Hong Kong


YONG CHANG: Placed Under Members' Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on Feb. 13, 2007, the
shareholders of Yong Chang Glass Company Limited passed a
resolution to wind up the company's operations.

Accordingly, Tam Chi Chung was appointed as liquidator.

The Liquidator can be reached at:

         Tam Chi Chung
         Room 804, Cheong K. Building
         84-86 Des Voeux Road Central
         Hong Kong


ZTE CORP: Wireless Products Hits Record Sales in January 2006
-------------------------------------------------------------
ZTE Corporation said it reached record sales of over 150 million
lines of wireless infrastructure products by January 2006, of
which, over 30 million lines were CDMA equipment.

"This significant market success is based on our commitment of
10% of turnover to R&D and to the world-competitive quality of
all our product lines," said ZTE SVP Mr Tian Wenguo.

"ZTE is now China's leading wireless products producer.  This
success, combined our complete range of wireless
telecommunications equipment, makes us a competitive force in
every country or region in which we tender for contracts."

ZTE has expanded its services in recent years and now provides a
complete range of telecoms equipment covering fixed networks,
wireless networks, data and handsets.  The Corporation's product
portfolio includes CDMA, GSM, PHS, 3G (WCDMA, CDMA2000 and TD-
SCDMA), and total network solutions ranging from systems to
terminals.

By the end of 2005, ZTE's wireless capacity in CDMA equipment
had exceeded 30 million lines, covering over 100 operators
across more than 60 countries including Brazil, Norway, Malaysia
and Russia.  This includes over 30 3G CDMA2000 EV-DO networks
built in more than 20 countries.

"Sales of wireless products contributed greatly to ZTE's
overseas success in 2005, and we are very upbeat about
continuing growth in international business this year," added Mr
Tian.  "We expect to further beef up the global presence of ZTE
wireless operations, and to notch up further significant
national wireless contracts in 2006."

                          *     *     *

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
=========

GENERAL MOTORS: Provides Update on Accounting Issues
----------------------------------------------------
General Motors Corp. has substantially completed its previously
announced review of deferred income taxes as well as the
accounting for derivatives under Statement of Financial
Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities.

GM has determined that its previously filed financial statements
and financial information for 2002 through the third quarter of
2006 should no longer be relied upon, largely due to adjustments
in hedge accounting.

GM's accounting adjustments under SFAS No. 133 are substantially
complete, although some work remains.  The current estimate of
the cumulative impact of these SFAS No. 133 adjustments to
retained earnings, including GMAC, as of Sept. 30, 2006, is an
increase of approximately US$200 million.

In addition, GM previously disclosed that retained earnings as
of Dec. 31, 2001, and subsequent periods were understated by a
range of US$450 million to US$600 million due to an
overstatement of deferred tax liabilities.

GM currently estimates that the deferred tax liability
overstatement is approximately US$1 billion.  This impact is
partially offset by an estimated US$500 million adjustment to
stockholders' equity related to taxation of foreign currency
translation, arising primarily prior to 2002, and affects all
periods through the third quarter of 2006.

The net impact of such tax adjustments results in an
understatement of stockholders' equity as of Dec. 31, 2001, and
subsequent periods of approximately US$500 million.

GM is currently working toward filing its Form 10-K with
restated financial information by the due date, March 1, 2007.
If necessary, it would expect to obtain an extension from the
SEC and file prior to the extended deadline, March 16, 2007.

GM does not expect these adjustments to have any material impact
on cash flow for any of the restated periods.

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.


INDUSTRIAL DEV'T. BANK: To Raise INR15 Bil. by Tier II Bonds
------------------------------------------------------------
The Industrial Development Bank of India Ltd will raise up to
INR15 billion by issuing lower tier II bonds in the next 12
months.  The bonds will carry slightly higher coupon rate than
debentures and have a tenure ranging between five and 10 years.

According to the Business Standard, the bank will use the funds
to support credit growth and basel II norms, and supplement
capital bonds that will be redeemed over the next few months.

IDBI's present capital base can support 20% annual growth in
assets for the next two financial but the bank will like to
provide adequate cushion for business expansion and Basel II
compliance, the newspaper cites a senior IDBI official as
saying.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, the Credit Rating Information Services of India
Ltd assigned the INR15-bil. tier II bonds a 'AA+/Stable' rating.

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

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

                          *     *     *

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

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


JIK INDUSTRIES: Board Okays Capital Increase and Shares Issue
-------------------------------------------------------------
JIK Industries Ltd's board of directors decided to increase the
company's authorized capital and to issue fresh equity shares,
convertible tradable bonds, and other convertible or tradable
instruments to strategic investors, promoter and associates on
preferential or private placement basis, a filing with the
Bombay Stock Exchange says.

The board made the decision at its meeting on Feb. 19.

During the meeting, the board also approved the issue of fresh
equity shares, other convertible or tradable instruments to
financial institutions and creditors as a part of the settlement
on preferential or private placement basis.

The move may still be subject to the necessary approvals
required as part of restructuring and consideration by the
board, the company notes.

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

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


STATE BANK OF INDIA: INR10BB Tier II Bonds Gets CRISIL's 'AAA'
--------------------------------------------------------------
Credit Rating Information Services of India Ltd assigns
'AAA/Stable' rating to the State Bank of India's INR10 Billion
Upper Tier II Bonds.  CRISIL Reaffirms these ratings:

   * Upper Tier II Bonds Aggregating INR73.5 Billion,
     AAA/Stable;

   * Lower Tier II Bonds Aggregating INR58 Billion, AAA/Stable;
     and

   * INR50 Billion Certificates of Deposit Programme, P1+.

CRISIL's ratings continue to reflect SBI's dominant market
position in the domestic banking industry, underpinned by
integration with associate banks.  SBI's diversified resource
profile, satisfactory earnings levels, comfortable capital
position, and good management, support its ratings.  SBI's
average asset quality partly offsets these rating strengths.

The ratings on the bank's Upper Tier II bonds take into account
the bank's healthy capital adequacy levels and its policy of
maintaining overall capital adequacy at levels above 11 per cent
at all times.  The bank's flexibility to unlock value from its
investments in subsidiaries has also been factored into the
ratings.  SBI's large net worth strengthens its capital
position; as on December 31, 2006, the bank's overall capital
adequacy as a proportion of risk-weighted assets was 11.86 per
cent.  The bank's comfortable capital position also reflects in
the higher net worth coverage for net non-performing assets of
6.16 times as on December 31, 2006, up from 3.67 times as on
March 31, 2004.

SBI is the largest bank in India with a deposit base of INR4044
billion and advances of INR3094 billion as on December 31, 2006.
SBI's strong franchise (9177 branches and 70 overseas offices as
on March 31, 2006) has enabled it to access stable retail funds
that constituted about 60 per cent of the total deposits as on
March 31, 2006 (56 per cent as on March 31, 2004).  The bank's
cost of deposits (excluding India Millennium deposits) reduced
to 4.49 per cent in 2005-06 (refers to financial year, April 1
to March 31) from 4.69 per cent in 2004-05, due to re-pricing of
the relatively high-cost term deposits which matured in 2005-06.

SBI's rating is also supported by the bank's satisfactory
profitability levels: its return on assets has remained at
around 0.9 to 1.0 per cent per annum for the last three years.
However, the bank's net profitability margin has dropped to 1.21
per cent in 2005-06 from 1.58 per cent in 2004-05, mainly on
account of an increase in operating expenses by about 17 per
cent, a sharp fall in the income from its investments portfolio
and large amount of one-time income elements.  CRISIL expects
the bank's NPM to improve in 2006-07 on the back of:

   -- revisions in the bank's prime lending rate in May, August,
      and December 2006;

   -- redemption of high cost India Millennium deposits in
      December 2005; and

   -- the sustenance of the stable core fee income levels.

The rating is further supported by SBI's good management team
that has effectively adapted to the changing banking environment
by devising appropriate business growth and product
diversification strategies.

These rating strengths are, however, offset to an extent by
SBI's average asset quality.  In line with improving asset
quality across the Indian banking sector, SBI's slippages
dropped to 2.16 per cent in 2005-06, from 4.15 per cent in 2003-
04; however, these slippage levels remain on the high side. The
bank's gross NPAs at 3.30 per cent as on December 31, 2006, are
estimated to be marginally higher than the system average. The
gross NPAs have improved from 5.96 per cent as on March 31,
2005, mainly due to the change in status of the Dabhol exposure,
with Ratnagiri Gas & Power Company Ltd taking over the project.

                             Outlook

CRISIL expects SBI to maintain its dominant business position in
the Indian financial services sector over the medium term.
CRISIL believes that SBI will continue to remain an institution
of national importance, given its significance to the country's
economy and the financial system; the bank will continue to
function as the principal banker to the Government of India.

                          *     *     *

Standard & Poor's Ratings Services on Feb. 8, 2007, assigned a
'BB' rating to the proposed Hybrid Tier I perpetual notes to be
issued SBI.


SYNDICATE BANK: CARE Reaffirms 'AA+' Rating on INR700-Cr. Bonds
---------------------------------------------------------------
Credit Analysis & Research Ltd. has reaffirmed 'CARE AA+' rating
to the Tier-II bonds of INR700 crore of Syndicate Bank.

Instruments with this rating are considered to offer high safety
for timely servicing of debt obligations.  Such instruments
carry very low credit risk.

The factors influencing Syndicate Bank's rating are majority
ownership by GoI, low cost deposit base, growth in advances,
sustained increase in net interest income, improvement in asset
quality during the last four years and comfortable capital
adequacy position.

Going forward, the banks' ability to maintain its profitability
level in the face of hardening interest rates and control over
its operating expenses would be key rating sensitivities.
CARE has also retained the existing 'CARE AA' rating to Upper
Tier II bonds of INR619.60 crore of Syndicate Bank.  Instruments
with this rating are considered to offer high safety for timely
servicing of debt obligations.  Such instruments carry very low
credit risk.

CARE has rated the aforesaid hybrid debt instruments a one notch
lower than the usual lower Tier II Bonds in view of their
increased sensitiveness to Syndicate bank's capital adequacy
ratio, capital raising ability and profitability during the
tenure of the instruments.

The rating factors in additional risk arising due to existence
of lock-in clause in these hybrid instruments.  Any delay in
payment of interest/principal following the invocation of the
lock-in-clause would constitute as an event of default as per
CARE's definition of default and as such these instruments may
exhibit somewhat sharper migration of rating as compared to
conventional subordinated debt instruments.

Syndicate Bank established in 1925 at Udupi, Karnataka was
nationalised in 1969.  During 1994-96, GOI had contributed to
equity capital aggregating to INR1279.28 crore to recapitalize
the Bank.  As on March 31, 2006, the bank had 2,006 branches,
with 83 extension counters.  More than 56% of the branch network
is spread in rural and semi urban areas.

The asset base of Syndicate bank stood at INR61,077 crores as on
March 31, 2006.  The bank's advance portfolio grew by 36.42% to
INR36,466 crores as on March 31, 2006.

Syndicate Bank also experienced a steady growth in its net
interest income and in FY06, which showed a Y-o-Y growth of
11.04% to reach INR1880 crores.  Share of low cost deposits has
increased to 38.18% in FY06.  For the financial year ended March
31, 2006, the bank recorded a PAT of INR536 crores (FY05: Rs.403
crores).

Syndicate Bank's Gross and Net NPAs stood at 4.00% and 0.86%
respectively as on March 31, 2006.  As on March 31, 2006,
Syndicate Bank's Capital Adequacy Ratio stood at 11.73% with
tier I capital adequacy ratio at 7.40%.

                          *     *     *

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


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

ALCATEL-LUCENT: Wins Contract for GSM Lines with ITI
----------------------------------------------------
Alcatel-Lucent and ITI, India's largest telecom equipment
manufacturing company, revealed a contract to supply and install
2 million lines for MTNL based on advanced wireless
communications technology.

This multi-million euro contract covers the expansion of MTNL's
radio access and next-generation core network in Mumbai, India,
and is based on Alcatel-Lucent's GSM/EDGE and W-CDMA/HSPA
technologies.  It further demonstrates Alcatel-Lucent's
leadership in high-growth economies such as India.

Alcatel-Lucent and ITI have a long-term collaboration agreement
for the production and deployment of Alcatel-Lucent's latest
generation GSM/EDGE and W-CDMA/HSPA solutions in India.  The
technology provided through this new contract will make it
possible for MTNL to increase its customer base and deliver
high-quality voice and other communications services to its
subscribers in Mumbai.  MTNL expects to begin commercially
offering these services later this year.

"We are proud of the fact that with the deployment of these 2
million mobile lines employing advanced wireless technologies
from Alcatel-Lucent, we will enable MTNL to become the first
telecom operator in India to provide third-generation services
to its subscribers," said ITI CMD, Mr. Pritam Singh.

"With the deepest and broadest wireless portfolio in the
industry, and being the long-standing partner of ITI in India,
we are bringing the latest third-generation technology to
India," said Olivier Picard, President of Alcatel-Lucent's
Europe and South activities.  "This advanced technology will
provide the high quality of service that the people of India
deserve.  Our goal is to create long-term value for all our
customers by addressing their most critical challenges."

Alcatel-Lucent has more than 170 GSM/EDGE customers in more than
90 countries, making it a leading player in providing mobile
communications solutions.  As a global leader in the development
and deployment of third-generation networks, Alcatel-Lucent has
deployed commercial 3G systems for more than 70 operators
worldwide.

                      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.


BANK INDONESIA: Sees Room for Rate Cut in March
-----------------------------------------------
Bank Sentral Republik Indonesia sees room for a cut next month
in its reference interest rate, known as the benchmark interest
rate, Reuters reports, citing the bank's Deputy Governor Aslim
Tadjuddin.

According to the report, Mr. Tadjuddin told reporters that
foreign exchange reserves in Indonesia could top US$50 billion
by the end of 2007.

At the end of last year, the country's forex reserves reached
US$42.59 billion and rose further to US$43.11 billion in
January, the report relates.

The report points out that the Government decided to sharply
hike domestic fuel prices in October 2005, which pushed
inflation to a more than six year high and prompted the central
bank to jack up its BI rate to around a three year high.

Bank Indonesia has cut the BI rate nine times in less than a
year, reducing it from 12.75% in April to 9.25% this January, as
price pressures eased significantly from the inflation shock in
late 2005, the report recounts.

Reuters, citing analysts, says that the authority is likely to
be more cautious in cutting rates this year because any further
declines in the annual inflation rate are likely to be limited
compared with 2006.

Reuters adds that some analysts and market watchers say the rate
could fall to 8.5% by the middle of this year, as inflation is
expected to decline slightly to 6.55% by the end of 2007 from
6.6% in 2005.

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

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

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

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

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


FOSTER WHEELER: Wins Contract for New Petrochemicals Complex
------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary, Foster Wheeler Energy Ltd.,
has been awarded a front-end engineering design (FEED) and
project management consultancy (PMC) services contract by Osos
Petrochemicals Company for a planned new petrochemicals complex
to produce polybutylene terephthalate at Yanbu, Kingdom of Saudi
Arabia.

The Foster Wheeler contract value was not disclosed and the
award will be included in the company's first-quarter 2007
bookings.

In executing the FEED, Foster Wheeler's role will also include
the basic design for the utilities and offsites of the project.
The company will provide PMC services up to engineering,
procurement and construction award and will be involved in the
preparation of a project cost estimate, issuance of an
invitation to bid for the EPC phase, evaluation of EPC bids and
assistance with EPC award.

The new petrochemicals complex comprises four licensed
technology process units plus associated utilities, offsites and
common facilities.  The complex will produce 60,000 tonnes per
annum of polybutylene terephthalate, a plastic used as an
insulator in the electrical and electronics industries.

"We are pleased to assist Osos Petrochemicals in realizing its
first petrochemicals complex, a key element of Osos
Petrochemical's strategic plan to build added-value
petrochemical derivatives in the Kingdom," said Steve Davies,
chairperson and chief executive officer of Foster Wheeler Energy
Ltd.  "Foster Wheeler is playing a key role in the development
of the petrochemicals sector in Saudi Arabia and is currently
managing over US$20 billion of petrochemical project investments
for Saudi Arabian clients."

"Osos Petrochemicals has selected Foster Wheeler after proper
evaluation and looks forward to building a relationship as we
develop our petrochemicals investment in Saudi Arabia,"
commented Mubarak A. Al-Khater, managing director of Osos
Petrochemicals Complex.

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.


HILTON HOTELS: Set to Manage the Hilton Aqaba
---------------------------------------------
The international arm of Hilton Hotels Corporation has been
selected to manage the Hilton Aqaba, signing an agreement on the
February 12, 2007, with the Aqaba Gate for Hotels and Tourism
Projects LLC to run the 346 room property located in the Tala
Bay Resort complex.  The hotel is set to open in the first half
of 2010 and will be the second hotel in Jordan to be managed by
the Hilton.

"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,"
said Koos Klein, President, Hilton Hotels Middle East and Asia
Pacific.

"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."

                      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 CORP: Posts US$80.2MM Fourth Quarter 2006 Net Income
-------------------------------------------------------------
Huntsman Corp.'s fourth quarter 2006 net income was US$80.2
million.  In the same quarter of 2005, the company incurred a
net loss of US$65.0 million.  The total of adjusted net income
from continuing operations and from discontinued operations for
the three months ended Dec. 31, 2006, was US$117.3 million,
compared with US$33.8 million for the same period in 2005.

Revenues for the fourth quarter of 2006 were US$2,535.9 million,
compared with US$2,555.9 million for the same period in the
fourth quarter of 2005.

The total of Adjusted EBITDA from continuing operations and from
discontinued operations for the three months ended Dec. 31,
2006, was US$279.7 million, compared with US$205.0 million for
the same period in 2005.

Revenues for 2006 were US$10,623.6 million, compared with
US$10,676.9 million for the same period in 2005.  Revenues from
continuing and discontinued operations for 2006 were US$13,148.2
million as compared with US$12,986.0 million in 2005.

The total of Adjusted EBITDA from continuing operations and from
discontinued operations for 2006 was US$1,237.1 million,
compared with US$1,437.2 million for the same period in 2005.

On Feb. 15, Huntsman entered into a definitive agreement to sell
its U.S. Base Chemicals and Polymers business to Flint Hills
Resources, LLC -- a division of Koch Industries, Inc. -- for a
total expected value of approximately US$761 million.  The firm
anticipates that this transaction will close in the third
quarter of 2007.

Huntsman's board of directors has approved the payment of a
quarterly common dividend of US$0.10 per share payable on
March 30, 2007, to stockholders of record as of March 15, 2007.

"The announcement of our agreement with Koch Industries to sell
our U.S. Base Chemicals and Polymers business marks the final
milestone in our ongoing efforts to separate our commodity
petrochemicals assets from our portfolio of differentiated
businesses.  Following the completion of this transaction,
together with our recent divestiture of our European commodities
business to SABIC and the sale of certain U.S. MTBE and
butadiene assets to Texas Petrochemicals, our differentiated and
inorganic businesses will comprise nearly 100% of our
portfolio," Peter R. Huntsman, President and Chief Executive
Officer of Hunstman, stated.  "In addition, we will have
generated in excess of US$1.8 billion from the sale of these
businesses which has allowed us to dramatically improve our
balance sheet as total net debt is expected to be approximately
US$2.7 billion, which is more than 50% lower than our debt level
at the end of 2004.  With a stronger balance sheet and a more
focused product portfolio, Huntsman is well positioned to
capitalize on opportunities for further expansion and growth."

"The declaration by our Board of Directors of Huntsman's first
quarterly common stock dividend further demonstrates our
commitment to enhance shareholder value and reflects our
confidence in the future growth and stability in earnings of our
new portfolio.  I believe this action will be welcomed by our
stockholders.  As we enter 2007, we continue to experience many
very positive trends across our businesses and the markets that
we serve.  Raw material and energy prices have declined, while
at the same time, demand and selling prices for many of our
products continue to improve.  We anticipate that the earnings
in each of our three differentiated segments that will remain
following the sale to Koch will be higher in the first quarter
of 2007 as compared to the fourth quarter of 2006 and also
higher for the full year 2007 as compared to the full year 2006.
In Pigments, we are guardedly optimistic about our outlook for
the upcoming spring paint season given the softness in demand
that we experienced in the fourth quarter.  The higher earnings
in the differentiated segments, together with substantially
lower interest expense, will have a positive impact on our
bottom line in the coming quarters," Mr. Huntsman said.

Revenues for the three months ended Dec. 31, 2006, decreased
slightly to US$2,535.9 million, from US$2,555.9 million during
the same period in 2005.  Revenues increased in our
Polyurethanes and Performance Products segments due primarily to
higher sales volumes.  Revenues increased in the firm's
Materials and Effects segment primarily due to the acquisition
of the firm's textile effects business.  Revenues decreased in
the company's Pigments segment due to lower sales volumes and in
the firm's Polymers segment due primarily to lower average
selling prices.  Revenues decreased in our Base Chemicals
segment primarily due to the continuing outage at the Port
Arthur, Texas olefins manufacturing facility and the divestiture
of certain of the firm's US butadiene and MTBE business assets.

For the three months ended Dec. 31, 2006, EBITDA increased to
US$237.1 million, from US$97.6 million in the same period in
2005.  Total Adjusted EBITDA from continuing and discontinued
operations for the three months ended Dec. 31, 2006, was
US$279.7 million, an increase from US$205.0 million for the same
period in 2005.

The increase in revenues in the Polyurethanes segment for the
three months ended Dec. 31, 2006, compared to the same period in
2005 was primarily due to higher sales volumes, partially offset
by lower average selling prices.  MDI sales volumes increased
slightly and were partially offset by limitations on product
availability resulting from unplanned manufacturing outages at
our Rozenburg facility due to raw material supply limitations.
PO and PO derivative volumes increased 19% and MTBE volume
increased 16% primarily due to the impact of the U.S. Gulf Coast
storms on the fourth quarter of 2005 results.  MDI average
selling prices were relatively unchanged as compared to 2005.
MTBE selling prices decreased due to reduced US demand as a
result of changes in US legislation.

The decrease in EBITDA in the Polyurethanes segment was
primarily the result of lower margins due to higher raw material
costs, commissioning and other costs related to the startup of
Huntsman's new MDI facility in China and lower MTBE margins due
to lower average selling prices and record high raw materials
costs. During the three months ended Dec. 31, 2006, the
Polyurethanes segment recorded restructuring and plant closing
credits of US$0.5 million as compared to charges of US$8.4
million for the same period in 2005.

The increase in revenues in the Materials and Effects segment
for the three months ended Dec. 31, 2006, compared to the same
period in 2005 was primarily due to the acquisition of the
textile effects business on June 30, 2006.  The textile effects
business contributed US$234.1 million in revenue for the three
months ended Dec. 31, 2006, while the advanced materials
business contributed US$321.5 million revenues for the same
period, an increase of US$47.7 million or 17%.  The increase in
advanced materials revenues was primarily the result of a 10%
increase in sales volumes and a 6% increase in average selling
prices.

The increase in EBITDA in the Materials and Effects segment was
due to increases in the advanced materials business of US$14.0
million while the textile effects business, which was acquired
in June 2006, contributed US$6.3 million in EBITDA for the three
months ended Dec. 31, 2006.  The increase in EBITDA in the
advanced materials business was primarily due to higher margins
partially offset by higher Selling, General and Administrative
Expenses and other business support costs.  During the three
months ended Dec. 31, 2006, the Materials and Effects segment
recorded restructuring and plant closing costs of US$0.4 million
compared to US$1.1 million for the comparable period in 2005.
The 2006 restructuring and plant closing costs are directly
attributable to the two year restructuring plan of the firm's
textile effects business that has now commenced.

The increase in revenues in the Performance Products segment for
the three months ended Dec. 31, 2006, compared to the same
period in 2005 was primarily the result of a 4% increase in
sales volumes and a 1% increase in average selling prices.
Sales volumes increased primarily due to increased production
and improved demand over the same period in 2005, which was
impacted by the U.S. Gulf Coast storms.  Average selling prices
increased primarily due to strong market conditions for our
performance specialties products.

The increase in EBITDA in the Performance Products segment was
primarily due to the impact of the U.S. Gulf Coast storms on
2005 results and lower raw materials costs.  The fourth quarter
of 2005 EBITDA was negatively impacted by an estimated US$44.3
million related to the U.S. Gulf Coast storms.  Included in
Performance Products EBITDA in the 2006 period is US$7.3 million
related to the partial settlement of insurance claims related to
the 2005 U.S. Gulf Coast Storms.  During the three months ended
Dec. 31, 2006, the Performance Products segment recorded
restructuring and plant closing credits of US$0.4 million
compared to charges of US$4.0 million for the comparable period
in 2005.

The decrease in revenues in the Pigments segment for the three
months ended Dec. 31, 2006, compared to the same period in 2005
was primarily due to a 14% decrease in sales volumes partially
offset by a 5% increase in average selling prices.  Sales
volumes decreased primarily due to weaker customer demand in the
North America region.  Average selling prices increased in
Europe and the Asia Pacific regions due to stronger market
demand and the strength of major European currencies versus the
US dollar, partially offset by lower average selling prices in
North America.

The decrease in EBITDA in the Pigments segment was primarily the
result of reduced sales volume and higher raw material and
manufacturing costs.

During the three months ended Dec. 31, 2006, the Pigments
segment recorded restructuring and plant closing costs of US$1.4
million as compared with charges of US$3.2 million for the
comparable period in 2005.

The decrease in revenues in the Polymers segment for the three
months ended Dec. 31, 2006, compared to the same period in 2005
was primarily the result of a 6% decrease in average selling
prices primarily for polyethylene.  Sales volumes decreased 2%
as compared to the 2005 period.

The decrease in EBITDA in the Polymers segment was primarily the
result of lower margins in polyethylene and expandable
polystyrene.  During the three months ended Dec. 31, 2006, the
Polymers segment recorded restructuring, impairment and plant
closing credits of US$0.6 million compared with charges of
US$0.3 million for the comparable period in 2005.

The decrease in revenues in the Base Chemicals segment for the
three months ended Dec. 31, 2006, compared to the same period in
2005 was primarily the result of the continuing outage at our
Port Arthur, Texas olefins manufacturing facility and the
divestiture of certain of the firm's US butadiene and MTBE
assets.

The increase in EBITDA in the Base Chemicals segment was
primarily the result of improved market conditions in Europe.
During the three months ended Dec. 31, 2006, EBITDA was
negatively impacted by an estimated US$35 million related to the
outage at the Port Arthur, Texas olefins facility whereas during
the 2005 comparable period we experienced lost production, which
negatively impacted EBITDA by approximately US$65.3 million
related to the U.S. Gulf Coast storms.  Included in Base
Chemicals 2006 EBITDA is US$6.7 million related to the partial
settlement of insurance claims related to the 2005 U.S. Gulf
Coast Storms.  During the three months ended Dec. 31, 2006, the
Base Chemicals segment recorded restructuring, impairment and
plant closing credits of US$0.3 million compared to charges of
US$4.3 million for the comparable period in 2005.

Corporate and other items include unallocated corporate
overhead, loss on the sale of accounts receivable, unallocated
foreign exchange gains and losses, losses on the early
extinguishment of debt, other non-operating income and expense,
minority interest, unallocated restructuring and reorganization
costs, extraordinary gain on the acquisition of a business, and
the cumulative effect of change in accounting principle.  In the
fourth quarter of 2006, the total of these items improved by
US$72.3 million compared to the 2005 period.  The improvement
primarily resulted from a decrease in expenses of US$33.5
million related to the loss on early extinguishment of debt, and
a decrease of US$36.5 million in cumulative effect of changes in
accounting principle.

In the fourth quarter 2006, Huntsman recorded US$65.0 million of
income tax benefit as compared with US$43.0 million of income
tax benefit in the comparable period of 2005.  Included in the
income tax benefit for the fourth quarter 2006 was approximately
$44.2 million related to the favorable resolution of disputes
with taxing authorities in the US and the UK.  In addition, in
the fourth quarter of 2006 we benefited from a reduction in The
Netherlands corporate tax rate, which resulted in approximately
US$7.9 million reduction in the firm's deferred tax liabilities
and a corresponding increase in our tax benefit.  In the 2006
period, the firm also benefited from an increase in the release
of valuation allowances, including releases resulting from
changes in the geographic location of the company's income
earned during the period, which also resulted in increased tax
benefit.

Huntsman expects its 2007 effective tax rate to be approximately
25%-30%.  The firm expects to utilize available net operating
losses and other tax attributes to result in a cash income tax
rate of approximately 10%-15%.

Liquidity, Capital Resources and Outstanding Debt

During the fourth quarter Huntsman used proceeds from the sale
of its European commodity chemicals business to SABIC to repay
US$400 million of its term loan B and to decrease US$250 million
of its 9.875% senior notes due 2009.

On Nov. 13, 2006, Huntsman completed an offering of EUR400
million 6.875% senior subordinated notes due 2013 and US$200
million 7.875% senior subordinated notes due 2014, the proceeds
of which were used to redeem all but EUR114 million of its
10.125% senior subordinated noted due 2009.

Subject to acceptable market conditions, Huntsman anticipates
refinancing these remaining subordinated notes in the near
future.  The firm estimates that the November 2006 notes
offering will result in an approximate US$18 million reduction
in annual interest expense.

The firm expects to complete the sale of our U.S. Base Chemicals
and Polymers business in the third quarter of 2007 following the
re-start of its Port Arthur, Texas olefins facility and
conditioned upon receipt of necessary regulatory approvals and
other customary closing conditions.  The company intends to use
net proceeds from the sale to further reduce its debt.

During the three months ended Dec. 31, 2006, Huntsman received
US$150 million of cash proceeds representing a partial interim
payment on its insurance claim related to fire damage at its
Port Arthur, Texas olefins facility.  In the fourth quarter
2006, the company recorded approximately US$56 million of this
payment as a reimbursement against an accrual for certain
accrued fixed costs and repair expenses.  The remaining
approximately US$94 million was recorded as a deferred gain in
other current liabilities.  The company expects to receive
additional insurance proceeds associated with this claim during
2007 following the restart of its Port Arthur, Texas olefins
facility, as well as an additional US$70 million in proceeds
relating to the sale of its US butadiene and MTBE business that
was completed in June 2006.

As of Dec. 31, 2006, Huntsman and its subsidiaries had
approximately US$888 million in combined cash and unused
borrowing capacity.

For the year ended Dec. 31, 2006, total capital expenditures
were approximately US$550 million, compared with US$339 million
for the same period in 2005.  The increase in capital spending
is primarily attributable to capital expenditures on the Wilton,
U.K. LDPE facility of approximately US$176 million, compared
with approximately US$37 million for the same period in 2005.

The Wilton, U.K. LDPE facility has been sold to SABIC.  In
addition, during 2006, Huntsman incurred capital expenditures
for the expansion of various businesses including expansions of
its MDI capacity the majority of which was for its Caojing,
China facility and the construction of a polyetheramines
facility in Jurong Island, Singapore.

Excluding capital expenditures that will be required to repair
Huntsman's Port Arthur, Texas olefins facility, we expect to
spend approximately US$550 million on capital projects in 2007,
including approximately US$40 million in its U.S. Base Chemicals
and Polymers business in the first half of 2007.

                Huntsman's Outstanding Debt
                    (In millions)

                                               Dec. 31
                                        2006              2005
Debt (11):
  Senior Secured
  Credit Facilities                   US$1,711.2     US$2,099.3
  Secured Notes                            294.0          293.6
  Unsecured Notes                          198.0          752.7
  Subordinated Notes                     1,228.3        1,145.2
  Other Debt                               213.8          167.1
  Total Debt                             3,645.3        4,457.9

  Total Cash                               263.2          142.8

  Net Debt                            US$3,382.1     US$4,315.1

                         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.


HUNTSMAN CORP: Selling U.S. Commodities Business to Flint Hills
---------------------------------------------------------------
Huntsman Corp. will sell its U.S. Base Chemicals and Polymers
business to Flint Hills Resources, LLC, a wholly owned
subsidiary of Koch Industries, Inc.

Peter R. Huntsman, the company's president and chief executive
officer, disclosed that Huntsman that under signed definitive
documents, Huntsman is expected to realize a total value from
the sale of approximately US$761 million.

Under the agreement, Flint Hills Resources will acquire the
manufacturing assets of Huntsman's US commodities business for
US$456 million in cash plus the value of inventory (US$286
million at Dec. 31, 2006) on the date of closing.  Huntsman will
retain other elements of working capital, including accounts
receivables, accounts payable and certain accrued liabilities
(net, US$19 million at Dec. 31, 2006), which will be liquidated
for cash immediately following the closing.

The transaction includes Huntsman's olefins and polymers
manufacturing assets located at five US sites:

          -- Port Arthur, Texas;
          -- Odessa, Texas;
          -- Longview, Texas;
          -- Peru, Illinois; and
          -- Marysville, Michigan.

The business employs about 900 associates.  The captive ethylene
unit at the retained Port Neches, Texas, site of Huntsman's
Performance Products division is not included in the sale.  This
asset, along with a long-term post-closing arrangement for the
supply of ethylene and propylene from Flint Hills to Huntsman,
will continue to provide feedstock for Huntsman's downstream
derivative units.

"Upon the closing of the transaction . . . Huntsman Corp. will
have completed its planned divestitures of its commodity
petrochemical businesses and its transformation to a company
manufacturing and marketing differentiated products.  Our entire
product line will now experience higher growth rates and much
lower sensitivity to energy costs," said Mr. Huntsman.  "Looking
forward, we have transformed our business into one producing
highly innovative products that serve an expanding global
economy."

Mr. Huntsman noted, "We also are very pleased to be passing the
baton to as strong and experienced an operator for these types
of assets as is Flint Hills Resources."

"We are excited about this proposed acquisition and its natural
extension of our existing capabilities in petrochemical
manufacturing and marketing," said Brad Razook, president and
chief executive officer of Flint Hills Resources.  "These assets
offer us new opportunities for continued growth and
diversification, as well as for creating customer value.  Once
the acquisition concludes, we expect to position these plants
for long-term success in the ever-changing global market."

"The assets, skills and capabilities of this operation will
complement FHR's existing framework," said Jeff Ramsey, who upon
the acquisition's close will manage the business.  Mr. Ramsey is
vice president of chemicals for FHR.  "We are acquiring an
experienced team, a robust technical service and development
capability and a global customer service function that is
focused on creating value."

Subject to customary regulatory approvals and other closing
conditions, the transaction is expected to close during the
third quarter of 2007 following the re-start of Huntsman's Port
Arthur, Texas, olefins manufacturing facility.

                  About Flint Hills Resources

Flint Hills Resources is a leading producer of fuels, base oils
for lubricants, and other petrochemical products, based in
Wichita, Kansas.  It owns refineries in Alaska, Minnesota and
Texas, a chemical intermediates plant near Joliet, Illinois,
pipelines, and an interest in Excel Paralubes in Westlake,
Louisiana.  The company produces pseudocumene at its Corpus
Christi, Texas, facility, as well as other building-block
chemicals like metaxylene, orthoxylene, paraxylene, benzene,
cumene and toluene.  In Illinois, the company produces maleic
anhydride, trimellitic anhydride and purified isophthalic acid.

Flint Hills Resources became an independent, wholly owned
subsidiary of Koch Industries, Inc., in January 2002 in order to
focus on growth opportunities.  This proposed acquisition is a
direct result of that business mandate, and adds to assets
acquired in 2003 and 2004.

                    About Huntsman Corp.

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.


MERPATI NUSANTARA: To Lease 15 Chinese MA-60 Aircraft
-----------------------------------------------------
PT Merpati Nusantara Indonesia plans to lease 15 MA-60 propeller
planes from China to replace the aging Fokker-27 mainly for
eastern routes in the country, Peoples Daily online reports
citing Xinhua as source.

According to the report, two of the 55-passenger Chinese planes
are expected to arrive in April, citing Kompas Newspaper.
Peoples Daily notes that the leasing tariff is reportedly 30%
lower than other planes of its class in the global market and
the Chinese passengers planes have lower operating costs.

The Troubled Company Reporter - Asia Pacific reported on June
22, 2006, that the airline is looking to buy 22 airplanes to
replace its current fleet within three to five years.

TCR-AP said that company will look for planes with maximum 50-
seating capacity in order to cater to pioneering and feeder
routes.  Of the 22 aircraft, 15 Xinzhuo-60 model-type planes
would come from China's AVIC I airline firm, corporate secretary
Jaka Pujiyono said.

Peoples Daily said that in addition to the MA-60, Merpati
Nusantara will also lease 13 Boeing planes of the 737 series.

With the addition, the carrier reportedly expects to boost
passengers to 5.7 million in 2007.

The carrier currently operates 22 planes and had 2.4 million
passengers in 2006, a tiny share from the national figure of
some 34 million passengers in 2006, Peoples Daily notes.

The Indonesian government would inject IDR450 billion for the
leasing, the report cites Merpati's corporate secretary Irvan
Harijanto as saying.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati has suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported on July
24, 2004, that the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a IDR220
billion debt-for-equity swap.

According to a TCR-AP report in January 2006, the Government had
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the Government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the Company to continue its business.


TELKOM INDONESIA: Facilities in Semanggi-II Have Been Restored
--------------------------------------------------------------
Most of PT Telekomunikasi Indonesia Tbk's networks that are
powered from Central of Automatic Telephone Semanggi II are
declared as being restored in the afternoon of February 6.
Formerly, about 70.000-SST customers from 81.302-SST capacity of
STO Semanggi-II were disturbed.  There were only about 13.000
SST that might be turned on.  On February 6 most of customer's
telephone, which are powered from STO Semanggi-II, has been
turned on, unless for 5.670 SST, which are still in restoration,
Telkom Vice President of Public and Marketing Communication
Muhammad Awaluddin said.

As Muhammad Awaluddin stated that the subsystem of central
element, transmission, and power supply has been operated so
that all customers who are allocated to STO Semanggi-II might
use their Telkom's telephone again.  We had done all needed
efforts but there are about 5.670 SST which still go out and are
under intensive handling, Awaluddin said.

Formerly, it had been declared that Sentral Telepon Otomat
Semanggi-II which consists of central of SLJJ, SLI and
interoperator interconnection with +10.000 E1 Channel capacities
has been normally operated since February 5.  The intended STO
includes Trunk JKT-2, Trunk JKT-4, and Trunk JKT-6.

It is not only central subsystem, transmission, and power supply
which declared to be almost fully restored but also broadband
access Speedy which owns capacity of 19.000 Satuan Sambungan
Layanan has been operated after testing held in the morning of
February 5, 2007.  It is also continued by the restoration of
backhaul IP Core and data center.

Telkomvision, a cable television service managed by Telkom has
been declared 100-percent restored.  Telkomvision network of HFC
Jakarta which owns 12.000 home pass residential was disturbed by
flood in Semanggi-II.  For business-segmented customers,
telkomvision network of HFC Jakarta services 15 hotel buildings,
6.000 apartment rooms, 15 apartment buildings, and 700 offices.

                        Free Subscription

Meanwhile, Telkom has decided to relieve subscription cost to
customers in Jakarta who had 3-days disturbance for telephone
usage during the period of February 2007.  According to
Awaluddin, this policy was taken as a form of Telkom's attention
to flood disaster in Jakarta, which happened beyond everyone's
expectation.

The disturbed telephone numbers, which were given the intended
free subscription cost, are the numbers with prefix codes:

520 until 524, 525 until 527, 52880, 5289, 5290, 5291, 5292,
5293, 5296, 52970 until 52974, 52976, 5299, 250, 252, 253, 2550,
25552, 25575, 25576, 25578, 2581, 2590 until 2592.

The diactivate of STO Semanggi-II was admitted by Awaluddin to
have a significant impact for this STO is actually a transit
target for intercity call traffic.  When the two units of trunk
in Semanggi-II were deactivated, telephone users in Jakarta were
having trouble to call outside-Jakarta telephone, and so do the
telephone users outside of Jakarta who had the same trouble in
making call to Jakarta.

According to Awaluddin, the transmission, backbone, and regional
gateway, which connect Jakartato, the other regions in Indonesia
and abroad have been operated.  It is including High Performance
Backbone 16 STM1 Sumatera, optical fiber ring network of Jawa-
Sumatera-Kalimantan, SDH transmission network of 7000-E1
capacity, international gateway access for data and internet
service of 8 x STM1.

             Compensation for Speedy's customers

Interrelated to Speedy's service, TELKOM had decided that to all
Speedy Limited's customers who had over three-days disconnection
will be given a 10 MB-added quota for any usage in February
2007.  Meanwhile, all the Speedy Unlimited's customers will be
given a dispensation for subscription payment in March 2007 as
much as 5 percent.

For any disturbance happened, Awaluddin once again deliver a big
apologize to all the customers.  This disaster surely was beyond
our expectation, somehow we will try maximally to restore
telecommunication facilities in Jakarta as soon as possible, he
continued.

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

As reported in the Troubled Company Reporter - Asia Pacific on
January 31, 2007, Fitch Ratings has revised the Outlook on
Telekomunikasi Indonesia Long-term foreign and local currency
Issuer Default ratings to Positive from Stable and affirmed the
ratings at 'BB-'.

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

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


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

AMR CORP: Likely Buyout Target of Goldman Sachs & Brit Airways
--------------------------------------------------------------
AMR Corp., parent company of American Airlines, might be a
buyout target of a group including Goldman Sachs and British
Airways, Gene Marcial of BusinessWeek magazine reports.

The proposed bid is said to be between US$9.8 billion (US$46 a
share) and US$11.1 billion (US$52 a share), BusinessWeek adds.

The bid is uncertain to materialize, BusinessWeek notes citing
people familiar with the matter.

                      About American Airlines

American Airlines, Inc. -- http://www.AA.com/-- American Eagle,
and the AmericanConnection regional airlines serve more than 250
cities in over 40 countries with more than 3,800 daily flights.
The combined network fleet numbers more than 1,000 aircraft.
American Airlines, Inc. and American Eagle are subsidiaries of
AMR Corporation.

                          About AMR Corp.

Based in Fort Worth, Texas, AMR Corporation is the parent
company of American Airlines Inc. American Airlines --
http://www.AA.com/-- is the world's largest airline.  American,
American Eagle and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  The combined network fleet numbers more
than 1,000 aircraft.  American Airlines is a founding member of
the oneworld Alliance, whose members serve more than 600
destinations in over 135 countries and territories.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service confirmed its B3 Corporate Family
Rating of AMR Corp. and its subsidiary, American Airlines Inc.,
in connection with the rating agency's implementation of its
Probability-of-Default and Loss-Given-Default rating
methodology.


DELPHI CORP: Posts US$1.97-Bil. Net Loss in 3Q Ended Sept. 30
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates reported its third
quarter financial results for the period ended Sept. 30, 2006:

   * Revenue of US$6,000,000,000 in 2006 third quarter, down
     from US$6,300,000,000 in 2005 third quarter.  Revenue of
     US$20,000,000,000 for the first nine months of 2006, down
     slightly from the comparable period in 2005.

   * Non-GM revenue for the quarter of US$3,400,000,000,
     essentially flat compared to 2005 third quarter revenue of
     US$3,300,000,000, representing 57% of third quarter
     revenues.  Third quarter non-GM growth was more than offset
     by a 12% year-over-year decline in GM revenues.  Non-GM
     revenue of US$11,100,000,000 for the first nine months of
     2006, representing 56% of total revenues.

   * Net loss of US$1,973,000,000 compared with 2005 third
     quarter net loss of US$788,000,000.  Included in the 2006
     third quarter net loss are charges related to the U.S.
     employee special attrition programs of US$1,000,000,000.
     The net loss of US$4,600,000,000 for the first nine months
     of 2006 includes US$2,900,000,000 of charges related to the
     U.S. employee special attrition programs.

   * Cash used in operations of US$222,000,000 for the first
     nine months of 2006, compared with cash used in operations
     of US$609,000,000 for the first nine months of 2005.

"While Delphi continues to experience substantial losses
stemming from competitive pressures in our U.S. operations,
approximately half of the third quarter loss was due to charges
related to the U.S. employee special attrition programs," Delphi
Corp. Executive Chairman Robert S. "Steve" Miller said.

"Currently, we remain focused on reaching a consensual agreement
with our stakeholders, unions and General Motors Corp. on a
comprehensive restructuring that will enable Delphi's core U.S.
operations to become competitive."

Effective July 1, 2006, Delphi realigned its business operations
to focus its product portfolio on core technologies for which
Delphi believes it has significant competitive and technological
advantages.  Delphi's revised operating structure consists of
its four core business segments -- Electronics and Safety,
Thermal Systems, Powertrain Systems, and Electrical/Electronic
Architecture -- as well as two additional segments, Steering and
Automotive Holdings Group, as these operations are transitioned.

Given this new operational structure, Delphi will begin
reporting its financial results along the company's six
reporting segments, which are grouped on the basis of similar
product, market and operating factors.  Previously, the company
reported the financial results of its three business sectors.
These reporting changes are effective along with the filing of
the third quarter 2006 10-Q.

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                     As of September 30, 2006
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                           US$1,443
   Restricted cash                                          150
   Accounts receivable, net
      General Motors and affiliates                       2,564
      Other                                               2,997
   Inventories, net
      Productive material, work-in-process and supplies   1,566
      Finished goods                                        654
   Other current assets                                     478
                                                       --------
      TOTAL CURRENT ASSETS                                9,852

Long-term assets:
   Property, net                                          4,898
   Investment in affiliates                                 403
   Goodwill & other intangible assets, net                  425
   Pension intangible assets                                414
   Other                                                    699
                                                       --------
      TOTAL LONG-TERM ASSETS                              6,839
                                                       --------
TOTAL ASSETS                                          US$16,691
                                                       ========

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
   Notes payable                                       US$3,102
   Accounts payable                                       2,761
   Accrued liabilities                                    2,430
                                                       --------
   TOTAL CURRENT LIABILITIES                              8,293

DIP financing & other long-term debt                        297
Employee benefit plan obligations and other                 350
Other                                                       958
Liabilities subject to compromise                        16,664
                                                       --------
   TOTAL LIABILITIES                                     26,562

Minority interest in consolidated subsidiaries              194
Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,764
   Accumulated deficit                                  (11,040)
   Minimum pension liability                             (1,835)
   Accumulated other comprehensive loss                      92
   Treasury stock, at cost (3.2 million shares)             (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                          (10,065)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT            US$16,691
                                                       ========

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
              Three Months Ended September 30, 2006
                          (In Millions)

Net sales:
   General Motors and affiliates                       US$2,598
   Other customers                                        3,410
                                                       --------
Total net sales                                           6,008
                                                       --------
Operating expenses:
   Cost of sales                                          6,088
   U.S. employee special attrition program charges        1,043
   Selling, general and administrative                      392
   Depreciation and amortization                            272
                                                       --------
Total operating expenses                                  7,795
                                                       --------
Operating loss                                           (1,787)

Interest expense                                           (116)
Other income, net                                             8
                                                       --------
Loss before reorganization items, income taxes,
minority interest, equity income, & cumulative
effect of accounting change                             (1,895)
Reorganization items, net                                   (25)
                                                       --------
Loss before income taxes, minority interest, equity
income, & cumulative effect of accounting change        (1,920)
Income tax expense                                          (46)
                                                       --------
Loss before minority interest, equity income, &
  cumulative effect of accounting change                 (1,966)
Minority interest, net of tax                                (4)
Equity (loss) income                                         (3)
                                                       --------
Loss before cumulative effect of accounting change       (1,973)
Cumulative effect of accounting change                        -
                                                       --------
NET LOSS                                              (US$1,973)
                                                       ========

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
               Nine Months Ended September 30, 2006
                           (In Millions)

Cash flows from operating activities:
   Net loss                                           (US$4,611)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                           814
    Deffered income taxes                                    23
    Pension and other postretirement benefit expenses     1,189
    Equity income                                           (28)
    Reorganization items                                     58
    U.S. employee attrition program charges               2,948
   Changes in operating assets and liabilities:
    Accounts receivable, net                               (200)
    Inventories, net                                       (319)
    Other current assets                                    (86)
    Accounts payable                                        445
    Employee & product line obligations                       -
    Accrued & other long-term liabilities                   (70)
    Pension contributions & benefit payments               (219)
    Other postretirement benefit payments                  (182)
    Net payments for reorganization items                   (39)
    Other, net                                               55
                                                       --------
Net cash used in operating activities                      (222)

Cash flows from investing activities:
   Capital expenditures                                    (606)
   Proceeds from sale of property                            53
   Proceeds from sale of trade bank notes                   130
   Increase in restricted cash                             (110)
   Proceeds from divestitures                                24
   Other, net                                                (6)
                                                       --------
Net cash used in investing activities                      (515)

Cash flows from financing activities:
   Net proceeds from term loan facility                       -
   Repayments of borrowing under term loan facility           -
   Proceeds from revolving credit facility, net               2
   Repayments under cash overdraft                          (29)
   Net repayments under other debt agreements               (27)
   Dividend payments                                          -
   Other, net                                               (19)
                                                       --------
Net cash used in financing activities                       (73)
                                                       --------
Effect of exchange rate fluctuations
on cash & cash equivalents                                  32
Decrease in cash and cash equivalents                      (778)
Cash and cash equivalents at beginning of period          2,221
                                                       --------
Cash and cash equivalents at end of period             US$1,443
                                                       ========

A full-text copy of Delphi's Form 10-Q report for the third
quarter ended Sep. 30, 2006, filed with the United States
Securities and Exchange Commission is available for free at
http://ResearchArchives.com/t/s?19ea

                         About Delphi Corp

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

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


EDDIE BAUER: S&P Says Ratings Remain on Negative CreditWatch
------------------------------------------------------------
Standard & Poor's Ratings Services reported that its ratings,
including the 'B' corporate credit rating, on specialty apparel
retailer Eddie Bauer Holdings Inc., are still on CreditWatch
with negative implications.

This follows the Redmond, Washington-based company's report that
shareholders rejected the proposed sale to Sun Capital Partners
and Golden Gate Capital for US$285 million.  The day after the
shareholder vote, Fabian Mansson, the CEO and president,
resigned. Standard & Poor's believes considerable uncertainty
remains for the company because of operating performance being
lower than expected, the CEO vacancy, its highly leveraged
capital structure, and covenant compliance issues.

"Although operations apparently trended up in the fourth quarter
of 2006," said Standard & Poor's credit analyst David Kuntz, "we
believe that the year as a whole was below our expectations."

Furthermore, Standard & Poor's estimate that debt leverage
continued to worsen.

                About Eddie Bauer Holdings, Inc.

Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- http://www.eddiebauer.com/-- is a specialty retailer that
sells casual sportswear and accessories for the "modern outdoor
lifestyle."  Established in 1920 in Seattle, Eddie Bauer
believes the Eddie Bauer brand is a nationally recognized brand
that stands for high quality, innovation, style, and customer
service.  Eddie Bauer products are available at approximately
375 stores throughout the United States and Canada, through
catalog sales and online at http://www.eddiebaueroutlet.com/
The company also participates in joint venture partnerships in
Japan and Germany and has licensing agreements across a variety
of product categories.  Eddie Bauer employs approximately 10,000
part-time and full-time associates in the United States and
Canada.


KOBE STEEL: JCR Assigns A+ Ratings to Bond Nos. 44 and 45
---------------------------------------------------------
Japan Credit Rating Agency, Ltd., has assigned A+ ratings to two
series of Kobe Steel Ltd bonds to be issued under the company's
shelf registration.

    Issues      Amount     Issue Date  Due Date   Coupon  Rating
    ------      ------     ----------  --------   ------  ------
  bonds no. 44  JPY25 bil. 02/22/2007  02/22/2013  1.61%    A+
  bonds no. 45  JPY25 bil. 02/22/2007  02/22/2017  2.07%    A+

  Covenants: Negative Pledge
  Commissioner: No
  Shelf Registration:
  Maximum: JPY200 billion
  Valid: two years effective from July 7, 2006

JCR announced its upgrade of the long-term rating for Kobe Steel
from A to A+ on October 19, 2006.  Since then there have been no
significant changes that affect the rating.  The proceeds from
sales of bonds are expected to be used for redemption of the
outstanding bonds and repayment of the borrowings.  Therefore,
the debt issue will not have any significant impact on the
capital structure of the Company.

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings has upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


NORTHWEST AIRLINES: Files Disclosure Statement in New York
----------------------------------------------------------
Northwest Airlines Corporation and certain of its subsidiaries
have filed their Disclosure Statement with the United States
Bankruptcy Court for the Southern District of New York on
Feb. 15, 2007.  The disclosure statement provides additional
information and details regarding the company's Plan of
Reorganization, filed with the court on Jan. 12, 2007, and
amended with the Feb. 15 filing.

The disclosure statement provides an overview of Northwest's
business plan, which is built on the work the airline has done
to reposition the company for long-term success.  Initial
results of these efforts, which included implementation of a
competitive global network carrier cost structure, allowed the
company to report in 2006, its first profitable year since 2000.

The disclosure statement also outlines how Northwest employees
will share in the company's financial success through profit
sharing, as well as realizing the value of unsecured claims that
they hold.

"The submission provides further evidence of the progress we
have made toward realizing the three overarching goals put in
place when we filed for Chapter 11 protection: to achieve a
competitive cost structure, a more efficient business model and
a revitalized balance sheet," Doug Steenland, Northwest Airlines
president and chief executive officer, said.  "While we have
made substantial progress in our restructuring, and we remain on
track to emerge from bankruptcy in the second quarter of this
year, we still have work ahead of us.

"Our employees have contributed to this transformation through
their personal sacrifices and continued dedication to our
customers.  Our employees will continue to play a critical role
in Northwest's future success.

"A key element of our restructuring plan has always been to find
ways for employees to participate in the success of a profitable
Northwest.  Our plan re-affirms that employees will receive
unsecured claims related to new, ratified collective bargaining
agreements as well as to participate in a profit sharing plan.

"Through the claims and profit sharing, our employees would have
the equivalent of a 20 percent economic interest in the airline.
During the 2006-2010 period of the business plan, Northwest
forecasts that the claims and profit sharing would result in
employees receiving US$1.5 billion in distributions.

"The business plan calls for pre-tax margins to increase year-
over-year to 9.9% by 2010.  Revenue is forecast to grow to more
than US$14 billion by 2010.  The plan also outlines the
introduction of new, 76-seat regional jets and the new-
generation Boeing 787 during the next four years," Mr. Steenland
added.

Included in the disclosure statement is a valuation analysis of
Northwest prepared by Seabury Securities LLC, which estimates a
range of equity value of the company with a midpoint of
approximately US$7 billion, before any new common stock sales.
The aggregate amount of allowed general unsecured claims against
Northwest are estimated to be US$8.75 billion to US$9.5 billion.
Recovery for unsecured creditors -- in the form of new common
stock in Northwest Airlines Corporation -- would be substantial.

In addition, the plan provides for the sale of US$750 million in
new common stock in Northwest, pursuant to a fully underwritten
equity rights offering.  A substantial portion of that amount
will be raised by offering unsecured creditors the opportunity
to purchase additional new common stock in the airline through a
rights offering underwritten by J.P. Morgan Securities Inc.

"Our ability to raise US$750 million of new equity demonstrates
not only our desire to ensure that creditors share in the
airline's future success, but it also underscores the market's
confidence in Northwest's future," Mr. Steenland added.

                       Treatment of Claims

Under the plan, allowed administrative, priority and secured
claims will receive a full cash recovery.  Creditors with
allowed unsecured claims against debtor entities other than
Northwest Airline, Inc., NWA Corp., Northwest Airlines Holdings
Corporation, and NWA Inc., will also receive payment in full in
cash, without interest.  Distributions to all creditors due to
receive a recovery will begin on the date that Northwest's plan
becomes effective.

Because not all unsecured creditor claims will be satisfied in
full, the prepetition equity holders' interests in Northwest's
common and preferred stock will be cancelled, and those holders
will not receive a distribution.

"We are confident that our plan treats our creditors fairly, and
we look forward to working with them to obtain their support for
our reorganization plan so that they can receive their recovery
as quickly as possible and Northwest can move forward on a sound
economic footing," Mr. Steenland stated.

Approval of the disclosure statement by the court will allow
Northwest to begin solicitation of votes for confirmation of the
Plan of Reorganization.

The company remains on track to emerge from bankruptcy
protection during the second quarter of 2007.

                     Restructuring Progress

Reflecting on the airline's restructuring progress to date, Mr.
Steenland said, "Because of our progress in addressing important
cost and revenue issues including labor costs and employee
pensions, new and re-negotiated agreements with key suppliers
and partners, restructuring and modernizing the Northwest fleet,
right-sizing our level of flying and substantially reducing our
debt load, we have reached the critical milestone of filing our
disclosure statement in just 17 months."

These are the highlights of Northwest's restructuring efforts:

   * Northwest Airlines right-sized and re-optimized its fleet
     and global network by reducing systemwide capacity by
     approximately 10% during the first 12 months in bankruptcy
     (through Sept. 30, 2006).  The airline also removed 71
     mainline and regional aircraft from its fleet.  For the
     full year 2006, Northwest reduced its system-wide
     consolidated available seat miles by 7.5% over 2005.

   * The airline was able to achieve a competitive network
     carrier cost structure during 2006 due to a 10.8%
     year-over-year improvement in cost per available seat mile,
     excluding fuel and unusual items, on reduced capacity.
     The improved results were due in large part to
     implementation of US$2.4 billion in annual cost reductions
     including: US$1.4 billion in labor cost reductions,
     US$400 million in annual fleet ownership cost savings and a
     US$150 million reduction in annual interest expense related
     to unsecured debt.  Northwest also realized approximately
     US$100 million of the identified US$350 million in
     non-labor savings during 2006.  The airline expects to
     achieve the majority of the remaining savings during 2007.
     In addition, Northwest recorded a 12.3% year-over-year
     improvement in its consolidated passenger unit revenue
     during 2006.

   * Northwest made it a priority to protect employees' hard-
     earned pensions.  Northwest worked closely with its union
     leadership and the Congress on a landmark legislative
     solution, the Pension Protection Act, which preserved
     pension benefits for some 73,000 Northwest pension plan
     participants.  "Saving employees' pensions and avoiding
     pension plan terminations has been one of our greatest
     accomplishments in bankruptcy," Mr. Steenland said.
     The carrier froze its defined benefit pension plans and
     implemented new defined contribution plans for its
     employees.

   * The global carrier also began sharing its improved
     financial position with its employees in the form of
     US$1.2 billion in unsecured claims in Northwest's
     bankruptcy proceedings.  These claims were received by the
     company's unions as part of their new, ratified collective
     bargaining agreements.  Through claims and profit sharing,
     employees would have the equivalent of a 20% economic
     interest in the airline.  During the 2006-2010 period of
     the business plan, Northwest forecasts that the claims and
     profit sharing will result in employees receiving
     US1.5 billion in distributions.

   * Northwest has achieved a key goal of its restructuring
     efforts by reducing total debt by nearly US$4.2 billion.
     This was done through the elimination of unsecured debt and
     The restructuring of aircraft and other secured
     obligations.  Northwest also refinanced its bank term loan
     into a new Debtor in Possession/Exit financing facility on
     favorable terms.  The elimination and/or refinancing of
     these obligations allow the carrier to achieve a
     competitive balance sheet as well as favorable
     capitalization ratios.

   * The carrier also reached its re-fleeting objectives by
     negotiating new agreements as well as affirming existing
     new aircraft arrangements.  Northwest affirmed its
     deliveries of the fuel-efficient and customer friendly
     Airbus A330 aircraft and now has the youngest
     trans-Atlantic fleet in the industry.  The carrier also
     maintained its position as the North American commercial
     service launch airline for the new, long-range Boeing 787.
     The airline will take initial deliveries of the
     new-generation aircraft in August 2008 and put the
     Dreamliner into service during October of that year.
     During 2006, Northwest also ordered seventy-two 76-seat
     regional jets that will begin to enter service with
     Northwest Airlink partner airlines in the second half of
     this year.  As part of its aircraft retirement program,
     Northwest accelerated the retirements of the DC-10,
     747-200, and the ARJ85 regional jet.

   * Perhaps the best example of the airline's commitment to the
     renewal of its fleet was the retirement of the DC-10.  The
     last DC-10 was retired from commercial service last month.
     International and domestic routes, formerly operated with
     The DC-10, are now serviced by Airbus A330 and Boeing 747
     -400 aircraft, which offer additional customer amenities
     while providing the airline with improved operating
     economics.

   * A prime indicator that the hard work to restructure
     Northwest for long-term financial success is working was
     the airline's announcement last week that it had recorded
     its first profitable year since 2000.  The 2006 full-year
     results improved by nearly US$1.7 billion over 2005.
     Northwest expects to report further financial improvements
     during 2007 and beyond.

   * Northwest will raise US$750 million through the sale of new
     Northwest common stock, pursuant to a fully underwritten
     rights offering.  Northwest has reached an agreement with
     J.P. Morgan Securities Inc. to serve as the backstop
     underwriter of the equity offering.  Northwest was advised
     on the transaction by Seabury Securities LLC on financial
     matters and Cadwalader, Wickersham & Taft LLP on legal
     matters.

                     About Northwest Airlines

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

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


NORTHWEST AIRLINES: Disclosure Statement Hearing Set For Mar. 26
----------------------------------------------------------------
The Honorable Allan L. Gropper of the United States Bankruptcy
Court for the Southern District of New York will convene a
hearing at 11:00 a.m. on March 26, 2007, to consider the
adequacy of the disclosure statement describing Northwest
Airlines Corporations and its debtor-affiliates' First Amended
Joint and Consolidated Chapter 11 Plan of Reorganization.

The disclosure statement hearing will be held at Room 617 of the
U.S. Bankruptcy Court for the Southern District of New York, One
Bowling Green in New York City.

Objections to the disclosure statement will be due at 4:00 p.m.
on March 19, 2007.

                     About Northwest Airlines

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

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


NORTHWEST AIRLINES: Posts US$2.8-Bil. Net Loss in Full Year 2006
----------------------------------------------------------------
Northwest Airlines Corp. reported a full year 2006 net loss of
US$2.8 billion, including reorganization items, versus a
US$2.56 billion net loss for the full year 2005.  The company
also reported a full year 2006 pre-tax profit of US$301 million
before reorganization items, which compares to a full year 2005
pre-tax loss of US$1.38 billion before reorganization items.

For the fourth quarter, Northwest reported a pre-tax loss of
US$7 million before reorganization items versus a fourth quarter
pre-tax loss of $386 million before reorganization items in
2005's fourth quarter.  Including reorganization items,
Northwest reported a fourth quarter 2006 net loss of US$267
million versus a US$1.3 billion net loss for the fourth quarter
of 2005.

Commenting on the results, Doug Steenland, Northwest Airlines
president and chief executive officer, said, "Clearly, the work
we have done to reposition Northwest for the long term is
showing tangible results as we reported the first profitable
year since 2000.  To report an annual pre-tax profit is another
major milestone in Northwest's restructuring efforts."

"The airline's 2006 results improved by nearly US$1.7 billion
over 2005.  Our efforts have allowed us to implement a new,
competitive global network carrier cost structure, which when
combined with the unique assets of Northwest Airlines, will
produce strong results in the years ahead.  Our customers,
investors and employees will all benefit from a successful,
global airline."

Mr. Steenland continued, "Our progress to date is due in large
measure to the hard work and personal sacrifices of our
employees.  One of our goals is to share Northwest's success
with employees.  I am pleased to report that during the first
quarter, Northwest will distribute approximately US$44 million
through its profit sharing and performance incentive payments as
well as special holiday payments to our employees.  We
previously had authorized the sale of 20% of the unsecured
claims held by employees, which were part of ratified collective
bargaining agreements.  The sale of this 20% interest will total
approximately US$181 million in cash for our employees.  Last
week, we authorized the sale of another 20% of the unions'
claims."

                Fourth Quarter Financial Overview

Operating revenues in the fourth quarter increased 2.2% versus
the fourth quarter of 2005 to US$2.98 billion.  System passenger
revenue increased 8.0% to US$2.2 billion on 2.0% more mainline
available seat miles, resulting in a 5.9% improvement in unit
revenue.  Including regional carrier revenues, Northwest's
consolidated unit revenue improved 4.4 % on 0.3 % more ASMs.
Because of the significant improvement in unit revenue reported
by Northwest in the fourth quarter of 2005, year-over-year
comparisons show smaller improvements than in previous quarters.

Operating expenses in the quarter decreased 9.9% year-over-year,
excluding US$23 million of unusual items related to the Aircraft
Mechanics Fraternal Association severance, while mainline unit
costs, excluding fuel and unusual items, decreased by 14.0% on
2.0% more ASMs.  Salaries, wages and benefits decreased 22.6%,
primarily due to a combination of labor cost reductions and
headcount reductions. Aircraft rental expense decreased 41.0%,
primarily due to restructured and rejected aircraft leases.

During the fourth quarter, fuel averaged US$1.94 per gallon,
excluding taxes, down 2.0% versus the fourth quarter of last
year.

Northwest's year-ending unrestricted cash and short-term
investments balance was approximately US$2.1 billion excluding
US$424 million of restricted cash and short-term investments.

Neal Cohen, executive vice president and chief financial
officer, said, "We remain on target to complete our
restructuring in the second quarter.  We continue to work with
our stakeholders to successfully complete this process."

                      2006 Accomplishments

"When we entered Chapter 11 protection in mid-September of 2005,
we outlined three goals that would ensure our future success-
establish a competitive cost structure including both labor and
non-labor costs; develop a more efficient business model that
would allow us to continue to deliver superior choice and
service to our customers; and strengthen Northwest's balance
sheet with debt and equity levels consistent with long-term
profitability," Mr. Steenland said.

Some of Northwest's 2006 milestones included:

a) Restructuring

   -- Announcing its first profitable year since 2000.  The 2006
      full-year results improved by nearly US$1.7 billion over
      2005.  Northwest expects to report further financial
      improvement in 2007.

   -- Right-sizing and re-optimizing its fleet and network by
      reducing system-wide capacity by approximately 10% during
      the first year in bankruptcy (as measured by the 12 months
      ending Sept. 30, 2006) and by removing a number of
      mainline and regional aircraft from the Northwest fleet.
      For the full year 2006, NWA reduced its system-wide
      consolidated available seat miles by 7.5%.

   -- Further improving the airline's revenue premium to the
      industry by a 12.3% year-over-year improvement in
      consolidated passenger unit revenue.

   -- Achieving a competitive network carrier cost structure,
      with a 10.8% year-over-year improvement in cost per
      available seat mile (CASM) excluding fuel and unusual
      items on reduced capacity, through the implementation of
      US$2.4 billion annual cost reductions including:
      US$1.4 billion in labor cost reductions, achieving market-
      based aircraft rates through US$400 million in annual
      fleet ownership cost savings and US$150 million reduction
      in annual interest expense related to unsecured debt.
      Northwest also realized approximately US$100 million of
      the identified US$350 million in non-labor savings in
      2006, with the majority of the remaining savings to be
      realized in 2007.

   -- Protecting employee pensions and avoiding pension plan
      terminations by freezing its defined benefit pension
      plans, achieving pension reform legislation and
      implementing new defined contribution plans.

   -- Reducing the company's total debt by nearly US$4.3 billion
      through the elimination of unsecured debt, restructured
      aircraft and other secured obligations, and the
      refinancing of bank debt into a new DIP/Exit financing
      facility providing a competitive balance sheet and
      favorable capitalization ratios.

   -- Reaching new agreements and affirming existing new
      aircraft arrangements as part of Northwest's re-fleeting
      goal was another accomplishment.  NWA affirmed its
      deliveries of Airbus A330 aircraft and now has the
      youngest trans-Atlantic fleet in the industry.  NWA also
      affirmed its position as the North American service launch
      airline of the new Boeing 787, with deliveries beginning
      in August 2008.  The airline also ordered seventy-two 76-
      seat regional jets that will be introduced to Northwest
      passengers beginning later in 2007.  The dual class jets
      are optimally sized for many domestic markets and will
      give the airline potential growth opportunities over time.
      In addition, Northwest accelerated the retirements of the
      DC-10, 747-200 and ARJ85 regional jets.

   -- With Northwest's unsecured claims and bonds trading at
      between 80% and 95% of value, potentially allowing
      Northwest creditors, including employees who were granted
      claims through ratified, collective bargaining agreements,
      to have one of the most substantial recoveries to
      creditors of any major network carrier restructuring.

   -- Meeting a key aircraft modernization target early in
      January 2007 when the last DC-10 was retired from
      commercial service.  European, Japanese and Hawaiian
      routes flown with the DC-10 are now serviced by Airbus
      A330 and Boeing 747-400 aircraft, which offer additional
      customer amenities.  Over its 34 years of service,
      Northwest's DC-10s compiled a remarkable service record,
      completing more than 765,000 flights and carrying more
      than 125 million customers.

   -- Achieving its US$1.4 billion in annual labor savings
      target by reaching permanent labor savings agreements with
      the Air Line Pilots Association (ALPA), the Aircraft
      Mechanics Fraternal Association (AMFA), the Aircraft
      Technical Support Association (ATSA), the International
      Association of Machinists and Aerospace Workers (IAM), the
      Northwest Airlines Meteorologists Association (NAMA) and
      the Transport Workers Union of America (TWU).  The company
      also completed multiple rounds of salaried and management
      employee pay and benefit cuts, and the needed flight
      attendant labor cost savings.

b) Employees

   -- Safeguarding the hard-earned pensions of our employees, a
      top priority for the airline in 2006.  Northwest worked
      closely with union leadership and the Congress on a
      solution, the Pension Protection Act, which preserved
      pension benefits for the 73,000 Northwest pension plan
      participants.  "We believed fervently that saving our
      pension plans was the right thing to do for our employees
      and we never wavered from that commitment," Steenland
      said.

   -- Further empowering its employees as well as sharing the
      financial success of Northwest with them.  The airline has
      formed 45 employee involvement teams in order to solicit
      employee input on programs ranging from fuel conservation
      to customer service.  In addition to the unsecured claims
      in Northwest's bankruptcy proceedings received by the
      company's unions as part of collective bargaining
      agreements, Northwest will distribute approximately
      US$44 million through its profit sharing and performance
      incentive payments as well as through special holiday
      payments.

c) Customers

   -- Delivering efficient service to its customers as evidenced
      by the U.S. Department of Transportation statistics for
      the first 11 months of 2006.  Northwest ranked first in
      fewest mishandled bags and fewest customer complaints,
      second in on-time arrivals and third in completion factor
      among its peer group of the six network airlines.

   -- Expanding international service to meet the needs of
      customers.  In 2006, Northwest re-established its daily
      nonstop Minneapolis/St. Paul - London and WorldGateway at
      Detroit - Paris service and increased service during the
      summer from Seattle to its Tokyo hub.  In addition,
      Northwest and joint venture partner KLM announced several
      new routes, scheduled to begin in 2007.  The new routes
      Northwest will operate include Hartford-Amsterdam,
      Detroit-Brussels, and Detroit-Dusseldorf.  Northwest will
      also expand Detroit-Amsterdam, Boston-Amsterdam and
      Detroit-Frankfurt service.

   -- Making the travel experience smoother for customers.
      Northwest introduced an "open boarding" process to reduce
      the amount of time customers spend boarding their flights.
      The airline also implemented food enhancements during the
      year including the reintroduction of meal choices in
      domestic first class, providing customers with healthier
      meal options.

   -- Responding to customers' desire for efficient flight
      check-in.  To better serve customers traveling throughout
      its global network, Northwest expanded its Internet check-
      in options on http://www.nwa.com/by adding a "fax my
      boarding pass" feature for trans-Atlantic and trans-
      Pacific customers.  In 2006, 81% of Northwest's customers
      checked in for their flights over the Internet or at one
      of 1,100 self-service check-in kiosks worldwide.
      Northwest continues to offer check-in kiosks in more
      locations than any other airline.

                           Plan Update

As reported in the Troubled Company Reporter on Feb. 16, 2007,
Northwest and 13 of its direct and indirect subsidiaries filed
with the U.S. Bankruptcy Court for the Southern District of New
York an amended disclosure statement describing their First
Amended Joint and Consolidated Chapter 11 Plan of
Reorganization.

The Disclosure Statement provides an overview of Northwest's
business plan, which is built on the work the airline has done
to reposition the company for long-term success.  Initial
results of these efforts, which included implementation of a
competitive global network carrier cost structure, allowed the
company to report in 2006, its first profitable year since 2000.

The disclosure statement also outlines how Northwest employees
will share in the company's financial success through profit
sharing, as well as realizing the value of unsecured claims that
they hold.

Included in the disclosure statement is a valuation analysis of
Northwest prepared by Seabury Securities LLC, which estimates a
range of equity value of the company with a midpoint of
approximately US$7 billion, before any new common stock sales.
The aggregate amount of allowed general unsecured claims against
Northwest are estimated to be US$8.75 billion to US$9.5 billion.
Recovery for unsecured creditors -- in the form of new common
stock in Northwest Airlines Corporation -- would be substantial.

In addition, the plan provides for the sale of US$750 million in
new common stock in Northwest, pursuant to a fully underwritten
equity rights offering.  A substantial portion of that amount
will be raised by offering unsecured creditors the opportunity
to purchase additional new common stock in the airline through a
rights offering underwritten by J.P. Morgan Securities Inc.

                       Treatment of Claims

Under the Plan, allowed administrative, priority and secured
claims will receive a full cash recovery.  Creditors with
allowed unsecured claims against debtor entities other than
Northwest Airline, Inc., NWA Corp., Northwest Airlines Holdings
Corporation, and NWA Inc., will also receive payment in full in
cash, without interest.  Distributions to all creditors due to
receive a recovery will begin on the date that Northwest's plan
becomes effective.

Because not all unsecured creditor claims will be satisfied in
full, the prepetition equity holders' interests in Northwest's
common and preferred stock will be cancelled, and those holders
will not receive any distribution.

                     About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.


NORTHWEST AIRLINES: Wants Court Approval on Mesaba Purchase
-----------------------------------------------------------
Northwest Airlines, Inc., has formally sought the approval of
the United States Bankruptcy Court for the Southern District of
New York to acquire the operations of Mesaba Aviation, Inc., as
a going concern pursuant to a Stock Purchase and Reorganization
Agreement.  Northwest has also asked the New York Court to
approve a settlement and compromise with Mesaba.

The Stock Purchase and Reorganization Agreement dated Jan. 22,
2007, represents a comprehensive, global settlement of matters
between Northwest and Mesaba.  Under the deal, Northwest will
receive an allowed $7,300,000 general unsecured claim against
Mesaba.  Mesaba, in turn, will receive an allowed US$145,000,000
general unsecured claim against Northwest.

On January 22, 2007, Mesaba filed a plan of reorganization,
which implements the Stock Purchase and Reorganization
Agreement.

The Purchase Agreement and Mesaba's Plan provide that all Mesaba
equity will be cancelled and that Mesaba will issue and sell to
Northwest 1,000 new shares of Mesaba common stock.

Mesaba's operations have considerable value to Northwest,
Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP,
in Washington, D.C., tells Judge Allan L. Gropper.  "Mesaba's
operations are critical and complementary to Northwest's
business," Mr. Ellenberg says.

Mesaba derives nearly all of its revenue from providing regional
jet services pursuant to an Airline Services Agreement with
Northwest dated August 29, 2005.  Under the ASA, Northwest
establishes the scheduling, pricing, reservations, ticketing and
seat inventories for Mesaba flights.

Mesaba has asserted a US$252,821,231 claim against Northwest.
The Mesaba Allowed Claim will satisfy in full Mesaba's Filed
Claim.

Northwest will also pay up to US$10,000,000 to Mesaba to assure
the payment of certain allowed administrative expenses in
Mesaba's bankruptcy case.

Northwest has also entered into a separate settlement and
compromise with MAIR Holdings, Inc., Mesaba's parent company.

Unless MAIR will have breached in any material respect its
obligations set forth its settlement with Northwest, if the
closing of the transactions contemplated in the agreement
between Northwest and MAIR will have been consummated, Northwest
will allow Mesaba to use up to US$4,500,000 of its cash to pay
for amounts necessary to cure defaults under certain of Mesaba's
contracts.

The deal is also subject to approval by the U.S. Bankruptcy
Court for the District of Minnesota under Mesaba's bankruptcy
case.  The deal may be terminated at any time prior to the
Closing:

    (i) by mutual consent of Northwest and Mesaba;

   (ii) by Northwest or Mesaba, if the other party breaches the
        Agreement; or

  (iii) by Northwest or Mesaba, if the Closing will not have
        taken place on or prior to April 30, 2007.

Northwest may extend the April 30 Termination Date to May 30,
2007, to give Mesaba time to obtain approval, permit or
authorization from any government authority.

Mesaba may terminate the Purchase Agreement if:

    -- Northwest will not have obtained approval of the deal
       from the Northwest Bankruptcy Court on or prior to
       March 8, 2007; or

    -- its board of directors will have approved or recommended,
       or if it will have executed or entered into a definitive
       agreement with respect to, a superior proposal.

If Mesaba pursues a competing proposal, it will have to pay
Northwest a termination fee equal to 3% of the lesser of:

    * the sum of the Allowed Claim plus US$10,000,000; and

    * the sum of the aggregate consideration of the Allowed
      Claim -- if sold to a third party -- plus the portion of
      The Allowed Claim that was not disposed, if any, plus
      US$10,000,000.

As previously reported, Mesaba has sold the Allowed Claim to
Goldman Sachs Credit Partners, L.P., for about 86.125% of its
value.  Mesaba is expected to receive US$124,881,250 in the
aggregate from that sale.

The Purchase Agreement does not benefit any insider, nor does it
unfairly favor any creditor or other party-in-interest, Mr.
Ellenberg assures Judge Gropper.

A full-text copy of the Stock Purchase and Reorganization
Agreement with Mesaba is available at no charge at:

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

The New York Court will consider approval of the Purchase
Agreement on February 27, 2007, at 11:00 a.m.  Objections, if
any, to the transaction must be filed by February 22.

                      About Mesaba Aviation

Headquartered in Eagan, Minn., Mesaba Aviation Inc., dba
Mesaba Airlines -- http://www.mesaba.com/-- operates as a
Northwest Airlink affiliate under code-sharing agreements with
Northwest Airlines.  The Company filed for chapter 11 protection
on Oct. 13, 2005 (Bankr. D. Minn. Case No. 05-39258).  Michael
L. Meyer, Esq., at Ravich Meyer Kirkman McGrath & Nauman PA,
represents the Debtor in its restructuring efforts.  Craig D.
Hansen, Esq., at Squire Sanders & Dempsey, L.L.P., represents
the Official Committee of Unsecured Creditors.  When the Debtor
filed for protection from its creditors, it listed total assets
of US$108,540,000 and total debts of US$87,000,000.

                    About Northwest Airlines

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

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


OKI ELECTRIC: Moody's Changes Ba2 Rating Outlook To Negative
------------------------------------------------------------
Moody's Investors Service has changed to negative from stable
the outlook of its Ba2 senior unsecured long-term debt ratings
of Oki Electric Industry Co., Ltd., in response to the company's
announcement of a downward revision of its FYE3/2007 profit
forecast.  The outlook change reflects Moody's concern about
whether the company can adequately restore overall profitability
in a timely manner despite difficult market conditions.

Oki revised its operating profit forecast to negative JPY6 yen
from positive JPY15 billion due to weaker-than-expected
performances of its three major segments, Info-Telecom Systems,
Semiconductors and Printers.  Info-Telecom Systems, in
particular, is set to record negative profitability, chiefly
because of lower than expected revenue in the telecommunication
sector and deterioration of product mix in the finance sector.
In addition, Oki expects an JPY18 billion loss relating to
reduced deferred tax assets.

As a result, Oki also changed its net income forecast to
negative JPY38 billion from positive JPY2.5 billion, which is
likely to decrease the company's capital base, which stood at
JPY133.9 billion in March 2006.

Meanwhile, Oki announced that it will take several measures to
strengthen profitability: accelerating its strategic focus on
business fields with stronger competitiveness, reallocating its
management resources to improve operational efficiency and
strengthening its cost structure.

Moody's views that Oki can maintain its Ba2 rating, which
incorporates the company's profit volatility and high leverage,
if it successfully strengthens the competitiveness of its core
business segments by implementing the restructuring measures and
restoring overall profitability in a timely manner.  Moody's
also expects Oki to be able to keep reasonable financial
flexibility with the support of its main banks.

At the same time, the negative outlook reflects Moody's concern
that the difficult business environment, such as severe
competition in core markets and evolution in its key customers'
markets, may hinder the company's restructuring and delay profit
recovery.  In addition, Oki could bear additional restructuring
charges in effectively implementing the restructuring measures,
which in Moody's opinion may further pressure its capital
structure.

Oki Electric Industry Co., Ltd. headquartered in Tokyo, is a
major telecommunication and information equipment provider in
Japan.


SAPPORO HOLDINGS: To Block Steel Partners Takeover, Reports Say
---------------------------------------------------------------
Sapporo Holdings Ltd. plans to introduce new anti-takeover
measures to counter a bid by United States investor Warren
Lichtenstein -- through Steel Partners Japan Strategic Fund L.P.
-- Bloomberg News relates.

The Japan Times notes that Steel Partners is already Sapporo's
biggest shareholder with an 18.6% stake.  As reported in the
Troubled Company Reporter - Asia Pacific on Feb. 19, 2007, Steel
Partners proposed discussions with Sapporo pertaining to its
desire to acquire a 66.6% holding in the brewery in terms of
voting rights.

Calling its buyout bid friendly, Steel Partners said it will
implement a public tender offer to acquire the targeted stake if
it gets the approval of Sapporo's board of directors, Kyodo News
notes.  However, if the board rejects its proposal, Steel
Partners is expected to launch a hostile takeover bid for
Sapporo.

                   Steel Partners' Updated Bid

Steel Partners proposed to Sapporo management that it would pay
JPY825 a share, 4.3% more than the closing price on Feb. 15,
2007, Bloomberg says.

The report points out that should Steel Partners make a tender
offer, it would be the company's second bid for a Japanese food
and drinks firm in the past three months, following a failed
attempt to buy instant noodle maker Myojo Foods Co.

Steel Partners said that it has no plans to change Sapporo's
management or board.

                     Anti-Takeover Measures

According to the Kyodo News report, after Steel Partners made
its announcement, Sapporo said that it would consider whether to
resort to a package of measures to ward off a hostile takeover,
including issuing equity warrants to existing shareholders,
other than the bidder, to make Sapporo stock less attractive to
the buyer.

Bloomberg points out that Sapporo, last year, introduced these
anti-takeover measures allowing it to dilute its stock to rebuff
a hostile bid seeking more than 20% of voting rights.

Sapporo shortened the period in which it can dilute its stock to
10 days from 25 days in December, Bloomberg says, citing an
earlier report by the Financial Times.

Sapporo said that it planned to offer stockholders with fewer
than 20% of voting rights options to purchase additional shares
for JPY1.00 each, as a means of rebuffing hostile bidders.

Earlier in February, Steel Partners proposed that Sapporo drop
its anti-takeover measures, Bloomberg recounts.  The New York-
based fund called for the issue to be decided at a general
shareholders meeting, Bloomberg cites a statement by Sapporo.

                   Company Denies Tie-Up Talks

Kyodo News relates that Sapporo Holdings denied reports that it
has held tie-up negotiations with domestic rival brewers -- like
Asahi Breweries Ltd. -- to counter the unsolicited takeover bid
from Steel Partners.

However, according to the report, a Sapporo executive indicated
that the company is not ruling out a friendly merger proposal
from a firm acting as white knight to save Sapporo from a
hostile takeover.

Kyodo News says that, as earlier reported by Yomiuri Shimbun,
Asahi, the largest domestic beer brewer by shipments, proposed a
merger to Sapporo in unofficial talks late last year.

The two firms used to be a single company called Dai Nippon
Breweries Co. until they split up in 1949, Kyodo News recalls.

The report says that through a merger with Sapporo, Asahi hopes
to extend the lead over its close rival, Kirin Brewery Ltd.
Although Sapporo so far has not made any definite response to
Asahi's offer, they may speed up talks to block Steel Partners'
takeover attempt, according to the Yomiuri.

                     About Asahi Breweries Ltd.

Headquartered in Tokyo, Asahi Breweries Ltd., --
http://www.asahibeer.co.jp/-- is involved in the production and
sale of beer, apposhu (low-malt beer), sho-chu, chu-hi, spirits,
and wine. The company is also involved in  business related
works to new construction, renovation, maintenance, and energy
and resource conservation. The company also produces and sell
non-alcoholic beverages, such as Juroku-Cha, Wanda, Mitsuya
Cider, Bireley's, and other chilled beverages.

      About Steel Partners Japan Strategic Fund(Offshore), L.P.

Steel Partners Japan Strategic Fund(Offshore), L.P. 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.


SAPPORO HOLDINGS: 2006 Profit Drops 36% to JPY2.33 Billion
----------------------------------------------------------
Sapporo Holdings Ltd.'s full-year 2006 net income dropped 36% to
JPY2.33 billion (US$19 million) from JPY3.63 billion in 2005 due
to falling sales, Bloomberg News relates, citing a statement by
the company to the Tokyo Stock Exchange.

AFX News Limited notes that, according to Sapporo, shipments of
conventional beers had fallen by 2% to 37.15 million cases,
shipments of low-malt "happoshu" had fallen by 9% to 10.05
million cases, and shipments of "third-sector" drinks had fallen
by 24% to 16.63 million cases.  One case contains 20
633-milliliter bottles.

According to AFX, this meant that revenue fell by 4% to
JPY453.1 billion and that operating profit dropped by 16% to
JPY8.6 billion from the figures recorded in 2005.

Bloomberg, citing a report by the Brewers Association of Japan
and Brewers Council of Happoshu Taxation, points out that
Japan's domestic shipments of regular, low-malt and alternative
beers by Japan's five biggest brewers fell 2.1% in December to
50.44 million cases.

Sapporo assumes that its sales of "third-sector" beverages will
grow by 29% in 2007 and that its shipments of beer will increase
by 5%, AFX notes.  On this basis, it forecasts a 41% rise in
2007 net profit to JPY3.3 billion and a 59% rise in operating
profit to JPY13.7 billion on an 11% rise in sales to JPY484
billion.

                     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.


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

HANAROTELECOM: 2006 Net Loss Falls 58.8% On One-Time Expenses
-------------------------------------------------------------
hanarotelecom, Inc., disclosed that full-year revenues rose
19.3% year-on-year on the back of the revenue growth in
broadband, voice, corporate business, etc.  While operating
profit fell 42.1% from 2005 due to an increase in operating and
marketing expenses driven by fierce competition in the broadband
market, net loss decreased 58.8% owing to the one-time expenses
incurred from the integration with Thrunet, etc. in 2005.

In terms of earnings for the fourth quarter of 2006, the company
stated that revenues rose slightly to KRW431.3 billion whereas
operating loss and net loss stood at KRW3.3 billion and
KRW45.9 billion, respectively, due to an increase in subscriber
acquisition costs, the expansion of call centers and a seasonal
hike in maintenance expenses.

The company places priority on increasing the number of
subscribers to hanaSet, a service bundle of broadband, voice and
hanaTV that offers up to 20% discount on service fees.  Its
strategy is to promote the acquisition of new subscribers by
offering deeper discounts compared to single products and to
focus on up-selling targeting existing subscribers to increase
customer-level ARPU and strengthen customer retention.

In particular, the company will dramatically increase revenues
in 2007 through new growth engines like hanaTV and corporate
business.  With the cumulative number of hanaTV subscribers
reaching 300,000 as of the end of January 2007, Hanaro plans to
achieve revenues of KRW70-80 billion and 1 million subscribers
by the end of 2007.  On the corporate business side, the company
aims to achieve revenues of KRW440 billion in 2007, up 18%
compared to the previous year, by strengthening existing
businesses like corporate voice and IDC and advancing into
NI/solution businesses.

The cumulative number of optical LAN subscribers reached 900,000
as of the end of 2006, accounting for 40% of the 100Mbps market.
Mainly through upgrading Hanaro's own HFC networks to 100Mbps
networks, the company is planning to expand the total 100Mbps
coverage to 12.6 million households by the end of 2007 from the
current optical LAN coverage of 4.3 million households.

Representative Director & CEO Byung-Moo Park said "by providing
competitive customer services, we will lay the foundation for
stable growth for existing businesses this year.  In addition,
we will focus on fostering new growth engines such as hanaTV and
corporate business so that we will be able to achieve sustained
profits.  To this end, we will maximize corporate efficiency
through continuous innovation as well as selective and focused
investment."

Meanwhile, Hanaro stated that the upward trend in subscriber net
adds is strengthening with 20,000 subscribers in broadband and
28,000 subscribers in voice for January 2007, backed by the
success of hanaSet, the bundled service the company launched in
January 2007 for the first time in Korea.

                      About hanarotelecom

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

                          *     *     *

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

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


KOREA EXCHANGE BANK: NACF to Bid for Bank
-----------------------------------------
National Agricultural Cooperatives Federation said that it will
bid in the second attempt to sell Korea Exchange Bank, The
Chosun Ilbo reports.

At a press conference, NACF President and CEO Chung Yong-geun
said there is common sentiment that NACF, as a domestic
operation, should take over KEB, the report relates.

Mr. Chung said that he will work to sway the Government and the
Financial Supervisory Service to the idea, Chosun Ilbo relates,
noting that both parties are currently not keen on an NACF bid.

On Feb. 12, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from The Chosun Ilbo stating that during an
investigation by Korean authorities over irregularities in its
takeover of KEB, Lone Star Funds withdrew from a deal to sell
its stake to Korea's largest lender, Kookmin Bank.

The TCR-AP noted that Lone Star's decision to sell the bank to a
strategic investor has not changed.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
established in 1967, is one of seven national banks in South
Korea with over 300 domestic branches and 28 overseas networks
constituting the most extensive global banking network of any
Korean bank.  KEB Futures -- http://www.kebf.com/english/-- is
a clearing member of KOFEX and is a subsidiary of Korea Exchange
Bank, the official F/X settlement bank for Korean Futures
Exchange.

                          *     *     *

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.


KOOKMIN BANK: Court Orders Payment to Clients for e-mail Blunder
----------------------------------------------------------------
The Seoul Central District Court ordered Kookmin Bank to pay
1,026 people KRW100,000 (US$107) each, for an e-mail blunder,
Yonhap News relates.

Moreover, the report says, the court has ruled that two of the
plantiffs -- whose names and e-mail addresses only were
circulated -- are eligible for KRW70,000 each.

According to the paper, the bank distributed e-mails regarding
lottery ticket purchases in March 2006 to 32,277 customers, but
also mistakenly attached a file containing their personal
information including names, e-mail addresses and resident
registration numbers.

Registration numbers are widely used in South Korea for
identification in electronic banking and government and
corporate services, Yonhap notes.

The inadvertent circulation of their personal information
prompted the customers to file a suit citing "mental agony
caused by the unwanted distribution of personal information,"
the paper says.

"Even though the bank's indiscretion did not cause significant
asset losses for the customers, the ruling serves as a warning
that any distribution of confidential information is punishable
if it causes mental distress to the victims," the paper cites
the plantiffs' attorney, Park Jin-sik, as saying.

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

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


LG CARD: Earns KRW1.19 Trillion in 2006, Down 12.4% Year-on-Year
----------------------------------------------------------------
LG Card Co., posted a 12.4% decrease in net profit for fiscal
year 2006 from the figure recorded a year earlier, Yonhap News
reports.

Specifically, the company's net profit came to KRW1.19 trillion
(US$1.28 billion) in 2006, compared with KRW1.36 trillion in
2005, the report cites the company's regulatory filing.

The company revealed that sales declined 1% year-on-year to
KRW2.7 trillion, and operating profit fell 4.6% to
KRW1.19 trillion, the report relates.

The company's decreased earnings was due to "a decline in the
recovery of bad debts and reduced cash services," Yonhap cites
an official at the company.

As of the end of December, LG Card's delinquency ratio stood at
5.34%, down 2.55 percentage points from a year earlier, the
company further revealed, noting that risk assets declined 34%
year-on-year to KRW1.36 trillion while normal assets went up
15.1% to KRW10.57 trillion.

According to LG Card, its profitability-focused businesses
boosted normal assets and an improved asset quality helped
reduce loan-loss reserves in 2006, the report says.

Yonhap recounts that in December 2006, Shinhan Financial Group,
the country's second-largest financial services company, decided
to buy a 61% stake in LG Card from creditors.  Shinhan plans to
wrap up the acquisition by March 2007 after making a public
tender offer to buy out the remaining shares of LG Card, the
paper relates.

                     About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to recover
the bailout amount through a sale of the credit card issuer.


LG CARD: Shareholder Sells US$249 Million Worth of Shares
---------------------------------------------------------
An unidentified institutional shareholder has sold
KRW230.3 billion (US$249 million) worth of shares in LG Card
Co., Anette Jonsson writes for FinanceAsia.com Ltd, noting that
the sale comes ahead of an expected offer by Shinhan Financial
Group for shares held by minority shareholders in the company.

The transaction was completed on Feb. 13, 2007, at a price of
KRW60,600 per share, representing a 2.1% discount to the closing
price of KRW61,900, the report relates.

The report also notes that the 3.8 million shares were offered
to investors without an indicative range.

Morgan Stanley arranged the offer, which accounted for 3% of LG
Card's issued share capital and just under 20 days trading
volume, FinancAsia says.

According to sources, the shareholder will still hold stock in
the company after the deal, thus it will have to disclose the
transaction over the next few days, the paper relates.

The deal met with good interest from Asian investors --
including "one or two Koreans" -- who were keen for a chance to
buy the stock at a discount to be able to participate in the
Shinhan offer, FinanceAsia cites an unidentified source as
saying.

On Jan. 8, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from Reuters stating that Shinhan Financial Group
will pay KRW6.68 trillion (US$7.19 billion) for a majority stake
in LG Card, setting the same price for shares held by both
creditors and minority shareholders.

In Shinhan's regulatory filing with the Korea Exchange, it was
disclosed that Shinhan will purchase 78.6% stake in LG Card at
KRW67,770 per share in a public tender in February or March.

                       About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to recover
the bailout amount through a sale of the credit card issuer.


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

CYGAL BERHAD: Close of Proposed Acquisitions Extended to June 30
----------------------------------------------------------------
The parties involved with the proposed acquisitions under Cygal
Bhd's corporate restructuring scheme agreed to extend the
completion of the acquisitions until June 30, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 23, 2006, the Securities Commission approved Cygal's
request to extend the time within which the company may
implement its corporate restructuring exercise until Dec. 31,
2006.  In a subsequent TCR-AP report, the company again filed a
petition seeking to further extend the completion of its scheme
to June 30, 2007.  The application is currently pending on the
SC's approval.

Cygal's proposed acquisitions involved the subscription of
Laudable Invention Sdn Bhd and the Sale and Purchase Agreement
for the proposed acquisition of Cygal Properties Sdn Bhd.

According to the company's proposed scheme, Cygal will be
delisted and a new company (Newco) will take charge of the
company's operations.  Accordingly, Newco will subscribe 9,998
ordinary shares of MYR1.00 each in Laudable Invention Sdn. Bhd
at par, representing 99.98% of the issued and paid-up share
capital of LISB.  In addition, Newco will acquire Laudable
Invention's 815,055 redeemable preference shares of MYR1.00 for
a total consideration of MYR8,450,999 to be satisfied by cash of
MYR9,999 and the issue of 8,441,000 new ordinary shares of
MYR1.00 each in Newco.

Meanwhile, Newco will also acquire 3,100,000 ordinary shares of
MYR1.00 each and 150,000 redeemable unconvertible preference
shares of MYR1.00 each in Cygal Properties Sdn. Bhd.  The
acquisition will be paid through cash for a total consideration
of MYR22,031,001 and the issue of 22,031,000 new ordinary shares
of MYR1.00 each in Newco at an issue price of MYR1.00.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.
The Troubled Company Reporter - Asia Pacific reported on
Jan. 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in its Nov. 2001 Settlement Agreement
with its creditors.  The deal relates to the settlement of
Cygal's MYR229,637,109 debt to its lenders.

Cygal's balance sheet as of end-September 2006 showed total
assets of MYR221.95 million and total liabilities of
MYR505.21 million.  Shareholders' deficit reached
MYR283.26 million.


CYGAL BHD: Creditors OK Plan Implementation Extension to June 30
----------------------------------------------------------------
Cygal Bhd obtained the consent of majority of its financial
institution creditors for a further extension of time to
implement its corporate exercises until June 30, 2007.

On Jan. 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that the company filed a petition seeking to extend the
completion of its scheme to June 30, 2007.  The application is
currently pending with the Securities Commission.

Cygal's restructuring exercise includes:

   (i) Share Exchange;

  (ii) Debt Restructuring, which comprises:

          * Financial Institutions Scheme;

          * Non Financial Institutions Scheme; and

          * Part Settlement of amount owed to Offshore Financial
            Institution;

(iii) Additional issue to Commerce International Merchant
       Bankers Berhad;

  (iv) Rights Issue of Shares together with Warrants;

   (v) Acquisition of property development companies; and

  (vi) Delisting of Cygal and the listing of a new investment
       holding company, Sycal Ventures Berhad (formerly known as
       Sycal Ventures Sdn Bhd, which was formerly known as
       Active Accord Sdn Bhd) in place of Cygal.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.
The Troubled Company Reporter - Asia Pacific reported on January
13, 2006, that Cygal has obtained the consent of the majority of
its financial institution creditors for a further extension of
time within which Cygal is to meet the conditions precedent as
stipulated in its Nov. 2001 Settlement Agreement with its
creditors.  The deal relates to the settlement of Cygal's
MYR229,637,109 debt to its lenders.

Cygal's balance sheet as of end-September 2006 showed total
assets of MYR221.95 million and total liabilities of
MYR505.21 million.  Shareholders' deficit reached MYR283.26
million.


DCEIL INTERNATIONAL: Court Orders Unit's Wind-Up
------------------------------------------------
The Kuala Lumpur High Court issued an order on Jan. 11, 2007,
for the wind-up of Dceil Sdn Bhd, a wholly owned subsidiary
Dceil International Bhd.

According to a report by the Troubled Company Reporter - Asia
Pacific on Nov. 15, 2006, TSI Trading & Distribution Sdn Bhd
filed the wind-up petition due to a MYR532,937 default in
payment by Dceil Sdn to TSI Trading.

The High Court of Malaysia heard the petition on December 14,
2006.

                          *     *     *

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

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

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

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


FA PENINSULAR: Unveils Proposals Under Regularization Plan
----------------------------------------------------------
FA Peninsular Bhd disclosed with the Bursa Malaysia Securities
Bhd its regularization plan proposals showing steps on how it
would stabilize its current financial and operational status.

The proposals, among others, include:

    * Proposed Capital Reduction
    * Proposed Acquisition
    * Proposed Rights Issue
    * Proposed Restricted Offer for Sale; and
    * Proposed Exemption

Based on the company's regularization plan, FA Peninsular will
reduce its capital through the cancellation of issued and paid-
up share capital comprising 76,955,000 ordinary shares of
MYR1.00 each to 19,238,750 ordinary shares of MYR1.00 each.

The proposed capital reduction will give rise to a credit of
approximately MYR57,716,250, which the company intends to set-
off against its accumulated losses, which stood at MYR85,479,120
based on the audited accounts as at March 31, 2006.

In addition, FA Peninsular proposes to acquire 6,900,000
ordinary shares of RM1.00 each representing 76.67% equity
interest in Ara Borgstena Sdn Bhd for a total consideration of
MYR28,863,800 to be settled by issuance of FA Peninsular shares
of MYR1.00 each.

The company, then, proposes to issue renounceable rights of
12,025,368 ordinary shares of RM1.00 each on the basis of one
new FAP Shares for every four existing FAP Shares held after the
Proposed Capital Reduction and the Proposed Acquisition.

The MYR12,025,638 gross proceeds from the rights issue will be
utilized as a working capital.

Meanwhile, it is proposed that Ara Heights Sdn Bhd will
undertake a restricted offer for sale of up to 4,800,000 new FAP
Shares to investors to be identified at an indicative offer
price of MYR1.00 per share.

Pursuant to the proposed acquisition, Ara Heights will exceed
the 33% threshold requirement, which would require them to
undertake a mandatory general offer.

With this regard, Ara Heights will seek an exemption from the
Securities Commission from having to undertake a mandatory
general offer under Practice Note 2.9.3 of the Code.

                          *     *     *

FA Peninsular's principal activities are processing and trading
cocoa.  Other activity includes stock and share-broking.
Operations are carried out mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd.

As of Sept. 30, 2006, the company's balance sheet showed
insolvency with MYR15.879 million in total assets and
MYR21.804 million in total liabilities.  Shareholders' deficit
in the company reached MYR5.92 million.


GEORGE TOWN: Unable to Submit Third Quarter Results
---------------------------------------------------
George Town Holdings Bhd will not be able to submit its
financial results for the third quarter ended Nov. 30, 2006, on
or before the Feb. 28. 2007 deadline, the company told the Bursa
Malaysia Securities Bhd.

According to the company, it is still currently working on its
regularization plan, thus the delay.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that the bourse suspended the trading of the
company's securities on Jan. 15 after the company failed to
timely submit its regularization plan to relevant authorities
for approval.

The TCR-AP also noted that George Town's securities have already
been suspended from trading since August 1, 2005, due to the
fact that the company has not issued its Annual Audited Accounts
for the 15 months ended December 31, 2004.

                          *     *     *

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.

The Group operates in Malaysia, Continental Europe/Offshore
Islands and other countries.

The company has been categorized as an Affected Listed Issuer
under Practice Note 17, based on its unaudited financial
statement as at December 31, 2004, wherein it showed that it had
MYR28.7 million shareholders' equity representing 23.4% of the
issued and paid-up share capital which is less than the 25%
minimum required under the listing requirements of Bursa
Securities.


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

BLUES CONTRACTING: Court to Hear CIR's Liquidation Petition
-----------------------------------------------------------
The High Court of Hamilton will hear a liquidation petition
filed against Blues Contracting Ltd 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


DENCO AIR: Creditors to Prove Debts by March 16
-----------------------------------------------
The creditors of Denco Air NZ Ltd are required to prove their
debts by March 16, 2007.

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

The Joint Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


DIMENSION BUILDERS: Court Orders Liquidation
--------------------------------------------
On Jan. 29, 2007, the High Court of Christchurch entered an
order to liquidate the business of Dimension Builders Ltd.

Accordingly, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific previously reported
that the Commissioner of Inland Revenue filed the liquidation
petition against the company.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level 1, 148 Victoria Street
         Christchurch
         New Zealand


EPS SERVICES: Court Sets Liquidation Hearing on March 1
-------------------------------------------------------
Accident Compensation Corporation filed a liquidation petition
with the High Court of Napier against EPS Services Ltd on
Nov. 7, 2006.

The petition will be heard on March 1, 2007, at 10:00 a.m.

Accident Compensation's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller
         2/F, McDonald's Building
         Cobham Court, Porirua City
         New Zealand


GENTRY RESIDENTIAL: Liquidation Hearing Slated for Feb. 26
---------------------------------------------------------
An application to liquidate Gentry Residential 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


GLOVER LAND: Shareholders Opt to Liquidate Business
---------------------------------------------------
On Feb. 9, 2007, the shareholders of Glover Land Ltd resolved to
liquidate the company's business.

In this regard, Michael Crawford was appointed as liquidator.

The Liquidator can be reached at:

         Michael Crawford
         PO Box 17, Hamilton
         New Zealand
         Telephone:(07) 838 4800
         Facsimile:(07) 838 4810


KRAMILA KRUTCHING: Court Issues Liquidation Order
-------------------------------------------------
The High Court of Christchurch released an order to liquidate
the business of Kramila Krutching Kradle Ltd on Jan. 29, 2007.

Accordingly, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific has reported that
the company faced liquidation proceedings on Jan. 29, 2006.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level 1, 148 Victoria Street
         Christchurch
         New Zealand


PROVINCIAL FINANCE: Receivers Sue Car Dealers for NZ17.6 Million
----------------------------------------------------------------
PricewaterhouseCoopers, as receivers for Provincial Finance, is
suing a family of South African used-car dealers -- Abdul Kareem
Osman, Abubakr Osman, Mohammed Imran Osman, and their father
Mohammed Farook Osman -- for NZ$17.6 million, the New Zealand
Press Association cites a report from The Sunday Star Times.

The Sunday Star Times reveals that court papers detailed 1,554
loans approved by Provincial on car sales through the Osman
family's car yards in Otahuhu.  By November 2006, 55% of those
loans were in arrears by more than three months, with 448
debtors owing more than the original loan they took out, the
paper reveals.

Stuff.co.nz relates that the Osmans allegedly conspired with a
female Baycorp employee to get the car loans.

Thus, the Sunday Star further reveals, the receivers are also
suing Baycorp for nearly NZ$9.4 million.

Yet, in an interview with Radio New Zealand, Receiver John
Waller did not disclose the precise amount of money involved,
ShareChat relates.

"It is a significant amount of lending that has been undertaken
which we think has been based on fraudulent information," NZPA
cites Mr. Waller as saying.

According to Radio New Zeland, the Osmans are believed to have
defrauded Provincial Finance of up to NZ$21 million.

"We have taken every step we can to protect investors' interests
by lodging caveats on the Osmans' properties that we know exist,
so we will certainly be pursuing the Osmans as hard as we can,"
Mr. Waller said.

Mr. Waller said they have yet to determine whether the Osmans
had permanently left the country, or were out of the country for
some other reason, ShareChat says.  The Osmans were a
contributory factor to the collapse of Provincial, but their
activity was just one of many factors, Mr. Waller further noted.

The Baycorp employee is also believed to have left the country,
stuff.co.nz notes.

                    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.


SONNFORD SOLUTIONS: Court to Hear Liquidation Petition
------------------------------------------------------
The High Court of Dunedin will hear a petition to liquidate
Sonnford Solutions Ltd on Feb. 22, 2007, at 10:00 a.m.

Otago District Health Board filed the petition on Dec. 21, 2006.

Otago District's solicitor can be reached at:

         Nicholas Sean Elsmore
         c/o Anderson Lloyd Lawyers
         Level 10, Clarendon Tower
         78 Worcester Street, Christchurch
         New Zealand


TORINO HOLDINGS: Liquidation Hearing Slated for February 26
-----------------------------------------------------------
On Jan. 22, 2007, Connell Wagner Ltd filed with the High Court
of Christchurch, a petition to liquidate the business of Torino
Holdings Ltd.

The Court will hear the petition on Feb. 26, 2007, at 10:30 a.m.

Connell Wagner's solicitor can be reached at:

         O. G. Paulsen
         Cavell Leitch Pringle & Boyle
         Level 15, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         Christchurch
         New Zealand
         Telephone:(03) 379 9940
         Facsimile:(03) 379 2408


TPC GROUP: Commences Liquidation Proceedings
--------------------------------------------
On Feb. 5, 2007, the shareholders of TPC Group Ltd resolved by
special resolutions to liquidate the company's business.

Accordingly, creditors are required to prove their debts on
March 16, 2007.

The Liquidator can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104


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

ATLAS CONSOLIDATED: Eyes Offering Additional Shares
---------------------------------------------------
Atlas Consolidated Mining and Development Corp. is looking at
the possibility of undertaking an additional public offering of
its shares, the Philippine Star reports.

According to the newspaper, funds from the offer will be used to
finance the rehabilitation of the company's Toledo copper mine
in Cebu, among others.  The paper, citing a statement by Atlas
Chairman and President Alfredo Ramos, says that around US$20-
US$30 million will be needed to reopen the Toledo Mine.

In a disclosure with the Philippine Stock Exchange, Atlas admits
"considering and evaluating all available options with respect
to raising the amount of capital required to rehabilitate and
reopen its Toledo Copper mine. . . ."   The company, however,
makes it clear that no definitive plan has been carried out to
pursue another public offering of shares.

Atlas' wholly owned subsidiary, Carmen Copper Corp., which will
operate the Toledo Copper Mine, is currently in talks with
Deutsche Bank to avail a US$100-million loan facility, the PSE
disclosure reveals.  Should Carmen Copper eventually obtain the
loan, it would only need to raise around US$30 million to have
sufficient funds to reopen the mine in preparation for
operation, the company says.  To complete the mine's
rehabilitation, the company believes more capital is required.

Citing a Manila Standard Today report, the Jan. 19 Troubled
Company Reporter - Asia Pacific issue said that Carmen Copper is
investing PHP12.475 billion to reopen and rehabilitate the
Toledo Mine.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate its assets since
copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.

As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.


ATLAS CONSOLIDATED: Unit to Take On PHP3.4-Billion Water Project
----------------------------------------------------------------
Aquatlas, Inc., Atlas Consolidated Mining and Development
Corp.'s wholly owned subsidiary, is undertaking a water and
reservoir project in Cebu to deliver potable water in certain
areas of the Philippine province.

Based on a feasibility study, Atlas estimates the Aquatlas water
project to cost PHP3.4 billion or around US$70.4 million.  The
study also estimates that the project will provide a daily water
supply rate of 100,000 cubic meters and yearly revenues of
PHP600 million.

Zinnia B. Dela Pena of the Philippine Star wrote on Feb. 12 that
Atlas is in preliminary negotiations with Manila Water Corp. for
a possible joint venture on the water project.

According to the newspaper, Atlas Chairman and President Alfredo
Ramos received feelers from Manila Water indicating interest to
jointly work with the company in servicing water requirements in
Cebu.

Atlas, however, denies any formal discussion with Manila Water
on the project, a filing with the Philippine Stock Exchange
says.  "Mr. Ramos' statement . . . about receiving 'feelers' . .
. was merely a response to a question posted by a stockholder
who was interested to find out whether Atlas has considered
working with Manila Water on the project," Atlas explains.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate its assets since
copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.

As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.


EAST ASIA POWER: Files Claim & Comment to Unit's Rehab Plan
-----------------------------------------------------------
East Asia Power Resources Corp., in a filing with the Philippine
Stock Exchange, says that it will interpose no objection against
the petition for rehabilitation of wholly owned subsidiary East
Asia Diesel Power Corporation.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 12, 2006, East Asia Diesel filed with the Regional Trial
Court of Malabon a petition for its rehabilitation and that of
Duracom Mobile Power Corporation.  East Asia Diesel owns 40% of
Duracom.

In that regard, East Asia Power's board of directors decided to
file a verified notice of claim and comment with the Malabon
court.  East Asia Power, which is one of the creditors of East
Asia Diesel and Duracom, has provided both power-generation
entities with funds by way of advances.

According to East Asia, its claims against the two units are
expressly recognized in the rehabilitation petition.

The TCR-AP on Jan. 29, 2007, named six creditors of East Asia
Diesel who filed Comment & Opposition to the petition:

   1) Security Bank;
   2) Rizal Commercial Banking Corporation;
   3) Philippine National Bank;
   4) Equitable-PCI Bank;
   5) Cameron Granville 2 Asset Management; and
   6) Philippine Opportunities Growth Inc.

Manila Electric Company filed a Comment and Notice of Claim,
while YNN Holding Corporation filed its Comment and
Opposition to the inclusion of Duracom in the petition.

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.


MAYNILAD WATER: Stockholders Name Seven New Directors
-----------------------------------------------------
Maynilad Water Services, Inc.'s stockholders elected new
directors of the company:

   1. Manuel V. Pangilinan
   2. Jose Ma. K. Lim
   3. Randolph T. Estrellado
   4. Isidro A. Consunji
   5. Herbert M. Consunji
   6. Jorge A. Consunji
   7. Eric O. Recto
   8. Leovigildo S. Veroy

The shareholders named the new directors at a special meeting
held on Feb. 7, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, the Consunji family-controlled DMCI Holdings Inc.,
together with Metro Pacific Corp., won the auction for the
ownership of the Philippine Government's 83.97% stake in
Maynilad Water.

                      About Maynilad Water

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


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

AVAGO TECH: Court Denies Elan's Motion to Dismiss Lawsuit
---------------------------------------------------------
The Honorable Judge James Ware of the U.S. District Court for
the Northern District of California has denied without prejudice
Elan Microelectronics Corp.'s motion to dismiss Avago
Technologies' lawsuit.

Avago filed a patent infringement lawsuit against Elan on
Dec. 20, 2004, for infringing the company's U.S. Patent Nos.
6,433,780 and 5,786,804, which relate to optical mouse sensor
technology.

In the motion, Elan had argued on technical terms that it did
not infringe the two Avago patents.  With the court's decision,
Avago's lawsuit will proceed against Elan.

"We are pleased with the Court's decision and look forward to
the next phase of the lawsuit," said Ngoh Kee Hane, vice
president and general manager, Navigation Products Division of
Avago.

Under the lawsuit, Avago is seeking to stop Elan from selling
infringing optical mouse sensors.  Avago is also seeking damages
from Elan and its U.S. subsidiary for their unauthorized use of
Avago's patented optical mouse sensor technology.

                    About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service has affirmed these
ratings for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on 2013,
      from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due on
      2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


CATHAY DECORATION: Court to Hear Wind-Up Petition on March 2
------------------------------------------------------------
On Feb. 8, 2007, Richard's Lighting (Singapore) Pte Ltd filed a
petition to wind up the operations of Cathay Decoration &
Construction Pte Ltd.

The High Court of Singapore will hear the petition on March 2,
2007, at 10:00 a.m.

Richard's Lighting's solicitor can be reached at:

         Edwin Seah & K S Teo
         101 Cecil Street
         #12-06 Tong Eng Building
         Singapore 069533


COMPACT METAL: Reorganizes Composition of Committees
----------------------------------------------------
Compact Metal Industries unveiled the appointment of Chng Gim
Huat and Chng Beng Hua as the company's president and executive
director, respectively.

Mr. Chng Gim, also a substantial shareholder of the company, is
the father of Mr. Chng Beng.

Moreover, the company disclosed the resignation of:

   -- Tan Chin Hoon as the Director and Chairman of the Board of
      Directors;

   -- Tan Kay Kiang as the Director and member of the Audit
      Committee, Remuneration Committee and Nominating
      Committee;

   -- Tan Kay Tho has as the Executive Director; and

   -- Tan Kay Sing has as the Director.

The composition of the Audit Committee, Remuneration Committee
and Nominating Committee effective from Feb. 16, 2007, comprises
of:

* Audit Committee

   -- Peter Boo Song Heng, Chairman (Independent, Non-
      Executive); and

   -- Richard Ng Chze Keong, Member (Independent, Non-
      Executive);

The company will look for a suitable candidate for appointment
as a Non-Executive Independent Director.

* Remuneration Committee

   -- Richard Ng Chze Keong, Chairman (Independent, Non-
      Executive); and

   -- Peter Boo Song Heng, Member (Independent, Non-Executive);

* Nominating Committee

   -- Peter Boo Song Heng, Chairman (Independent, Non-
      Executive);

   -- Richard Ng Chze Keong, Member (Independent, Non-
      Executive); and

   -- Chng Beng Hua, Member (Non-Independent, Executive)

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended December 31, 2005.


COMPACT METAL: Posts Shareholders Change of Interests
-----------------------------------------------------
Compact Metal Industries Limited disclosed a series of changes
to the holdings of its directors, pursuant to the completion
under the Restated and Supplemental Restructuring Agreement and
the Debt Purchase and Conversion Agreement.

Tan Kay Tho, Tan Kay Sing and Tan Kay Kiang are presently
holding 7,144,000 deemed shares each with 1.088% issued share
capital.  Prior to the change, Messrs. Tan Hua, Tan Kay Sing and
Tan Kay Kiang held 1,072,000 deemed shares each with 0.246%
issued share capital.

Whereas, another director, Tan Chin Hoon is currently holding
6,659,000 deemed shares with 1.014% issued share capital.  Prior
to the change, Mr. Tan Chin held 1,072,000 deemed shares with
0.246% issued share capital.

                       About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended December 31, 2005.


DIGILAND INTERNATIONAL: Director Increases Direct Holdings
----------------------------------------------------------
Dr. Philip Poh Siew Chuan, director of Digiland International
Ltd has increased his direct holdings in the company due to an
open market purchase.

Presently, Dr. Philip has 266,000 stake in the company.  Prior
to the change, Dr. Philip held 162,000 direct shares.

                          About Digiland

Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12, 2006.


FRESCO ADVISORS: Creditors' Proofs of Debt Due on March 16
----------------------------------------------------------
Fresco Advisors Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 16, 2007.

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

The liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


GUL TECHNOLOGIES: Posts US$0.2 Million Net Profit in FY 2006
------------------------------------------------------------
GUL Technologies has recorded a net profit of US$0.2 million in
fiscal year 2006 as contrast with a net loss of US$47.7 million
in FY 2005.  According to the company, the significant
improvement in gross profit as well as the lack of provision for
closure of the Singapore manufacturing facilities led to the
profit figure.  While this profit level is not material, it
represented an important turning point as FY 2006 is the first
year that the Group made a net profit since it started incurring
losses in fiscal year 2001.

The Group also achieved revenue of US$111.3 million in fiscal
year 2006, which was an increase of 17.9% over that of fiscal
year 2005 and the highest since fiscal year 2002.  This increase
was the result of the successful ramp-up of the Wuxi plant as
well as improvement in the utilization of both the China plants.
The company's ability to capture higher volume of the better-
priced consumer electronics PCBs was also an important
contributor to the increased revenue.

The company also recorded a gross profit of US$20.8 million in
fiscal year 2006, as contrast with a loss of US$9.1 million in
fiscal year 2005.  Closure of the loss-making Singapore
manufacturing facilities was an important factor leading to this
improvement while almost-full utilization of the Wuxi plant in
fiscal year 2006 was another key factor.  Higher sales to the
consumer electronics segment which provides better pricing and
margin coupled with the exit of the loss-making United States'
network segment were also key to the improved performance.
Other areas, which led to fiscal year 2006's gross profit were
the company's in-house improvement in efficiency and
productivity, as well as the active participation in cost-saving
programs of key customers.  In addition, to be in line with
actual usage of production equipment and machinery by the Group
and other PCB shops, the estimated useful life of production
equipment and machinery were changed from Jan. 1, 2006.  This
change resulted in cost of sales being reduced by US$3.9
million.  Excluding the impact of the lower depreciation
charges, fiscal year 2006 would still see a gross profit of
US$16.9 million, which was a significant improvement over
FY2005's.

Other operating income of fiscal year 2006 has reduced slightly
as there were no gain on dilution of interest in a subsidiary;
however fiscal year 2006 saw two significant write-backs of
provision made in fiscal year 2005 relating to the closure
of the Singapore manufacturing facilities, namely write-back in
provision for impairment of property, plant and equipment of
US$1.3 million and for carrying value of inventory of US$1.3
million as well.  Other operating expenses of fiscal year 2006
saw significant reduction, as fiscal2005's other operating
expenses comprised a number of provisions totaling US$17.3
million which relates to the closure of the Singapore
manufacturing facilities.  The provisions were not required in
fiscal year 2006; instead fiscal year 2006 recorded some
writebacks explained in the immediately preceding paragraph.
Financing expenses increased by US$2.2 million in fiscal year
2006 - this was mainly due to the strengthening of the
RMB against the US$ and hence the translation of the China
plants' RMB loans into US$ for Group reporting purposes led to a
loss on financing activities.

The improved performance also resulted in the Group generating
positive operation cash flows of US$8.1 million in full year
2006, as opposed to a negative operation cash flows of US$17.5
million in full year 2005.

The Group also successfully undertook a share placement exercise
in second half of 2006, resulting in the decrease of net
liabilities of the Group from US$27.7 million as at Dec. 31,
2005, to US$15.2 million as at Dec. 31, 2006.

As of Dec. 31, 2006, the Groups' balance sheet showed total
assets of US$155.76 million, total liabilities of US$170.98
million in total liabilities resulting in a stockholders deficit
of US$15.2 million.

The company's financial results for the fourth quarter and full
financial year ended December 31, 2006, are available for
free at: http://bankrupt.com/misc/GUL2006FS.pdf

                  About Gul Technologies

Incorporated in Singapore, Gul Technologies Singapore Limited --
http://www.gultech.com/-- is a global supplier with sales and
representative offices in North America, Asia and Europe.  Its
printed circuit boards are supplied to the Automotive industry
(electronic engine control, power control module, anti-lock
braking systems, speed controls, clusters, telematics etc),
Telecommunications industry (mobile phones, digital enhanced
cordless telephones, land mobile radios), Information Technology
industry (disk and tape drives for computers, network routers,
servers, firewalls, port adapters, voice over internet protocol,
wireless local area network), Healthcare industry (hearing aids,
infusion pumps, glucose monitoring devices), and other products
like instrumentation (programmable logic controllers, industrial
controllers, bar code readers), digital cameras and avionics.
The company manufactures its products in its production
facilities in China.

                          *     *     *

PricewaterhouseCoopers, the company's independent auditors,
raised a going concern issue in their report on the company's
financial statements for the year ended Dec. 31, 2005.  PwC
cited these reasons:

* The group incurred a net loss of US$48.24 million for the
  financial year ended Dec. 31, 2005, and a net loss of
  US$21.75 million for the year 2004.

* As of Dec. 31, 2005, the group and the company are in a
  net liabiltities position of US$27.74 million and US$30.31
  million, respectively.

* The company has not complied with certain debt covenants
  relating to bank borrowings amounting to US$19.82 million.
  Such non-compliance has resulted in the related bank
  borrowing becoming repayable on demand.

* Tuan Sing Holdings Ltd., the ultimate holding corporation,
  has indicated its intention to provide continuing financial
  support to enable the group and the company to meet their
  obligations provided that the group remains a subsidiary.
  However, on Sept. 7, 2005, the company entered into a
  subscription agreement with Nuri Pacific Pte. Ltd which
  would result in the cessation of Tuan Sing's position as
  the ultimate holding corporation of the group.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's balance sheet as of June 30, 2006, showed US$150.38
million in total assets and US$182.51 million in total
liabilities, resulting to a stockholders' deficit of US$32.13
million.


HERCULES SHIPPING: Court Releases Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Feb. 2, 2007, to
wind up the operations of Hercules Shipping & Trading Co Pte
Ltd.

Xavier Hu -- trading as SME Funding Advisory -- filed the wind-
up petition.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         Singapore 069118


INTERSHOP COMMUNICATIONS: Posts EUR2.4 MM Net Loss in 4th Q. '06
----------------------------------------------------------------
On February 15, 2007, Intershop Communications AG disclosed its
financial results for the fourth quarter and financial year
ended December 31, 2006.

Intershop reported EUR2.4 million in net loss in the fourth
quarter of 2006, or EUR0.11 per share, compared to a net income
of EUR0.2 million or EUR0.01 per share in the fourth quarter of
2005.  For the full year of 2006, Intershop's net loss totaled
EUR6.8 million or a net loss of EUR0.36 per share, compared to a
net loss of EUR3.4 million or a net loss of EUR0.18 per share
for the full year of 2005.

Fourth quarter 2006, revenue rose as against the previous
quarter from EUR4.9 million to EUR5.5 million, compared with
EUR5.3 million in the fourth quarter of 2005.  License revenue
rose by EUR1.0 million in the fourth quarter of 2006, as against
the third quarter of 2006, to EUR 0.6 million, compared with EUR
1.6 million in the fourth quarter of 2006.  Intershop's total
revenues increased from EUR17.8 million in fiscal year 2005 to
EUR19.8 million in fiscal year 2006.

Total operating costs amounted to EUR7.9 million in the fourth
quarter of 2006, compared with EUR6.4 million in the previous
quarter and EUR4.6 million in the fourth quarter of 2005.  The
total operating costs for the fiscal year amounted to EUR26.1
million in 2006, as compared with EUR20.0 million in 2005.

Total cash, including cash and cash equivalents, marketable
securities, and restricted cash fell from EUR13.5 million as of
December 31, 2005, to EUR11.2 million as of December 31, 2006.
The amount of unrestricted cash included in this total amounting
to EUR3.6 million as of December 31, 2006, compared to EUR7.3
million as of December 31, 2005.

        Operating Highlights for the Fourth Quarter of 2006

   * Intershop's first full-service e-commerce customer, Wolford
     AG, launched its e-commerce portal on November 28, 2006.
     The project involves Intershop handling all online business
     processes for this new customer.

   * New customers gained by Intershop included TomTom, the
     Dutch navigation system manufacturer, BYGGmax, the Swedish
     home improvement chain, Electronic Software Distribution,
     the Dutch software distributor, and Warehouse Stationery
     Limited, a major stationery supplier in Australia, New
     Zealand, and Asia.

   * Mobilkom austria, a market-leading Austrian cellular
     network provider and Intershop customer, launched its new
     online platform, which is powered by Intershop's Enfinity
     Suite 6 software.

   * Baur Fulfillment Solutions, a subsidiary of Baur Versand,
     has signed a cooperation agreement with Intershop.  The two
     companies are cooperating in the area of fulfillment and
     are joining forces to market a comprehensive range of
     services in this sector.

   * Intershop and FIEGE, one of Europe's leading logistics
     service providers, entered into a comprehensive partnership
     agreement for supply chain services required for pan-German
     international projects.

   * The Bundesverband Digitale Wirtschaft awarded Intershop's
     Online Marketing business unit its SEM and SEO certificate
     for the customer-friendly and professional way Intershop
     markets paid listing services and search engine
     optimization.

   * In October 2006, Intershop staged the Intershop Open,
     Eastern Germany's largest e-commerce conference, with over
     200 guests attending from Europe and the U.S.

   * In late October 2006, Intershop attended the Deutscher
     Versandhandelskongress in Wiesbaden, the most important
     German congress in the mail-order industry.  Lenscare AG,
     Europe's largest mail-order supplier of contact lenses and
     accessories and an Intershop customer, was presented the
     2006 "Online Store of the Year" award.

   * As of December 31, 2006, the company employed 247 full-time
     equivalent employees, as compared to 244 full-time
     equivalent employees as of September 30, 2006.  As of
     December 31, 2005, the company employed 222 full-time
     equivalent employees.

                            Outlook

Given the positive market forecasts for the development of e-
commerce, Intershop anticipates a significant increase in
revenues year on year.  Intershop expects to generate a positive
net result and cash flow in fiscal year 2007.

As of December 31, 2006, the company's balance sheet showed
EUR22.7 million of total assets, EUR16.2 million of total
liabilities, resulting in a stockholders' equity of EUR6.5
million.

Intershop's financial results for the fourth quarter and full
financial year ended December 31, 2006, are available for
free at http://bankrupt.com/misc/IntershopfY06.pdf

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in Singapore, France, U.K., Sweden,
Czech Republic, China, Australia, South Korea, Taiwan and the
United States.

The company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


ODYSSEY RE: 4.375% Notes Still Convertible Until May 13
-------------------------------------------------------
Odyssey Re Holdings Corp. disclosed on Feb. 13, 2007, that,
under the terms of the indenture governing its 4.375%
convertible senior debentures due on 2022, the Notes will
continue to be convertible during the period from Feb. 14, 2007,
through May 13, 2007.  This was due to the trading price of the
company's common stock exceeding certain thresholds set forth in
the indenture.  Holders of the Notes may obtain information on
how to convert their Notes by contacting The Bank of New York,
the Trustee and Conversion Agent for the Notes, at:

         The Bank of New York
         Attention: Randolph Holder
         Corporate Trust Operations
         101 Barclay Street, Floor 7E
         New York, New York 10286
         Tel: (212) 815-7198
         Fax: (212) 298-1915

                        About Odyssey Re

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited and Newline Insurance Company
Limited.  The company underwrites through offices in the United
States, London, Paris, Toronto, Mexico City and Singapore.
Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock carries a Ba2 rating
from Moody's and a BB rating from Fitch.  Fitch also gave the
company senior unsecured debt and long-term issuer default
ratings of BB+.


PAXAR CORP: Posts US$9.05-Mil. Net Income in 4th Qtr. 2006
----------------------------------------------------------
Paxar Corporation reported a net income of US$9.5 million, or
US$0.23 per share, for the fourth quarter ended Dec. 31, 2006,
versus a net loss of US$0.8 million, or US$0.02 per share, for
the fourth quarter of 2005.  Excluding the effects of
integration, restructuring and other charges of US$3.7 million,
or US$0.07 per share, net income for the fourth quarter of 2006,
was US$12.6 million, or US$0.30 per share.  The comparable
figure for 2005 was US$12.1 million, or US$0.29 per share.

Fourth quarter 2006 earnings per share also included a charge of
US$0.8 million, or US$0.02 per share, related to the impact of
expensing share-based compensation pursuant to the adoption of
FAS 123R.

The company reported sales of US$230.8 million for the fourth
quarter of 2006, compared with sales of US$206.8 million for the
fourth quarter of 2005.  Sales in the fourth quarter of 2006
increased 11.6% compared to the fourth quarter of 2005.  Organic
sales increased by 9.2% due principally to continued significant
growth in Asia Pacific operations, which realized top line
growth in the quarter of approximately 23%.  The acquisition of
Adhipress S.A. increased sales by 1%.  Foreign currency
fluctuations increased sales by 1.4%.

For the full year 2006, the company reported sales of US$880.8
million compared with sales of US$809.1 million for the full
year 2005.  Net income of US$56.8 million, or US$1.36 per share,
was reported for the full year 2006, versus net income of
US$23.0 million, or US$0.56 per share, for the full year 2005.
Excluding the effects of integration, restructuring and other
charges of US$10.0 million, or US$0.19 per share, the pretax
gain of US$39.4 million, or US$0.58 per share, related to the
settlement of the patent lawsuit with Zebra, and the US$5.0
million impairment charge, or US$0.12 per share, related to an
investment in an unaffiliated company, net income for the full
year 2006 was US$45.5 million, or US$1.09 per share.  The
comparable amount for 2005, excluding one-time items, was
US$44.0 million, or US$1.07 per share.

For the full year 2006, earnings per share also included a
charge of US$3.9 million, or US$0.07 per share, related to the
impact of expensing share-based compensation pursuant to the
adoption of FAS 123R.

Rob van der Merwe, Chairman, President and Chief Executive
Officer, said, "Our very strong fourth quarter growth continued
to reflect the robust demand for our products and services that
we have been experiencing all year long.  This was largely
driven by organic growth across our Asia Pacific businesses
where we have realized comparable quarter growth in excess of
20% for the past six quarters."

Mr. van der Merwe continued, "We experienced a decline in our
fourth quarter gross margin relative to the comparable quarter
in 2005, which was principally the result of factors that
affected us in the third quarter - a less favorable product mix,
the short-term costs of rapid capacity and geographic expansion
in emerging markets and specific pricing actions designed to
increase customer penetration and share.  However, we expect the
effect of these actions to abate by the middle of 2007 and to
realize notable margin improvement for the year."

Mr. van der Merwe concluded, "As we enter 2007, we have
positioned the company to better meet the needs of our global
customer base.  Through the realignment of our global apparel
operations, the expansion and modernization of manufacturing
facilities and the implementation of our global business unit
reorganization, we expect to deliver on our timetable for
improved margins in 2007 while growing Paxar to one billion
dollars in sales and increasing operating margins in 2008."

With respect to the global realignment plan, the company
reaffirmed that it expects to incur one-time cash costs of US$20
million to US$25 million over the life of the program.  Since
inception of the plan in the fourth quarter of 2005, the company
has incurred US$15.5 million of one-time cash costs.  Further,
the company reaffirmed that the plan is expected to result in
approximately US$15 million of savings in 2007 and ongoing
savings at an annual rate of US$20 million to US$25 million by
the end of 2007.

                        Outlook for 2007

The company announced 2007 sales guidance in the range of US$925
million to US$945 million and that it expects reported earnings
for 2007 to be in the range of US$1.13 to US$1.21 per share,
including an estimated US$0.11 to US$0.15 per share in
integration, restructuring and other charges related to the
company's global apparel realignment activities.  Excluding
integration, restructuring and other charges, the company
expects full year earnings per share for 2007 to be in the range
of US$1.24 to US$1.36 per share.

As of Dec. 31, 2006, the company has total assets of US$771
million and total liabilities of US$226.5 million, resulting in
a stockholders' equity of US$544.5 million.

                        About Paxar Corp.

Paxar Corporation -- http://www.paxar.com/-- provides
identification solutions to the retail and apparel industry,
worldwide.

Paxar has subsidiaries around the world, including these Asia-
Pacific countries: Singapore, Australia, Bangladesh, China, Hong
Kong, India, Korea, Sri Lanka and Vietnam.

                          *     *     *

Paxar Corp.'s senior unsecured debt carries Moody's B1 rating.
Moody's placed the rating on Dec. 23, 1996.


VALEANT PHARMACEUTICALS: Acquires Commerical Rights to Nabilone
---------------------------------------------------------------
Valeant Pharmaceuticals International has acquired the
commercial rights to nabilone in the United Kingdom and other
European markets from Cambridge Laboratories for US$14 million.
Valeant Pharmaceuticals markets nabilone in the United States
and Canada under the brand name Cesamet.  Nabilone is indicated
for use in the treatment of nausea and vomiting associated with
cancer chemotherapy in patients who have failed to respond
adequately to conventional anti-emetic treatments.

"There remains a need for cannabinoids like Cesamet for patients
who have exhausted conventional treatments and whose quality of
life continues to be adversely impacted by the debilitating side
effects of cancer chemotherapy," said Timothy C. Tyson, Valeant
Pharmaceuticals' president and chief executive officer.  "Our
customer relationships and our experience with the product will
position us to meet this need.  The purchase also allows us to
expand one of our key products into these important markets."

Valeant Pharmaceuticals acquired Cesamet from Eli Lilly &
Company in 2000 and currently sells the product both in Canada,
where it has an 87 percent share of the cannabinoid market, and
in the United States.  Nabilone is the only licensed cannabinoid
in the United Kingdom.  It has more than 25 years of clinical
experience in the United Kingdom and Canada.

Nabilone, a synthetic cannabinoid similar to the active
ingredient found in naturally occurring Cannabis sativa L
(marijuana; delta-9-THC), is contraindicated in any patient who
has a history of hypersensitivity to any cannabinoid, and in the
treatment of nausea arising from any cause other than
chemotherapy.  Patients receiving treatment with nabilone should
be advised that nabilone may impair the mental and physical
abilities required for the performance of potentially hazardous
tasks such as operating machinery or driving a car.  During
controlled clinical trials of nabilone, virtually all patients
experienced at least one adverse reaction.  The most commonly
encountered events were drowsiness, vertigo or dizziness, dry
mouth, euphoria, ataxia, headache, concentration difficulties,
sleep disturbances, dysphoria, hypotension, nausea and visual
disturbances.  Nabilone should be administered with caution to
patients taking any central nervous system depressants,
including alcohol, sedatives, hypnotics, or other psychoactive
substances because these substances can potentiate the central
nervous system effects of nabilone.  Since nabilone can elevate
supine and standing heart rates and cause postural hypotension,
it should be used with caution in the elderly, and in patients
with hypertension or heart disease.  Nabilone should also be
used with caution in patients with current or previous
psychiatric disorders (including manic depressive illness,
depression and schizophrenia), as the symptoms of these disease
states may be unmasked by the use of cannabinoids.

The capability of nabilone to cause dependence is not known.
Nabilone should be used with caution in patients with a history
of substance abuse, including alcohol abuse or dependence and
marijuana use, since nabilone is similar to the active
ingredient found in naturally occurring marijuana.  Nabilone
should be used with caution in pregnant patients, nursing
mothers, or pediatric patients because it has not been studied
in these patient populations.

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Singapore and Taiwan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Jan.
26, 2007, that Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on October 23, 2006.  Valeant's rating
outlook is now stable.


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

DAIMLERCHRYSLER: Chrysler Group In Talks with General Motors
------------------------------------------------------------
DaimlerChrysler AG and General Motors Corp. 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 on February 15, 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 General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries and its vehicles are sold in 200 countries.  GM
sells cars and trucks under these brands: Buick, Cadillac,
Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
Saturn and Vauxhall.

                    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.


KASIKORNBANK PCL: Sells 26,627,126 Shares in Manager Media
----------------------------------------------------------
In a disclosure with the Stock Exchange of Thailand on Feb. 15,
2007, Kasikornbank PCL advised that, together with subsidiary
Phethai Asset Management Co., Ltd., it sold 26,627,126 common
shares in Manager Media Group Public Company Limited.

The details of the transaction are:

   Transaction Date:          February 15, 2007

   Number of shares held
   before transaction:

      KBank                   26,574,339 shares or 20.54% of
                              total paid-up capital

      Phethai                 52,787 shares or 0.04% of total
                              paid-up capital

      Total                   26,627,126 shares or 20.58 % of
                              total paid up capital.

   Number of shares held
   after transaction:

      Total                   0 shares or 0.00% of total
                              paid-up capital.

   Objective of the
   transaction:               KBank sold its shares
                              (which it attained from
                              debt restructuring) in
                              order to comply with the
                              Bank of Thailand's
                              regulation pertaining to
                              the purchasing or holding
                              of shares of a limited
                              company in an amount
                              exceeding the rate
                              prescribed by law, and to
                              comply with KBank's policy
                              of reducing investment in
                              non-core businesses.

   Nature of Business:        Information & Media
                              Business

   Pricing:                   THB0.10 per share, total
                              value of THB2,662,712.60

   Buyers:

      Duangporn Wongchukrue   6,000,000 shares
      Napalai Chongdarakul    6,000,000 shares
      Kamonwan Limthongkul    6,000,000 shares
      Varis Limthongkul       6,000,000 shares
      Malinee Chinsupakul     2,627,126 shares

   Connected Transaction:     The transaction was not
                               classified as a connected
                               transaction under SET
                               regulations.

                  About Manager Media Group PCL

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes a
variety of daily, weekly, and monthly publications.  Periodicals
include Manager monthly magazine, Manager weekly newspaper,
Manager daily newspaper, and Thai Investment weekly magazine.
The Company also partners with the Vietnam News Agency to
publish The Vietnam News, an English-language daily newspaper in
Vietnam.

On October 30, 2006, Prawit Wipusirikup of RSM Nelson Wheeler
Audit Limited, the company's independent auditors, raised
substantial doubt on the company's ability to continue as a
going concern.  The auditor cited that Manager Media Group and
its subsidiary company is in the process of business
rehabilitation and has built up significant accumulated losses
over the last few years and has suffered recurring losses from
operations.  The company recorded consolidated shareholders'
deficit as of September 30, 2006, amounting to THB391.23 million
(the company's shareholders' deficit as of that date was
THB361.76 million).

Moreover, the group's amended business rehabilitation plan
approved by the court requires the group to complete such
rehabilitation by February 2, 2007.

The auditor adds that the continuing business operations of the
Group substantially depends on: a) the Group's ability to
complete the business rehabilitation plan within the timeframe
set by the court; and b) the ability of the group to operate
successfully in the future and generate adequate cash flows from
operations.

However, on Jan. 31, 2006, Manager Media Group PCL filed a
request to the court to extend the due date of the
administration period of the Rehabilitation Plan to 6 months
from its Feb. 2, 2007 deadline.

Manager Media PCL is waiting for the court's response on the
matter.

                     About Kasikorn Bank PCL

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006 that Moody's Investors Service has upgraded
Kasikornbank Public Company Limited's bank financial strength
rating to D+ from D.

On October 24, 2006, the TCR-AP reported that Fitch Ratings
affirmed the ratings of Kasikornbank and removed them from
Rating Watch Negative on which they were placed on September 20,
2006, following the military coup.  The Outlook on their ratings
is now Stable.

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

    * Individual C;
    * Support 2;


KRUNG THAI BANK: To Increase Shareholding in Krungthai Panich
-------------------------------------------------------------
Krung Thai Bank PCL disclosed with the Stock Exchange of
Thailand on Feb. 16, 2007, that its Board of Directors agreed to
increase the bank's shareholding in Krungthai Panich Insurance
Co., Ltd, by subscribing for 950,000 newly issued KPI ordinary
shares.

The transaction has these details:

   Investment Objective:      To support the Bank's goal in
                              providing full-scale financial
                              services, and to reinforce the
                              Bank's operation potential

   Company:                   Krungthai Panich Insurance Co.,
                              Ltd

   Type of Business:          Insurance Business

   Registered Capital
   (Before the Transaction):  THB100,000,000 (ordinary shares of
                              10,000,000 shares with par value
                              of THB10 per share)

   Registered Capital
   (After the Transaction):   THB110,000,000 (ordinary shares of
                              11,000,000 shares with par value
                              of THB10 per share)

   Involved Parties:

      Buyer:                  Krung Thai Bank PCL

      Seller:                 Krungthai Panich Insurance
                              Co.,Ltd

   Relationship with KPI:     Shareholder

   Type of Transaction:       The Bank subscribes for 950,000
                              newly issued ordinary shares of
                              KPI or 5.00% of total registered
                              capital after the transaction

   Number of shares held
   before the transaction:    Ordinary shares of 4,000,000
                              shares

   Number of shares held
   after the transaction:     4,950,000 shares with par value of
                              THB10 per share, or 45% of total
                              registered capital

   Transaction Size:          0.143% of Net Tangible Asset of
                              the Bank (as of Dec. 31, 2006).

   Criteria for
   Subscription Price:        Since KPI is not a listed
                              company, the book value per share
                              used as the subscription price was
                              reasonable and fair.

                      About Krung Thai Bank

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 23, 2006, affirmed the C/D individual rating
of Krung Thai Bank and removed them from Rating Watch Negative
on which they were placed on September 20, 2006 following the
military coup.

The outlook on their ratings is now stable.

The Troubled Company Reporter - Asia Pacific reported on Oct.
06, 2006 that Moody's has reinstated the Ba1 rating previously
assigned to Krung Thai Bank Public Company Ltd's
(KTB, D-/Baa1/P-2) Hybrid Tier 1 securities being issued via its
Singapore branch.  The rating outlook is stable.

The TCR-AP reported that Standard & Poor's Ratings Services
assigned on September 11, 2006, its BB+ rating to the proposed
perpetual, non-cumulative, hybrid Tier-I securities by Krung
Thai Bank Public Co. Ltd (BBB/Stable/A-2).


* BOND PRICING: For the Week 12 February to 16 February 2007
------------------------------------------------------------

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

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.83
Alinta Networks                5.750%  09/22/10     AUD     6.67
APN News & Media Ltd           7.250%  10/31/08     AUD     5.92
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.50
Arrow Energy NL               10.000%  03/31/08     AUD     1.35
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.30
Becton Property Group          9.500%  06/30/10     AUD     0.84
BIL Finance Ltd                8.000%  10/15/07     NZD     9.25
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.05
Cardno Limited                 9.000%  06/30/08     AUD     6.25
CBH Resources                  9.500%  12/16/09     AUD     0.47
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.86
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.73
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.45
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.50
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.00
Fletcher Building Ltd          8.850%  03/15/10     NZD     8.35
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.75
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.46
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.15
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.50
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.58
IMF Australia Ltd             11.500%  06/30/10     AUD     0.82
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.50
Infratil Ltd                   8.500%  11/15/15     NZD     8.18
Kagara Zinc Ltd                9.750%  05/06/07     AUD     8.50
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.22
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.89
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.80
Geon Group                    10.250%  10/15/09     NZD    12.00
Primelife Corporation         10.000%  01/31/08     AUD     1.04
Salomon SB Australia           4.250%  02/01/09     USD     7.67
Silver Chef Ltd               10.000%  08/31/08     AUD     1.00
Software of Excellence         7.000%  08/09/07     NZD     1.75
Speirs Group Ltd.             10.000%  06/30/49     NZD    61.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.30
TrustPower Ltd                 8.300%  12/15/08     NZD     8.05
TrustPower Ltd                 8.500%  09/15/12     NZD     7.95
TrustPower Ltd                 8.500%  03/15/14     NZD     8.15


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    49.79
Korea Development Bank         7.450%  10/31/21     KRW    49.76
Korea Development Bank         7.400%  11/02/21     KRW    49.75
Korea Development Bank         7.310%  11/08/21     KRW    49.71
Korea Development Bank         8.450%  12/15/26     KRW    70.91


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.84
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.17
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.21
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.05
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.27
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.32
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.94
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.60
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.00
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.99
EG Industries Bhd              5.000%  06/16/10     MYR     0.62
Equine Capital Bhd             3.000%  08/26/08     MYR     0.41
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.30
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.87
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.61
I-Berhad                       5.000%  04/30/07     MYR     0.56
Insas Bhd                      8.000%  04/19/09     MYR     0.84
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.43
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.67
Kumpulan Jetson                5.000%  11/27/12     MYR     0.55
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.56
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.57
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.57
Media Prima Bhd                2.000%  07/18/08     MYR     1.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.40
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.65
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.50
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.50
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.17
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     1.00
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.53
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.67
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.40
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.33
Southern Steel                 5.500%  07/31/08     MYR     1.56
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.20
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     0.90
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.87
WCT Land Bhd                   3.000%  08/02/09     MYR     1.40
Wah Seong Corp                 3.000%  05/21/12     MYR     3.00
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.98


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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***