TCRAP_Public/070223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Friday, February 23, 2007, Vol. 10, No. 39

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Hires Focus Management as Financial Advisor
ADVANCED MARKETING: Court Augments Prepetition Shipping Duty Cap
BHB PLUMBING: Placed Under Creditors' Voluntary Wind-Up
CHAMPION FORCE: Members and Creditors to Meet on March 22
CO-BUILD: Final Meeting Set for April 3

EXPORATE PTY: Members and Creditors to Receive Wind-Up Report
GEOFF LOWRY: Members and Creditors Meeting Set for March 20
GLADSTONE & DISTRICT: Receivers and Managers Resign from Posts
JELIMAR PTY: Liquidator to Present Wind-Up Report on March 22
JUST MANOLIOS: Members Final General Meeting Set for March 28

KIRARA PTY: Members to Receive Wind-Up Report on March 6
MULTIPLEX GROUP: Posts AU$295.6 Mln. NPAT for HY-Ended Dec. 2006
ROLBERG PTY: Members and Creditors to Meet on March 13
SCANTECH AUSTRALIA: Members and Creditors to Meet on March 22
STAAB NOMINEES: Creditors and Members to Meet on March 22

SYMBION HEALTH: Moody's Confirms Ba1 Rating and Stable Outlook
ZINIFEX LTD: Zinifex Seeks to Acquire Canada's Wolfden Resources
ZINIFEX LTD: Posts AU$751MM Net Profit for 6-Months to Dec. 2006


C H I N A   &   H O N G  K O N G

CHAMPION BILLION: Members Final Meeting Slated for March 23
CHINA EVERBRIGHT: Sources Say That Politics Marred Injection
CHINA MINSHENG: To Set Up Financial Leasing Unit
CHINA MINSHENG: Gets Regulator's OK for Royal Bank Joint Venture
CHINA MINSHENG: Expects 40% Improvement in 2006 Net Profit

HANLY LIMITED: Final General Meeting Slated for March 20
HUDA TECHNOLOGY: Majority Shareholder Freezes Shares
ROAD KING: Seeks to Raise US$70 Million Via Shares Sale
SICHUAN CHANGJIANG: Acquires Undergarments Company For CNY69MM
SONGLIAO AUTOMOBILE: Changes Auditors for Fiscal Year 2006

TONG REN: Creditors Must Prove Debts by March 9
WINOWNER GROUP: Revamps Top Management


I N D I A

AMERICAN AXLE: Weak Performance Prompts DBRS' Ratings Downgrade
BRITISH AIRWAYS: Lowers London-Bermuda Roundtrip Fares by 30%
IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs
STATE BANK OF INDIA: Orders 3,000 ATMs from NCR Corp.
TATA MOTORS: Signs MOU with Iveco for Possible Strategic Tie-Up

TATA MOTORS: Inks Argentine Pick-up Production Pact with Fiat
UCO BANK: CRISIL Rates Enhanced Amount of CD Programme
UNION BANK OF INDIA: Hikes Benchmark Prime Lending Rate to 12.5%
UTI BANK: Board Okays Borrowing Up to INR970 Crore
UTI BANK: Board Reappoints CMD P.J. Nayak for Two More Years

UTI BANK: Allots 1,68,844 Equity Shares Under ESOP
VISTEON CORP: Appoints William Quigley as Chief Fin'l Officer


I N D O N E S I A

ADARO INDONESIA: To Cut Costs with New US$200-Million Loan
ALCATEL-LUCENT: Invests in WiMAX Semiconductor Supplier Sequans
ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006
ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile
BANK BUANA: 2006 Nine-Month Earnings Up 19% to IDR326 Billion

BANK TABUNGAN: Revives Plan to Sell Rupiah Bonds
GOODYEAR TIRE: To Expand High-Value Tire Production in Poland
HILTON HOTELS: To Construct Five-Star Hotel in Tbilisi
TELKOM INDONESIA: Invites Shareholders to Extraordinary Meeting


J A P A N

JAPAN AIRLINES: Reaches Codeshare Deal with Ausralia's Jetstar
JAPAN AIRLINES: To Use Embraer Planes for Domestic Routes
ELAN CORP: Posts US$267.3-Million Net Losses in 2006
XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15
XM SATELLITE: Sirius Merger Cues Moody's Developing Outlook

XM SATELLITE: Sirius Merger Prompts S&P's Positive CreditWatch


K O R E A

DAEWOO ELECTRONICS: Creditors to Scrap Sale Plan, Reuters Says
KOREA EXCHANGE BANK: S&P Affirms C+ Fundamental Strength Rating
SAMSUNG CARD: Starts IPO in Seoul, Due Diligence Begins


M A L A Y S I A

COMSA FARMS: Fails to Make Requisite Announcement on Feb. 16
MP TECH: Shareholders' Deficit Prompts Amended PN17 Listing
MP TECHNOLOGY: Posts MYR133.25MM Net Loss in Qtr Ended Nov. '06
MP TECHNOLOGY: Sets Special Restructuring Committee
NORTH BORNEO: Bursa Hands Public Reprimand; Sets MYR14,000 Fine

PROTON HOLDINGS: Evaluating Possible Tie-Up with Mitsubishi
PSC INDUSTRIES: Inks Shipbuilding Deal with Gagasan for US$42M


N E W   Z E A L A N D

ARE YOU: Creditors Must File Claims by March 12
C.ROCK PROPERTIES: CIR Seeks to Liquidate Firm
CUSTOM CONVEYORS: Shareholders Appoint Joint Liquidators
D.M.T. LTD: Faces Liquidation Proceedings
KATHIE IRWIN: Vance and Jordan to Act as Liquidators

MAN JOINERY: Creditors Must File Proofs of Debt by March 12
NUPLEX INDUSTRIES: 6-Months Ended Dec. 2006 Net Profit Down 78%
NUPLEX INDUSTRIES: To Pay Interim Dividend on April 5
NZ MANUFACTURE: Appoints Official Assignee as Liquidator
PACIFIC SERVICES: Court to Hear Liquidation Petition on March 12

REACH INVESTMENTS: Court Sets Liquidation Hearing for Feb. 26
SPINAL ALIGNMENT: Faces CIR's Liquidation Petition
THOMSON TIMBER: Liquidation Hearing Set on March 1
TIME VISION: Court Appoints Interim Liquidators


P H I L I P P I N E S

PHIL. NAT'L. BANK: Sets Annual Stockholders' Meeting on May 29
SAN MIGUEL: TCCP Buys Coca-Cola Bottlers Phils. for US$590 Mil.
UNIVERSAL ROBINA: To Elect Board at April 19 Annual Meeting
VITARICH CORP: RTC Okays Due Course to Rehab; Names New Receiver
WARNER MUSIC: Shareholders Not Required to Notify Interests


S I N G A P O R E

EXPRESS FOOD: Court Orders Wind Up of Operations
HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on March 5
PETROLEO BRASILEIRO: Earns BRL25.9 Million in 2006 Fiscal Year
PETROLEO BRASILEIRO: Sees No Impact on NatGas Deal, Analyst Says
PETROLEO BRASILEIRO: Will Launch Four Oil Rigs This Year

REFCO INC: Judge Drain Approves AIDMA Settlement Agreement
REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement
SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol
SEA CONTAINERS: GNER Signs GBP20-Mil. Lease for Train Fleet
WSID PTE: Wind-Up Petition Hearing Slated for March 2


T H A I L A N D

BANK OF AYUDHYA: Reveals Resolutions at Board Meeting
CIRCUIT ELECTRONIC: Updates on Rehab Progress as of Q4 2006
FEDERAL-MOGUL: Supplemental Disclosure Statement Approved
FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8
FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln

HANTEX PCL: Announces Delay of Financial Statement for FY2006


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

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

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, told the Court that Focus has substantial
experience in both the financial analysis area and certain
insolvency services, having served in Chapter 11 cases on behalf
of debtors and creditors.

Specifically, Focus is expected to:

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

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

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

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

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

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

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

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

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

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

                       Firm's Compensation

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

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

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

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

The Debtors and Focus also agreed to certain indemnification
provisions.

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

                    About Advanced Marketing

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

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


ADVANCED MARKETING: Court Augments Prepetition Shipping Duty Cap
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware authorized Advanced Marketing
Services Inc. and its debtor-affiliates to pay the valid
prepetition claims of domestic and international common
carriers, shippers, freight forwarders, and truckers, and
increased the cap set forth in the Court order to US$2,225,000.

Before any payment of prepetition claims of the Common Carriers
is made, the Debtors will provide notice of the proposed Payment
to the financial advisors for the Official Committee of
Unsecured Creditors, Traxi LLC, Judge Sontchi says.

The Committee will have two business days to provide written
notice of objection to a proposed Payment.  If no objection is
timely received, the Debtors will be authorized to make the
Payment.

Judge Sontchi notes that if the Creditors Committee timely
objects to a Payment, the Debtors will not make the Payment
without further agreement of the Committee of further Court
ruling.

To the extent the Committee timely objects to a proposed Payment
and the Debtors and the Committee are unable to resolve the
objection consensually, an emergency hearing in no less than
three business days' notice to all parties-in-interest will be
held to consider immediate approval of any proposed Payment.

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

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


BHB PLUMBING: Placed Under Creditors' Voluntary Wind-Up
-------------------------------------------------------
BHB Plumbing Pty Ltd was placed under creditors' voluntary
wind-up, through a special resolution passed on Feb. 6, 2007.

Accordingly, H. A. MacKinnon and K. L. Sutherland, of Bent &
Cougle Pty Ltd, were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         H. A. MacKinnon
         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About BHB Plumbing

Headquartered in Victoria, Australia, BHB Plumbing Pty Ltd is a
distributor of hardware machineries and gasfitters.


CHAMPION FORCE: Members and Creditors to Meet on March 22
---------------------------------------------------------
The members and creditors of Champion Force Pty Ltd will meet
for their final meeting on March 22, 2007, at 2:45 p.m., to
receive the liquidator's accounts of the company's wind-up
proceedings and property disposal exercises.

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Feb. 15, 2006.

The company's liquidator is:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                      About Champion Force

Champion Force Pty Ltd is an investor relation company.  The
company is located in Victoria, Australia.


CO-BUILD: Final Meeting Set for April 3
---------------------------------------
Co-Build Aust Pty Ltd and its creditors will hold a final
meeting on April 3, 2007, at 10:30 a.m.

During the meeting, Joseph Loebenstein, as Co-Build's
liquidator, will present the final accounts of the company's
wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Joseph Loebenstein
         Loebenstein Insolvency Services Pty Ltd
         1/191 Balaclava Road
         North Caulfield
         Victoria 3161
         Australia

                         About Co-Build

Co-Build Aust Pty Ltd is a special trade contractor.  The
company is located in Victoria, Australia.


EXPORATE PTY: Members and Creditors to Receive Wind-Up Report
-------------------------------------------------------------
Exporate Pty Ltd will hold a final meeting for its members and
creditors on March 22, 2007, at 3:00 p.m.

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

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that Exporate was placed under liquidation
because of its inability to pay its debts.

The company's liquidator is:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Exporate Pty

Exporate Pty Ltd is an investor relations company.


GEOFF LOWRY: Members and Creditors Meeting Set for March 20
-----------------------------------------------------------
The members and creditors of Geoff Lowry Design Pty Ltd will
hold a final meeting on March 20, 2007, at 10:00 a.m.

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

The company went into liquidation on Dec. 22, 2005, as
previously reported by the Troubled Company Reporter - Asia
Pacific.

The liquidator can be reached at:

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

                        About Geoff Lowry

Geoff Lowry Design Pty Ltd provides business services.  The
company is located in Victoria, Australia.


GLADSTONE & DISTRICT: Receivers and Managers Resign from Posts
--------------------------------------------------------------
Robert Hutson and John Park ceased to act as receivers and
managers of Gladstone & District Leagues Club Ltd on Feb. 2,
2007.

According to the Troubled Company Reporter - Asia Pacific,
Messrs. Hutson and Park were appointed as the company's
receivers and managers on Jan. 5, 2007.

Messrs. Hutson and Park can be reached at:

         Robert Hutson
         John Park
         KordaMentha (Queensland)
         22 Market Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999

                    About Gladstone & District

Gladstone & District Leagues Club Ltd operates membership sports
and recreation clubs.  The company is located in Queensland,
Australia.


JELIMAR PTY: Liquidator to Present Wind-Up Report on March 22
-------------------------------------------------------------
A final meeting will be held for the members and creditors of
Jelimar Pty Ltd on March 22, 2007, at 1:00 p.m.

During the meeting, Samuel Richwol, Jelimar's liquidator, will
present a report pertaining to the company's wind-up proceedings
and property disposal.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Jelimar Pty

Jelimar Pty Ltd operates accommodation hotels, restaurant with
function rooms for poker machines.  The company is located in
Victoria, Australia.


JUST MANOLIOS: Members Final General Meeting Set for March 28
-------------------------------------------------------------
The members of Just Manolios Pty Ltd will hold a final general
meeting on March 28, 2007, at 2:00 p.m., to receive the
liquidators' report in connection with the company's wind-up
proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company entered into wind-up proceedings on Aug. 14, 2006.

The liquidators can be reached at:

         Timothy B. Norman
         Salvatore Algeri
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                       About Just Manolios

Just Manolios Pty Ltd is a distributor of durable goods.  The
company is located in Queensland, Australia.


KIRARA PTY: Members to Receive Wind-Up Report on March 6
--------------------------------------------------------
The members of Kirara Pty Ltd will hold a meeting on March 26,
2007, at 10:00 a.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal exercises.

As reported in the Troubled Company Reporter - Asia Pacific,
Kirara went into liquidation on July 6, 2006.

The liquidator can be reached at:

         David H. Scott
         Jones Condon Chartered Accountants
         1st Floor, 173 Burke Road
         Glen Iris
         Victoria 3146
         Australia

                        About Kirara Pty

Kirara Pty Ltd provides business services.  The company is
located in Victoria, Australia.


MULTIPLEX GROUP: Posts AU$295.6 Mln. NPAT for HY-Ended Dec. 2006
----------------------------------------------------------------
Multiplex Group recorded a net profit after tax attributable to
stapled security holders of AU$295.6 million for the six months
to Dec. 31, 2006.

The results reflect a solid overall performance with positive
contributions from all divisions.

As at Dec. 31, 2006, Multiplex Group's net assets were
AU$3.52 billion (June 2006: AU$3.16 billion).

As advised in December 2006, a half-year distribution of
8.5 cents per stapled security (December 2005: 8.0 cents) will
be paid by Feb. 28, 2007, compromising an interim distribution
from Multiplex Property Trust and no dividend from Multiplex
Limited.

Group earnings were favorably impacted by significant fair value
adjustments to investment properties totaling AU$245.0 million,
offset by one-off corporate costs of AU$36.6 million (after tax)
which included the settlement with the Australian Securities and
Investments Commission.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 21, 2006, the ASIC has accepted an Enforceable Undertaking
from Multiplex Group relating to the company's failure to
disclose a material change in profit on the Wembley National
Stadium project in London.

The Board continues to remain confident in the Group's prospects
for FY2007 with the outlook for the second half consistent with
expectations outlined at June 2006.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 18, 2006, that Multiplex Group's financial results for the
year ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


ROLBERG PTY: Members and Creditors to Meet on March 13
------------------------------------------------------
The members and creditors of Rolberg Pty Ltd will meet on
March 13, 2007, at 9:00 a.m.

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

   -- receive the final receipts and payments from the
      company's liquidator;

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

   -- discuss other business.

The liquidator can be reached at:

         Michael Peldan
         Worrells Solvency & Forensic Accountants
         8th Floor
         102 Adelaide Street, Brisbane
         Queensland 4000
         Australia
         Telephone:(07) 3225 4300
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au

                       About Rolberg Pty

Rolberg Pty Ltd is involved with local trucking without storage.
The company is located in Queensland, Australia.


SCANTECH AUSTRALIA: Members and Creditors to Meet on March 22
-------------------------------------------------------------
The members and creditors of Scantech Australia Pty Ltd will
have their final meeting on March 22, 2007, at 10:30 a.m., to
hear the liquidator's report regarding the company's wind-up
proceedings and property disposal.

According to the TCR-AP, the company was placed under voluntary
wind-up on July 31, 2006.

The company's liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                     About Scantech Australia

Scantech Australia Pty Ltd is a distributor of computers and
computer peripheral equipment and softwares.  The company is
located in Victoria, Australia.


STAAB NOMINEES: Creditors and Members to Meet on March 22
---------------------------------------------------------
The members and creditors of Staab Nominees Pty Ltd will meet on
March 22, 2007, at 11:30 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal
exercises.

The liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                      About Staab Nominees

Staab Nominees Pty Ltd (Staab Decor) is a distributor of
paintings and paper hangings.  The company is located in
Victoria, Australia.


SYMBION HEALTH: Moody's Confirms Ba1 Rating and Stable Outlook
--------------------------------------------------------------
On Feb. 22, 2007, Moody's Investors Service confirmed the Ba1
issuer rating of Symbion Health Limited and stable outlook.
This rating action concludes the review for possible downgrade
begun on Jan. 30, 2007.

"The confirmation follows indications that Primary Health Care
Limited (unrated) is no longer pursing a merger/acquisition with
Symbion," says Peter Fullerton, a Moody's AVP/Analyst.  This
incorporates the fact that Primary Health no longer holds an
equity interest in Symbion.

"These developments remove the immediate event risk which had
surrounded Symbion's credit profile, which had in turn, prompted
Moody's to place its ratings on review for possible downgrade,"
Mr. Fullerton adds.

"At the same time, a reasonable level of uncertainty over
Primary's future intentions persists along with the potential
for further industry consolidation within Symbion's key areas of
operation," Mr. Fullerton says.

"Moreover, should merger or acquisition offers re-emerge in
regard to Symbion -- either from Primary or other market
participants -- then the rating may come under renewed negative
pressure," Mr. Fullerton says.

Potential upward rating pressure could occur if Symbion delivers
on its objective of transforming and reinvigorating operations,
such that sustained growth occurs in EBITDA earnings relative to
adjusted debt levels.  Such an outcome would be evidenced by
debt to EBITDA falling below 4.0x on a sustained basis.  In
addition, the development of a stable track record of operations
with its current asset base would also be required for upward
rating pressure to emerge.

Negative rating pressure may emerge if the company made a
material change in strategy, including an increase in
shareholder returns, to protect the company from future
acquisition interest.

In addition, negative rating pressure may emerge if operations
suffer a decline in revenues or margins, leading to negative
free cash flow generation, or to an increase in adjusted debt to
EBITDA beyond 5.0x on a sustained basis.  The disposal of a
major asset - without an appropriate reduction in debt would
also negatively impact the rating.

Symbion is a diversified domestic health care business.  Most of
its earnings derive from the provision of pathology and
diagnostic imaging services.  It also manufactures and markets
vitamin and mineral supplements (consumer nutriceuticals).  In
addition, it operates a wholesale medical products distribution
network, focusing on the supply of prescription drugs to
pharmacies and hospitals.


ZINIFEX LTD: Zinifex Seeks to Acquire Canada's Wolfden Resources
----------------------------------------------------------------
Zinifex Limited has made a non-binding proposal to acquire all
the outstanding common shares of Wolfden Resources for CDN$3.90
per share.  This proposal, which is subject to confirmatory due
diligence and the satisfaction of certain other pre-conditions,
values Wolfden at approximately CDN$358 million.

Zinifex has provided Wolfden with a Letter of Interest, which
outlines the terms that would be included in a formal offer.
Wolfden has, in return, granted Zinifex a period of exclusivity
until March 7, 2007, in which to complete due diligence and has
agreed not to solicit other proposals.

Wolfden is a Canadian-based mineral exploration and development
company with a diversified portfolio of advanced stage resource
projects in the Nunavut Territory of Canada.  In particular, it
holds 100% of the Izok and High Lake deposits which are high
grade undeveloped poly-metallic deposits, including copper,
zinc, gold, and silver.

"We believe Wolfden's advanced projects would represent an
excellent fit with Zinifex's strategy to grow its mining
business," Zinifex Chief Executive Officer Greig Gailey said.
"The Izok and High Lake projects would meaningfully add to
Zinifex's resource base and have the potential, if developed, to
significantly extend Zinifex's mining profile."

"These are high value polymetallic projects at an advanced stage
together with significant potential for upside from further
exploration."

"Importantly for both Zinifex and Wolfden, a successful
acquisition would bring together these significant opportunities
and the experience of Wolfden's management team with the
financial capability of Zinifex to advance Wolfden's projects to
production," Mr. Gailey concluded.

The Letter of Interest contemplates a potential transaction
along these lines:

   (a) Subject to the satisfactory outcome of final due
       diligence, the negotiation of transaction documentation
       and approval of Zinifex's board of directors a Zinifex
       offer of CDN$3.90 per share (including shares issued or
       issuable upon exercise of Wolfden warrants and share
       options) conditional on the parties entering into a
       support agreement, to include among others, these terms
       and conditions:

       * unanimous favorable recommendation by Wolfden's
         directors;

       * a break fee of 3% of the transaction value;

       * lock-up acceptance agreements from certain major
         shareholders, directors, and senior officers;

       * a right to see and match any unsolicited third party
         proposal;

       * certain key officers of Wolfden to enter into mutually
         acceptable employment contracts with Zinifex;

       * no material adverse change.

   (b) The proposal contemplates acquisition by way of a
       takeover bid with a minimum sixty-six and two thirds
       percent acceptance.

To advance the proposal Zinifex and Wolfden have also agreed
that:

   1) Zinifex's March 7 exclusive period to complete due
      diligence may be extended until March 16, to complete
      transaction documentation;

   2) During the exclusivity period, Wolfden may respond to an
      unsolicited proposal from another party where it has a
      fiduciary duty to do so.  Wolfden will provide Zinifex
      with the particulars of any such proposal; and

   3) Wolfden will reimburse Zinifex's expenses up to
      CDN$1 million in certain circumstances should it enter
      into an alternative transaction with a third party.

No definitive agreements have been reached at this time, other
than the exclusivity letter.  There can therefore be no
assurance that any transaction will result to any final terms.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign
currency Issuer Default Rating of 'BB+' with a Stable Outlook.

According to Fitch, the rating is unaffected by Zinifex's
announcement of a proposed transaction with Belgium-based
specialty metals group Umicore to merge their respective zinc
smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report
noted.


ZINIFEX LTD: Posts AU$751MM Net Profit for 6-Months to Dec. 2006
----------------------------------------------------------------
Zinifex Limited posted a record profit before tax of
AU$967 million for the six months to December 31, 2006.

According to Zinifex Chief Executive Officer Greig Gailey, "this
is an outstanding effort and is more than four times the profit
before tax for corresponding period last year."

Having now recognized substantially all of its available tax
losses, Zinifex incurred a tax expense during the period.  Thus,
the company's net profit of AU$751 million was close to the 2006
second half-year record and more than three times than the
figure declared for the same period in 2005.

In accordance with stated policy of returning surplus cash to
shareholders, the Board agreed to make a half-year dividend
payment of 70 cents per share, fully franked.

Mr. Gailey noted that metal prices were exceptional over the
period and made a major contribution to Zinifex's performance
for the half.

"Both zinc and lead prices rose strongly over this period on the
back of rapidly depleting London Metal Exchange stocks.
However, this was offset somewhat by a 10% reduction in
production due primarily to planned maintenance shutdowns at
Century, Port Pirie and Clarksville and lower lead concentrate
production at Century due to lower lead grades," Mr. Gailey
said.

Mr. Gailey further noted that in line with what is being
experienced right across the sector, the ongoing resources boom
continued to place pressure on costs.

"Our underlying operating costs were up some 10% this half,
however, expenditures specific to this period, such as the
accelerated Century pre-strip and the extended Century and Port
Pirie shutdowns, together with project expenditures related to
the proposed joint venture with Umicore, increased the headline
rate to 16%," Mr. Gailey added.

Mr. Gailey said that, importantly, the company continued to
deliver on its safety and environmental goals.

"Medical Referral Injury Frequency Rate fell by 19% over the
corresponding period and we also witnessed an appreciable 16%
reduction in the number of minor reportable environmental
incidents and non-compliances," Mr. Gailey said.

Mr. Gailey said significant progress has also been made over the
period on the company's growth strategy.

Commenting on the prospects for zinc and lead, Mr. Gailey said
there is little doubt that zinc prices and the AU$/US$ exchange
rate have the greatest impact on Zinifex's profitability.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign
currency Issuer Default Rating of 'BB+' with a Stable Outlook.

According to Fitch, the rating is unaffected by Zinifex's
announcement of a proposed transaction with Belgium-based
specialty metals group Umicore to merge their respective zinc
smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report
noted.


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

CHAMPION BILLION: Members Final Meeting Slated for March 23
-----------------------------------------------------------
Champion Billion Trading Limited, which is under a members
voluntary wind-up, will hold a final meeting on March 23, 2007,
at 9:00 a.m.

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

The company's liquidator can be reached at:

         Lung Chun Tak
         Units A & B, 21/F
         World Trust Tower
         50 Stanley Street
         Central, Hong Kong


CHINA EVERBRIGHT: Sources Say That Politics Marred Injection
------------------------------------------------------------
A planned US$2.6-billion government bail-out of China Everbright
Bank Co. is being complicated by its state parent's reluctance
to give up direct control, three sources close to the situation
told Reuters, The Standard relates.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, China's State Administration of Foreign Exchange
said that it would inject CNY20 billion into China Everbright to
pave the way for the bank's H-share debut.

The Standard relates that authorities tapped a government
financial arm, Central Huijin Investment, to inject
CNY20 billion into the lender.

Premier Wen Jiabao signed off on the plan and asked Huijin to
finalize details with the bank and its parent, China Everbright
Group, the report cites sources, who had expected the injection
to happen at the beginning of 2007.

However, The Standard point out, Everbright Group Chairman Wang
Mingquan was recently lobbying Beijing to let Huijin inject the
money into the parent company instead of directly into the bank.

Mr. Wang is also chairman of Everbright Bank.

The sources said that if Huijin pumped in the capital through
Everbright Group, a major reshuffle of top management at
Everbright Bank would be less likely, the report notes.  The
sources added that if Huijin made a direct injection into
Everbright Bank, Mr. Wang would likely lose his top position at
the bank because the injection would make Huijin the largest
shareholder.

Huijin, on the other hand, stands to gain significantly once the
bank lists in Hong Kong, The Standard further relates.

"Central Huijin definitely wants a direct stake in the bank as
the banking assets will appreciate after the bank goes to list
in Hong Kong," a Beijing-based banking source told Reuters.

                          *     *    *

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial  bank with shares held by international financial
institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed on August 14, 2006, China Everbright Bank's 'E'
individual rating '3' support rating.


CHINA MINSHENG: To Set Up Financial Leasing Unit
------------------------------------------------
China Minsheng Banking Corp. Ltd. is teaming up with State Grid
Corp. of China and a Tianjin-based company that assembles Airbus
A320s to set up a financial leasing company, Forbes.Com reports,
citing the China Business News.

According to the report, Minsheng plans to take up 60% of the
new company, with SGCC and the Airbus assembly firm holding 20%
each.

Minsheng is likely to become the first commercial bank allowed
to set up a financial leasing company, the report says.

Beijing-based China Minsheng Banking Corporation Ltd's --
http://www.cmbc.com.cn/-- principal activity is the provision
of commercial banking services that include absorbing public
deposits, providing short term, medium term and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


CHINA MINSHENG: Gets Regulator's OK for Royal Bank Joint Venture
----------------------------------------------------------------
China Minsheng Banking Corp. has received approval from the
China Banking Regulatory Commission to set up a fund management
joint venture with Royal Bank of Canada and a China Three
Gorges-controlled finance firm, Forbes.Com reports, citing the
China Business News.

The report says that China Minsheng will hold 60% of the CNY200-
million joint venture, Royal Bank of Canada will hold 30%, and
the remaining 10% will be held by the Three Gorges unit.

China Minsheng shareholders had earlier approved the joint
venture proposal, Forbes relates.

Forbes quotes China Business News as saying that China Minsheng
had chosen the companies to which it will issue new shares via
private placement, but foreign institutional investors are not
on the list.  China Minsheng had earlier signified that it will
issue an additional 2 billion A-shares to up to 10 institutional
investors via private placement.

Beijing-based China Minsheng Banking Corporation Ltd's --
http://www.cmbc.com.cn/-- principal activity is the provision
of commercial banking services that include absorbing public
deposits, providing short term, medium term and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


CHINA MINSHENG: Expects 40% Improvement in 2006 Net Profit
----------------------------------------------------------
China Minsheng Banking Corp. Ltd expects that "total net profit
in 2006 will increase some 40% from the same period in 2005" the
bank said in its 2006 Performance Projection.

The bank said that the increase was due to the fact that "all
business lines are well developed in 2006."

On its Web site, the bank indicated a "sharp upward" projection
in its 2006 profits.  The company recorded a net profit of
CNY2,702,519,000 for the full-year of 2005, and earnings per
share of CNY0.37.

The figures are unaudited.

Beijing-based China Minsheng Banking Corporation Ltd's --
http://www.cmbc.com.cn/-- principal activity is the provision
of commercial banking services that include absorbing public
deposits, providing short term, medium term and long term loans,
making domestic and international settlement, discounting bills
and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


HANLY LIMITED: Final General Meeting Slated for March 20
--------------------------------------------------------
Hanly Limited, which is in members' voluntary liquidation, will
hold a final general meeting on March 20, 2007, at 3:00 p.m.

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


HUDA TECHNOLOGY: Majority Shareholder Freezes Shares
----------------------------------------------------
Huda Technology & Education Development announced that its
14,927,000 shares owned by its largest shareholder have been
frozen from Feb. 7, 2007, to Feb. 6, 2008, according to Reuters
Key Developments.

No other details were provided.

Headquartered in Shijiazhuang, Hebei Province, Huda Technology &
Education Development Co., Ltd.is principally engaged in the
manufacture and distribution of electrical wires and cables.
During the year ended December 31, 2005, the company established
a subsidiary in Hengyang with an 80% stake, which specializes in
the production and sale of special cables.

The Troubled Company Reporter - Asia Pacific reported on
February 16, 2007 that the company has a capital deficiency of
US$0.19 million, on total assets of US$17.29 million.


ROAD KING: Seeks to Raise US$70 Million Via Shares Sale
-------------------------------------------------------
Road King Infrastructure Ltd aims to raise US$70 million to
US$74 million by selling new shares, Reuters reports.

Based on a term sheet obtained by Reuters, Road King is issuing
up to 45 million shares at a price of HK$12.05 to HK$12.30
apiece, representing a discount of 3.45% to 5.42% on the stock's
last traded price.

Road King's shares were suspended from the Hong Kong Stock
Exchange pending the company's disclosure on the share sale.

                          *     *     *

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

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

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

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


SICHUAN CHANGJIANG: Acquires Undergarments Company For CNY69MM
--------------------------------------------------------------
The board of directors of Sichuan Changjiang Packaging Holding
Co has approved a proposal to issue 10,106,300 shares to the
company's underlying controlling shareholder at CNY6.79 per
share, Reuters Key Development reports.

The company will acquire a 100% stake in a Zhejiang-based
undergarments company from the company's underlying controlling
shareholder with CNY68,621,773.62 as the basis price.

Headquartered in Yuban, Sichuan Province, China, Sichuan
Changjiang Packaging Holding Co.Ltd is primarily engaged in the
repair and installation of paper-manufacturing machinery, as
well as the manufacture of paper testing instruments.  During
the year ended December 31, 2005, the company discontinued its
paper-manufacturing business and leased paper-manufacturing
machinery of its subsidiary to another company.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 16, 2007, that the company has a capital deficiency of
US$72.76 million, on total assets of US$13.11 million.


SONGLIAO AUTOMOBILE: Changes Auditors for Fiscal Year 2006
----------------------------------------------------------
SongLiao Automobile Co., Ltd. has announced in a disclosure that
its board of directors has appointed Dalian Hualian Certified
Public Accountants as its auditor for fiscal 2006.

                          *     *     *

Based in Shenyang, Liaoning Province, China, SongLiao Automobile
Co., Ltd. is a manufacturer of automobile components.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 16, 2007 that the company has a capital deficiency of
US$3.76 million, on total assets of US$49.56 million.


TONG REN: Creditors Must Prove Debts by March 9
-----------------------------------------------
Tong Ren Tang Hutchison (H.K.) Pharmaceutical Development
Company Limited will be receiving proofs of debt from its
creditors until March 9, 2007.

Creditors must prove debts before the due date to be included in
the company's distribution of dividend.

As reported in the Troubled Company Reporter - Asia Pacific, the
company entered liquidation proceedings on Feb. 6, 2007.

The joint liquidators can be reached at:

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


WINOWNER GROUP: Revamps Top Management
--------------------------------------
Winowner Group Co., Ltd., announced that Zhang Haisheng has
resigned from his post as the company's chairman of the board
cum president, Reuters Key Development reports.

The company's board of directors subsequently appointed Xu
Weiwen as chairman, Chen Shanqing as president, and Zhan Shijie
as chief financial officer.

Formerly known as Wuhan Cheng Cheng Investment In Culture Group
Co., Ltd, Winowner Group Co., Ltd. -- http://www.winowner.com/
-- is principally engaged in the printing business, the
distribution of paper products, as well as the leasing and
renting of properties.  The company primarily provides package
printing services for beer and cigarette manufacturers.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 16, 2007, that the company has a capital deficiency of
US$62.88 million, on total assets of US$38.03 million.


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

AMERICAN AXLE: Weak Performance Prompts DBRS' Ratings Downgrade
---------------------------------------------------------------
Dominion Bond Rating Service downgraded the ratings for American
Axle & Manufacturing Holdings Inc.'s Senior Notes and Senior
Convertible Notes to BB (high) from BBB (low), and the trends
remain Negative.

The rating action is based primarily on the increased business
risk facing American Axle mainly related to the issues facing
General Motors Corporation, and weaker-than-expected financial
performance.  The Negative trend reflects the risk of
intensifying industry challenges, notably lower-than-expected
light truck demand at GM and the Chrysler Group, which could
weaken the company's credit profile.

American Axle's customer and product mix is highly focussed on
GM and its light truck operations.  AAM supplies the bulk of the
axles for GM's light-truck and SUVs manufactured in the United
States, where demand has been negatively impacted mainly by
intense competition and shifting consumer preference towards
smaller, more fuel-efficient vehicles.  The steady decline in
GM's market share and production has led to a corresponding
increase in American Axle business risk profile.

DBRS expects the declining production trend to continue over the
near term, and mitigate the benefits of an expected content per
vehicle increase related to the full launch of products under
the GMT-900 platform.  Lower production volumes, combined with
continuing OEM pricing pressure, high input costs, and limited
customer/product diversification are likely to limit a material
improvement in American Axle's profitability over the medium
term.

In addition, the company also faces the risk of labour
disruptions at the North American Big Three.  Sharply lower
earnings and free cash flow in the event of intensifying
industry challenges would further pressure American Axle's
balance sheet, and have negative implications for the rating.

Despite the various challenges facing AAM, the company is
expected to remain profitable.  American Axle remains an
efficient auto parts producer, and has implemented restructuring
initiatives to improve its cost base.  The company's recent
special attrition program, along with other restructuring plans,
is expected to reduce structural costs going forward and improve
its competitiveness.

In addition, American Axle is focused on expanding its
production capacity in low-cost regions and diversifying its
product/customer mix, which should improve earnings stability
over the medium term.  Furthermore, the lack of large debt
maturities before 2010 provides flexibility.

                          *     *     *

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
India, Brazil, China, England, Germany, Japan, Mexico, Poland,
Scotland and South Korea.


BRITISH AIRWAYS: Lowers London-Bermuda Roundtrip Fares by 30%
-------------------------------------------------------------
British Airways has decreased Roundtrip World Traveller fares to
London from Bermuda by 30% to US$352, Royal Gazette reports.

British Airways told Royal Gazette that fares have been reduced
during a special sale period.  Tickets must be purchased by
Feb. 23.

According to Royal Gazette, prices start at US$352 and are valid
until March 25.  Tickets for roundtrip fares, which are
available in Bermuda and US Dollars, must be bought three days
in advance.  They are non-refundable.

Royal Gazette underscores that fares may be higher for other
travel dates and beyond London destinations.  Weekend --
Thursday to Sunday -- surcharge is at US$30 each way.  Fares are
yet to be approved.  They do not include:

      -- insurance,
      -- security,
      -- fuel surcharges,
      -- airport fees, and
      -- taxes ranging from US$235.

"The timing of this offer makes London a perfect opportunity for
a quick getaway as restaurants, museums, theater and some of the
best shops in the world are all in full swing," Marianne Wilcox,
British Airways' customer service manager in Bermuda, told Royal
Gazette.

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 8, 2007, Moody's Investors Service changed the outlook on
the Ba1 corporate family and Ba2 senior unsecured debt ratings
of British Airways Plc and its guaranteed subsidiaries to
positive from negative.


IMAX CORPORATION: Inks Amended Employment Pacts with Co-CEOs
------------------------------------------------------------
IMAX Corp. entered into separate amended employment agreements
with Richard L. Gelfond and Bradley J. Wechsler, the company's
Co-Chief Executive Officers.

Under the Agreements, the company said that the executives will
be entitled to be paid base salary at the rate of US$500,000 per
year, plus a bonus of up to two times salary.

However, bonuses will be at the discretion of the Board of
Directors and will be based upon the success of the company
in achieving the goals and objectives set by the Board after
consultation with the executives.

The Executives will be considered for a bonus based upon
performance during the year ending Dec. 31, 2007.  If the
executives' employment is terminated without cause prior to
the end of the term, the executive shall be entitled to no
less than a pro-rata portion of their median bonus target.

Additionally, the term of the agreement is extended until
Dec. 31, 2007.

Full-text copies of the Amended Employment Agreements are
available at no charge at http://ResearchArchives.com/t/s?1a07

IMAX Corporation - http://www.imax.com-- is an entertainment
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in India
and Italy, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 21, 2006, Moody's Investors Service affirmed the B3
corporate family rating for IMAX Corp., as well as the Caa1
rating on its senior notes.  Moody's said the outlook remains
stable.


STATE BANK OF INDIA: Orders 3,000 ATMs from NCR Corp.
-----------------------------------------------------
The State Bank of India has selected NCR Corporation to provide
and manage the single largest order of automated teller machines
by a bank in India.  The order includes 3,000 NCR Personas ATMs
and APTRA(TM) software, installation and deployment services
including construction and maintenance of ATM sites, and
comprehensive management of SBI's ATM channel, including 24x7
monitoring to ensure highest ATM availability.

The 3,000 units include a mix of full-function ATMs that can
address routine transactions including cash withdrawal, as well
as advanced functions such as airline and railway ticketing,
deposits and customer relationship management-driven services.
The installation is in line with SBI's expansion plans and
fulfillment of its recent project to deploy ATMs across key
railway stations in India.

Bob Tramontano, vice president of self-service for NCR's
Financial Solutions Division, said, "We are extremely pleased to
partner with SBI to assist the bank in maximizing its reach,
while enhancing customer satisfaction.  The SBI order is the
largest project of its kind in India and we are happy that the
country's largest commercial bank has chosen NCR yet again as
its preferred partner."

                       About NCR Corporation

NCR Corporation is a leading global technology company helping
businesses build stronger relationships with their customers.
NCR's Teradata(R) data warehouses, ATMs, retail systems, self-
service solutions and IT services provide Relationship
Technology(TM) that maximizes the value of customer interactions
and helps organizations create a stronger competitive position.
Based in Dayton, Ohio, NCR (http://www.ncr.com)employs
approximately 28,900 people worldwide.

NCR and Teradata are trademarks or registered trademarks of NCR
Corporation in the United States and other countries.

                     About State Bank of India

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services on Feb. 8, 2007, assigned its
'BB' rating to the proposed Hybrid Tier I perpetual notes to be
issued by the State Bank of India.  S&P's Bank Fundamental
Strength Rating for SBI remains at 'C'.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


TATA MOTORS: Signs MOU with Iveco for Possible Strategic Tie-Up
---------------------------------------------------------------
Iveco, a company of Fiat Group, and Tata Motors signed a
Memorandum of Understanding to analyze the feasibility of
cooperation, across markets, in the area of Commercial Vehicles.
The MoU would encompass a number of potential developments in
engineering, manufacturing, sourcing and distribution of
products, aggregates and components.

Shortly after the MoU signature, Iveco and Tata Motors will set
up a joint Steering Committee to determine the feasibility of
cooperation, both in the short and over the long term.  When
found feasible, the two companies will enter into definitive
agreements in the course of the coming months.

In a statement Mr. Paolo Monferino, CEO of Iveco, said "The
possible strategic cooperative agreement with Tata Motors
represents a new step in our strategy leveraging on excellent
partnerships of Fiat Group across the automotive value chain.
We are devoting great efforts and resources to explore this
cooperation opportunity, on our way to change and expand Iveco
in the next years."

The Managing Director of Tata Motors, Mr. Ravi Kant, said, "We
are truly excited about the potential of the opportunities this
cooperation offers, complementing each other's strengths in
products and across markets."

                           About Iveco

Iveco designs, manufactures, and markets a broad range of light,
medium and heavy commercial vehicles, off-road trucks, city and
intercity buses and coaches as well as special vehicles for
applications such as fire fighting, off-road missions, defence
and civil protection.

Iveco employs 24,500 people and runs 27 production units in 16
countries in the world using excellent technologies developed in
5 research centres.  Besides Europe, the company operates in
China, Russia, Turkey, Australia, Argentina, Brazil, and South
Africa.  More than 4,600 service outlets in over 100 countries
guarantee technical support wherever in the world an Iveco
vehicle is at work.

                        About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Inks Argentine Pick-up Production Pact with Fiat
-------------------------------------------------------------
Fiat and Tata Motors are expanding their strategic co-operation
with the start of an industrial project outside India.  This is
a further significant step towards an integrated strategy of
targeting specific markets and segments.

The agreement, which calls for a Tata license to build a pick-up
vehicle bearing the Fiat nameplate at Fiat Group Automobiles'
plant in Cordoba, Argentina, follows a feasibility study started
in July 2006.  The first vehicles will roll off the Córdoba
assembly lines during 2008.  Annual production is slated at
around 20,000 units.  Total planned investment in the project is
around US$80million.

With the production of the pick-up model, the Fiat complex in
Cordoba will retake the integral activity of all its productive
units, to a great extent reinitiated with the manufacture of
Fiat engines and gearboxes and the recent agreement to produce
gearboxes for PSA Peugeot-Citr"en.

The pick-up, based on the new generation Tata pick-up truck,
will be sold in South and Central America and select European
markets through Fiat Automobiles' distribution and importer
network.  This will permit the Fiat brand to aggressively enter
the medium pick-up sector, thanks to Tata Motors' specific know-
how.

The Fiat pick-up, powered by an FPT engine, will be styled and
positioned differently from the Tata pick-up.  It will be
available in the following versions: 4x4, 4x2, double and single
cab and powered by a JTD diesel 2.3 litres, 134 PS Euro IV
engine, manufactured in Fiat Powertrain Technology's facility in
Sete Lagoas, Brazil.

Tata Motors considers Latin America as an important market and
is examining options for offering its products in this region,
including through cooperation with Fiat and Iveco for
manufacturing and distribution.

"This agreement is a further step in the building of a large,
focalised partnership with Tata" Mr. Sergio Marchionne, CEO of
Fiat Group and of Fiat Group Automobiles said, "and will allow
Fiat to enter a specific car segment with a very competitive
product.  We believe in a win-win know-how exchange with our
Indian partner."

Mr. Ratan N. Tata, Chairman of the Tata Group and Tata Motors
said, "I am very pleased at this first step in expanding the
Fiat Group and Tata relationship beyond the shores of India, and
would hope this would augur well for a truly global partnership
across markets and business segments."

                           About Fiat

One of the pioneer companies in the automobile industry, Fiat
has produced approximately 90 million passenger cars and light
commercial vehicles, including no less than 400 models, since
1899, when the company was founded in Turin, Italy.  Some of
them have represented milestones in the automotive industry.
The Automobiles business area of Fiat Group encompasses Fiat
Group Automobiles (Fiat Automobiles SpA, Alfa Romeo Automobiles
SpA, Lancia Automobiles SpA, and Fiat Light Commercial Vehicles
SpA), Ferrari SpA and Maserati SpA.

The Group operates world-wide with the following brands: Fiat,
celebrated for value, economy, and innovation and whose mass
produced cars are distributed over almost the entire price class
spectrum; Lancia means prestige cars noted for their elegant
styling and comfort; Alfa Romeo is famous as a maker of sport
and luxury vehicles of style and distinction; Fiat Light
Commercial Vehicles provides for all customer needs from small
car-based van to the new Ducato at two tons payload. Ferrari,
well renowned for unsurpassed design, performance, and luxury,
is a legendary automobile that imparts special cachet to its
owner.  Maserati represents a landmark in the history of the
automobile.

                        About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


UCO BANK: CRISIL Rates Enhanced Amount of CD Programme
------------------------------------------------------
Credit Rating Information Services of India Ltd assigned a 'P1+'
rating to UCO Bank Ltd's certificate of deposit programme at the
enhanced amount of INR70 billion (from INR60 Billion).

CRISIL also reaffirmed these UCO Bank ratings:

   * INR2.5 billion Tier I Perpetual Debt Issue: AA/Stable;

   * INR2.0 billion Tier I Perpetual Debt Issue: AA/Stable;

   * Rs.5.0 billion Upper Tier II Bond Issue: AA/Stable;

   * INR3.0 billion Upper Tier II Bond Issue: AA/Stable;

   * INR3.0 billion Lower Tier II Bond Issue: AA/Stable;

   * INR2.5 billion Lower Tier II Bond Issue: AA/Stable;

   * INR1.5 billion Lower Tier II Bond Issue: AA/Stable;

CRISIL has enhanced the rated amount of UCO Bank's certificate
of deposit programme.  The ratings on UCO Bank's debt
instruments continue to reflect the benefits of majority
ownership by the Government of India.  The ratings also reflect
the bank's average but improving asset quality.  These rating
strengths are, however, partly offset by the bank's modest Tier
I capital adequacy ratio and weakening resource profile.

The likelihood of systemic support in the event of distress is a
key factor that drives the ratings of several Indian public
sector banks.  PSBs such as UCO Bank also receive additional
support from GoI owing to its moral obligation as their owner to
provide such support; GoI currently holds 74.98 per cent of UCO
Bank's equity.

UCO Bank's asset quality is on an improving trend. Its gross
non-performing assets declined to 3.23 per cent as on December
31, 2006 from 3.27 per cent as on March 31, 2006, and 4.96 per
cent as on March 31, 2005.  This is in line with the declining
trend of NPAs in the banking system.  However, in the nine
months ended December 31, 2006, UCO Bank's resource profile has
weakened due to below average growth in deposits and larger than
expected reliance on shorter-term sources of borrowing for
funding credit growth.  The Tier I capital adequacy of the bank
was low at 6.09 per cent after the issuance of perpetual Tier I
capital of INR1.50 billion in March 2006.  CRISIL believes that
the currently high level of GoI holding in UCO Bank at 74.98 per
cent provides the bank substantial headroom for raising fresh
capital from the market, without compromising GoI's majority
ownership.

The ratings on Tier I perpetual debt and upper Tier II bonds
centrally factor in UCO Bank's policy of maintaining its overall
capital adequacy ratio above 11 per cent, and its plans to raise
additional capital through a follow-on public issue.

                              Outlook

The outlook on all the above ratings is stable. CRISIL expects
continuing support from GoI to offset the bank's modest
capitalisation level and weakening resource profile.  CRISIL
further believes that UCO Bank's operations will continue to
remain profitable in the near to medium term.

                          About the Bank

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'. At the same time, Fitch affirms the
bank's support ratings at 4. All ratings are with a stable
outlook.


UNION BANK OF INDIA: Hikes Benchmark Prime Lending Rate to 12.5%
----------------------------------------------------------------
Union Bank of India hikes its Benchmark Prime Lending Rate from
12.00% p.a. to 12.50% p.a. with effect from Feb. 19, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 15, 2007, the bank just recently raised the BPLR to 12%.

With the latest increase, all loans linked to BPLR would undergo
an upward revision in interest rates.  BPLR, however, will not
apply to existing Home Loans on Floating Rate Basis, the bank
says.

Union Bank of India -- http://www.unionbankofindia.com/-- is
one of the 10 largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK: Board Okays Borrowing Up to INR970 Crore
--------------------------------------------------
UTI Bank Ltd's board of directors, at its meeting on Feb. 20,
approved the bank's plan to borrow up to INR970 crore in one or
more tranches, by issuance of Upper Tier II Debentures or
Subordinated Tier II Debentures, subject to the proviso that the
latter would not exceed INR303 crores.

The debentures will be issued on terms and conditions to be
approved by the bank's chairman and managing director and
subject to guidelines issued by Securities and Exchange Board of
India, the Reserve Bank of India and any other regulatory
authority.

The instruments will be listed at National Stock Exchange and
the Bombay Stock Exchange.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its USUS$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


UTI BANK: Board Reappoints CMD P.J. Nayak for Two More Years
------------------------------------------------------------
UTI Bank Ltd's board of directors reappointed P. J. Nayak as the
bank's chairman and managing director for a further period of
two years with effect from Aug. 1, 2007.

The board made the decision at its meeting held on Feb. 20,
2007.

The appointment is still subject to the approval of the
administrator of the Specified Undertaking of Unit Trust of
India, and Reserve Bank of India and subject to confirmation of
the bank's shareholders at the next general meeting.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its USUS$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


UTI BANK: Allots 1,68,844 Equity Shares Under ESOP
--------------------------------------------------
UTI Bank Ltd's committee of directors allotted 1,68,844 equity
shares of INR10 each to the bank's employees under its Employees
Stock Option Plan.

The committee made the allotment on Feb. 20.

The paid up share capital of the bank will accordingly has
increased to 28,14,61,614 from 28,12,92,770 equity shares.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its USUS$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


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

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

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

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

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

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

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

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

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Fitch Ratings rates the amended senior secured bank
debt announced by Visteon Corp. B/RR1.  The Issuer Default
Rating remains at CCC, and the senior unsecured rating remains
at CCC-/RR5.  The Rating Outlook is Negative.

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon to 'B' from 'B+' and its
short-term rating to 'B-3' from 'B-2'.  These actions stem from
the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


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

ADARO INDONESIA: To Cut Costs with New US$200-Million Loan
----------------------------------------------------------
PT Adaro Indonesia will cut borrowing costs with a new US$200
million loan, Bloomberg News reports citing unnamed bankers with
direct knowledge of the deal.

According to the report, the bankers said that Adaro hired
Goldman Sachs Group Inc., DBS Group Holdings Ltd. and Sumitomo
Mitsui Banking Corp. to arrange the four-year loan.

Bloomberg expects Adaro to get a better rate on the new
financing since rising coal demand has boosted its earnings,
making it less likely to default on debt.  Earnings before
interest, taxes, depreciation and amortization, increased to
US$200 million in 2006 from US$155 million in 2005, the bankers
told the news agency.

According to Bloomberg's sources, Adaro will pay interest of 2
percentage points more than the six-month London interbank
offered rate.

According to data compiled by Bloomberg, the rates are 38%
cheaper than what Adaro paid to borrow US$250 million last year.
The company is paying 3.25 percentage points more than Libor for
a loan arranged by DBS Group Holdings Ltd., JPMorgan Chase & Co.
and Sumitomo Mitsui Banking Corp., which matures in November
2009, Bloomberg says.

The new loan reportedly will repay US$150 million outstanding
from Adaro's previous loan, and partly refinance some of its
mezzanine debt.  Mezzanine loans rank lower than traditional
bank loans for recovery in the event of a default, Bloomberg
notes.

                 About PT Adaro Indonesia

Headquartered in Indonesia, PT Adaro Indonesia
-- http://www.adaro-envirocoal.com-- operates one of the
world's largest sub-bituminous coalmines in Kalimantan,
Indonesia.  The company operates under a Coal Cooperation
Agreement with the Government of Indonesia, which gives it the
right to mine coal within its agreement area in the Tanjung
district of South Kalimantan Province until the year 2022 with
rights to extend by mutual agreement.  There are four deposits
within the Agreement Area, which contain total coal resources of
approximately 3.0 billion tones of open cut coal characterized
by extremely thick seams of up to 50 meters with relatively low
overburden.

The coal is exceptionally clean with 0.1% sulphur, 1.2% ash and
low nitrogen and has been trademarked internationally as
Envirocool.  Production commenced in 1991 and has increased
steadily since that time with sales to both export and domestic
markets reaching 25 million tonnes in 2004 making  Indonesia's
largest coal producer.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Sep.
11, 2006, that Standard & Poor's Ratings Services today affirmed
its 'B+' corporate credit rating on PT Adaro Indonesia.  The
outlook is stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured notes issued by Adaro's wholly owned
subsidiary, Adaro Finance B.V.  The issue is unconditionally and
irrevocably guaranteed by Adaro, and its related company, PT
Indonesia Bulk Terminal.  Adaro had total assets or US$1.4
billion at March 31, 2006.  It is the largest single-mine coal
producer in Indonesia, with capacity of 38 million tons per year
in 2006 and reserves of at least 14 years.

Moody's Investors Service, on May 19, 2006, affirmed the Ba3
local currency corporate family rating for PT Adaro Indonesia
and the Ba3 foreign currency rating for Adaro Finance B.V.  The
outlook for the ratings remains stable.

Moody's says that the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Adaro's ratings.


ALCATEL-LUCENT: Invests in WiMAX Semiconductor Supplier Sequans
---------------------------------------------------------------
Alcatel-Lucent has invested in SEQUANS Communications, a
supplier and developer of fixed and mobile WiMAX semiconductor
solutions.  The investment is an extension of Sequans' recent
round of funding announced in July 2006.  Terms of the
investment agreement were not disclosed.

"Our investment in Sequans shows our commitment to WiMAX and our
interest in supporting the development of the leading WiMAX
technologies," said Karim El Naggar, vice president of Alcatel-
Lucent WiMAX Business Unit.  "Sequans' high-performance chips
are an important element helping to ensure Alcatel-Lucent's
leading position in this industry."

"Alcatel-Lucent is a key WiMAX player and the worldwide leader
in broadband deployment," said Georges Karam, Sequans CEO.  "By
strengthening our cooperation, we will be able to better benefit
from Alcatel-Lucent's vast experience in addressing the needs of
broadband fixed and mobile markets."

Sequans has been heavily involved with the development of IEEE
802.16 d/e standards and WiMAX Forum activities, including all
PlugFests, where interoperability is tested, and certification
procedures.  Sequans will soon be releasing a mobile WiMAX chip
for client devices designed to exceed WiMAX Forum Wave 2
certification requirements.

                      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.


ALCATEL-LUCENT: Breaks 30 Million DSL Threshold in 2006
-------------------------------------------------------
According to Infonetics Research's new "Broadband Aggregation
Hardware and Subscribers" report, the broadband boom continues
unabated, as evidenced by two significant milestones in 2006:
Worldwide DSL port shipments neared the 100 million mark and
market leader Alcatel-Lucent shipped over 30 million DSL ports.

Meanwhile, manufacturer revenue for broadband aggregation
hardware continues to battle against the downward pricing
pressure of competition, suffering from a 16% drop in third
quarter 2006 but bouncing back in fourth quarter 2006 with a 7%
gain.  The market ended on a high note, with a 4% gain between
2005 and 2006.

"Major service providers around the world are committed to DSL
being their baseline broadband access technology, and are
aggressively deploying it to meet the demands of the rapidly
increasing numbers of DSL subscribers worldwide," said
Infonetics Research analyst Jeff Heynen.  "The flip side is the
intense competition among vendors to win large long-term service
provider contracts, which is putting substantial pressure on
pricing, reflected in the disconnect between strong port growth
and weak revenue growth in the broadband aggregation hardware
market."

CY06 Broadband Aggregation Hardware Market Highlights

-- Worldwide DSL port shipments increased 22% between 2005 and
    2006

-- IP DSLAM revenue is up 41% in 2006, while ATM DSLAM revenue
    is down 18%, as networks around the world prepare to deliver
    new IP services such as VPNs, VoIP, and IPTV

-- Market leader Alcatel-Lucent maintains its strong #1
    position, with about 1/3 of worldwide broadband aggregation
    hardware port and revenue market share

-- Huawei is #2 in both revenue and port market share, followed
    by Ericsson for revenue share and port share

-- The number of worldwide DSL subscribers will reach 274
    million in 2009

-- After a significant downturn in 3Q06, DSL shipments were
    back up to normal levels in fourth quarter 2006 in North
    America now that major mergers have been completed or
    Approved.

Infonetics' "Broadband Aggregation Hardware and Subscribers"
report provides worldwide and regional forecasts, market size,
and market share for DSLAMs split by ATM vs. IP, next gen DLCs,
and multiservice access platforms, and includes port detail
(ADSL, G.SHDSL, VDSL, PON OLT, Ethernet OLT, and DS0s).

Companies tracked include ADTRAN, Alcatel-Lucent, Calix, Ciena,
ECI, Ericsson, Fujitsu, Huawei, NEC, Nokia, Occam Networks,
Samsung, Siemens, Sumitomo, Tellabs, UTStarcom, Zhone, ZyXEL,
ZTE, and others.

                      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.


ALCATEL-LUCENT: Inks GSM Network Improvement Deal with T-Mobile
---------------------------------------------------------------
Alcatel-Lucent received a contract from T-Mobile, the wireless
business unit of Deutsche Telekom, one of the world's largest
service providers, to enhance its GSM network with the latest
generation of GSM/EDGE technology, dramatically increasing its
speed.

EDGE technology enables data rates of up to 220 kbit/s, and this
upgrade will significantly increase today's GPRS data rates and
offers data transmission rates of nearly four times that offered
by ISDN.  This deployment will enable T-Mobile to provide its
German mobile subscribers with advanced multimedia services in
all areas including expanding the availability of its
"Web'n'Walk" mobile Internet service.  The latest generation of
base stations being deployed also will help T-Mobile reduce its
operating costs.

The GSM/EDGE network to be upgraded by Alcatel-Lucent will be
operational by the end of 2007.  This contract acknowledges
Alcatel-Lucent's commitment to effectively meet customers'
requirements and will further contribute to expanding its
footprint in the German market.

"Our aim is to continue to offer the best quality of any
available network, by additionally growing its performance and
reliability," Joachim Horn, CTO at T-Mobile International said.
"Thanks to the high speed of EDGE technology, T-Mobile will be
the only operator in Germany to offer broadband mobile Internet
access outside densely populated regions."

Under the agreement, Alcatel-Lucent will replace several
thousand existing GSM base stations in T-Mobile's network with
its latest 9100 Multi-standard Base Station product line. It
will upgrade the existing base stations with EDGE capability and
replace several hundred base station controllers with Alcatel-
Lucent's latest Advanced-TCA based BSC.  Alcatel-Lucent will be
responsible for overall project management, including network
integration, removing old equipment and installing the new
equipment, and subcontractor management.

"This contract is the result of many years of faithful
cooperation with T-Mobile, and we are proud to have been
selected as the supplier," Philippe Keryer, President of
Alcatel-Lucent's GSM/W-CDMA/WiMAX activities, said.  "We will
devote all our efforts to delivering the best-in-class turnkey
solution to T-Mobile to help it enhance the high quality of
service it insists on providing its subscribers.  This new
contract shows that the flexibility and scalability of our
latest line of GSM/EDGE equipment is a key asset for optimizing
large network deployments while enabling operators to minimize
capital expenditures and reduce operating expenses."

Alcatel-Lucent has more than 170 GSM/EDGE customers in over 90
countries, making it a leading provider of mobile communications
solutions. Alcatel-Lucent is boosting its GSM/EDGE portfolio by
introducing the field-proven ATCA-based BSC Evolution associated
with the powerful TWIN Transceiver module.

                     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 BUANA: 2006 Nine-Month Earnings Up 19% to IDR326 Billion
-------------------------------------------------------------
PT Bank Buana Tbk disclosed financial results for the nine
months ended September 30, 2006.

The company recorded a net income of IDR326 billion for nine-
month ended Sept. 30, 2006, 18.77% higher compared to the net
income of IDR274 billion for the same period in 2005.

Headquartered in Jakarta, PT Bank Buana Indonesia Terbuka
-- http://www.bankbuana.com/-- provides public deposits,
investment portfolio, and other financial services, including:
demand, savings and time deposits, Bank Indonesia promissory
notes, bonds, consumer loans, retail commercial loans, and
corporate loans.  Other financial services include exports,
imports, transfers, collection, issuing of bank guarantees and
foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 01, 2007,Fitch Ratings has affirmed all the ratings of PT
Bank Buana Indonesia Terbuka as follows:

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

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '3'.

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


BANK TABUNGAN: Revives Plan to Sell Rupiah Bonds
------------------------------------------------
PT Bank Tabungan Negara (Persero) has revived its plan to sell
IDR1.5 trillion (US$165 million) in bonds this year, Bloomberg
News reports citing a company statement.

According to the report, the bank made the move because it
expects the Indonesian government to delay the sale of its
shares.

The bank expects to sell the bonds in May or June, Bloomberg
cites Bank Tabungan President Director Kodradi as saying.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb 06, 2007, that Moody's Investors Service revised the outlook
to positive from stable Bank Tabungan Negara (Persero)'s long-
term deposit rating while maintaining the stable outlook of the
bank's short-term deposit rating and the positive outlook of its
bank financial strength rating:

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

   -- bank financial strength of E-.


GOODYEAR TIRE: To Expand High-Value Tire Production in Poland
-------------------------------------------------------------
The Goodyear Tire & Rubber Company's Poland affiliate plans to
invest more than US$100 million to expand production of high-
value tires.

The investment, which will take place over the next four years,
will be made at the company's TC Debica operation, one of
Goodyear's lowest cost facilities.  The investment is consistent
with Goodyear's strategy to upgrade and expand existing capacity
to produce high performance and ultra-high performance tires.

"This investment demonstrates our commitment to drive our growth
by aligning low-cost manufacturing with high-value-added tires,"
said Goodyear Chairman and Chief Executive Officer Robert J.
Keegan.  "A continued stream of innovative new products backed
by great marketing, and a lower global cost structure create
tremendous opportunities for our future."

"This major investment is another clear indication of Goodyear's
confidence in Debica's ability to deliver the highest quality
products at a competitive cost," said Jarro F. Kaplan, president
of Goodyear's Eastern Europe, Africa and Middle East tire
business.  "This investment will put us in an excellent position
to capitalize on the growing market for high performance tires
throughout Eastern and Western Europe."

Goodyear holds a 60% ownership interest in TC Debica, Poland's
largest tiremaker.  The company has invested almost US$200
million to enhance Debica's operations since acquiring an
interest in 1995.

Goodyear is one of the world's largest tire companies.  The
company manufactures tires, engineered rubber products and
chemicals in more than 90 facilities in 28 countries around the
world.  Goodyear employs more than 75,000 people worldwide.

                         About Goodyear

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

                          *     *     *

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

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

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

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

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

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

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

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

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


HILTON HOTELS: To Construct Five-Star Hotel in Tbilisi
------------------------------------------------------
United States-based flagship brand of Hilton Hotels Corporation
is in consultations with Georgian Government to mull over
construction of a five-star hotel in Tbilisi, Geo Times reports.

According to the report, Hilton Vice President is presently
visiting Georgian capital to hold negotiations over the issue.

Hilton's chief advisor reportedly said that his company has
already taken decision to construct a hotel in Georgia.

Hilton representatives will select the hotel location during
their stay in Tbilisi and expect the new hotel to be constructed
within two years, the report points out.

                       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%


TELKOM INDONESIA: Invites Shareholders to Extraordinary Meeting
---------------------------------------------------------------
The board of directors of Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk, domiciled in Bandung, invites the
company's shareholders to attend the Extraordinary General
Meeting of Shareholders 2007, to be held on:

    * Day/Date : Wednesday, February 28th, 2007

    * Time     : 14:00 Western Indonesian Time

    * Venue    : Aula Pangeran Kuningan Gedung Grha Citra
                 Caraka, 1st Floor, Jl. Gatot Subroto No.52
                 Jakarta 12710 - Indonesia

The Meeting will discuss and decide the following agenda:

   1. Restructurizaton of TELKOM's Pension Fund.

   2. The amendment of the company's plan to the shares it
      bought back.

   3. Approval of the implementation of Employee and Management
      Stock Option Plan.

   4. Adjustment of the company's board of commissioners terms
      of office, which members were elected in Extraordinary
      General Meeting of Shareholders dated March 10, 2004, in
      accordance with the company's Article of Association and
      Law No.19/2003 regarding State-Owned Enterprise.

   5. Approval of the changes of the member of the company's
      board of directors.

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
Jan. 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
andlocal currency corporate credit ratings of BB+.


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

JAPAN AIRLINES: Reaches Codeshare Deal with Ausralia's Jetstar
--------------------------------------------------------------
A codeshare agreement has been reached between Australian
airline Jetstar and Japanese national carrier Japan Airlines.
This will allow for both airlines to extend their reach in their
operations and support the symbiotic tourism market that both
countries rely heavily on.

"Jetstar's future success with its long haul international
operations in Japan, Australia's third largest inbound visitor
market, will be strongly supported by the proposed code share
arrangement with Japan Airlines," said Jetstar CEO Alan Joyce.

"The Japanese tourism export market to Australia remains heavily
dependent on Japanese origin traffic and we believe our
commercial relationship with Japan Airlines to market these
Jetstar services in Japan will make a critical contribution to
both our operations and future visitor arrivals to Australia
from Japan."

"The commencement of a daily direct two class Jetstar service
between Sydney - Osaka and a return daily flight direct from
Osaka to Brisbane and onto Sydney is a major proactive step by
the Qantas Group in working to restore growth in inbound
Japanese visitation to Australia."

The agreement will see a service that will operate daily from
Sydney - Osaka - Brisbane and will begin operation on March 25.
The flights will be operated daily by Jetstar flown with a fleet
of Airbus A330-200 with an offering of two classes of service.

This agreement is a first for Jetstar with this codeshare being
the only agreement outside the existing parameters of its parent
company Qantas.  It is expected that Jetstar will continue its
growth into Japan with flights from Cairns to Nagoya and Osaka
planned for 2007.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on October 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.


JAPAN AIRLINES: To Use Embraer Planes for Domestic Routes
---------------------------------------------------------
The Japan Airlines Group has decided to introduce the Embraer
170 as the company's new small aircraft.  The Group will
conclude a purchase agreement for 10 confirmed aircraft and five
optional aircraft this spring.  JAL plans to introduce the new
small aircraft on domestic routes in FY2008, operated by J-AIR,
the group's 100% owned regional airline subsidiary.

Introduction of the Embraer 170 will enable the JAL Group to
promote optimal aircraft size depending on the scale of demand
on each domestic route, and develop business operations more
efficiently.  At the same time, the new small aircraft will help
JAL meet the business chances in and after FY2009 resulting from
increased slots due to the expansion of Tokyo's Haneda airport,
and increase convenience to customers.

The Embraer 170 features outstanding interior comfort and state
of the art equipment, and will provide a comfortable experience
for passengers.

EMBRAER 170 Outline

Full length                  : 29.9 m
Full width                   : 26.0 m
Full height                  :  9.9 m
Engines                      : 2 x GE CF34-8
Cruising speed               : 890 km per hour (mach 0.82)
Seat capacity                : About 78 seats
Flight range (reference)     : About 3,100 km


                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on October 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.


ELAN CORP: Posts US$267.3-Million Net Losses in 2006
----------------------------------------------------
Elan Corp. plc released its unaudited financial results for the
12 months ended Dec. 31, 2006.

Elan posted US$267.3 million in net losses against
US$560.4 million net revenues for the 12 months ended Dec. 31,
2006, compared with US$383.6 million in net losses against
US$490.3 million in net revenues for the same period in 2005.

At Dec. 31, 2006, the Company's balance sheet showed
US$2.74 billion in total assets and US$2.66 billion in total
liabilities, resulting in US$85.1 million in stockholders'
equity.

"Elan's 2006 performance further demonstrates our focus on
execution and the delivery of results," Kelly Martin, Elan's
President and Chief Executive Officer, said.  "Our financial
performance improved and our pipeline portfolio continued to
progress.  In that regard, I want to acknowledge the efforts of
all of Elan's employees, who worked tirelessly in 2006 to move
all parts of our business forward."

"Our activity and concentration for 2007 will revolve around
three primary goals and objectives.  First and foremost, by
remaining disciplined and operationally focused, we will aim to
accelerate the move to profitability.  Second, our commitment to
the scientific and clinical pipeline, particularly Alzheimer's
disease, has never been greater.  We expect to make tangible
progress in all areas of our portfolio over the course of the
year.  Lastly, Elan remains firmly focused on bringing
therapeutic options to those who need them the most - the
patients.  As we have demonstrated with Tysabri, we will
continue to work closely with the patients and their physicians
to seek solutions that will meaningfully address disease
pathology in the areas of our expertise," Mr. Martin added.

"2006 was a critical year in our drive towards profitability and
was marked by significant progress in a number of areas: our
operating margins improved with a 30% decrease in net loss and a
58% decrease in Adjusted EBITDA losses due to a 14% increase in
revenues and reduced operating expenses; Tysabri, which we are
confident will be a blockbuster drug in MS, was reintroduced in
the U.S. and launched in the EU; and our financial flexibility
increased due to reduced debt with no scheduled repayments for
almost five years," Shane Cooke, Elan's Executive Vice President
and Chief Financial Officer, said.

"The outlook for the business is strong and we are confident
that we will advance to profitability in the foreseeable future.
We expect to make further significant progress in 2007 with
Tysabri, our Alzheimer's programs and a number of initiatives in
the drug technology business, and we are optimistic that Elan
will achieve break-even, on an Adjusted EBITDA basis, by the end
of the year," Mr. Cooke added.

                    2007 Financial Outlook

Elan is providing guidance as to its potential financial outlook
for 2007.  Elan is not providing revenue guidance for Tysabri
for 2007; however, on the basis of the initial take-up,
Elan believes that growth in Tysabri revenues will drive
Elan's return to profitability.  In relation to the remaining
business, Elan expects total revenues in 2007 to exceed
US$500 million, with a gross profit, excluding revenue and
related cost of sales for Tysabri, in the range of 60% to 65%.

Elan's investment in R&D and SG&A expenses for 2007, including
share-based compensation expense, is anticipated to be in the
range of US$600 million to Us$650 million, of which around 20%
is anticipated to be related to Tysabri R&D and U.S. sales and
marketing costs.

Adjusted EBITDA for Elan is targeted to be less than negative
US$50 million for the full year 2007, and to get to break-even
by the end of 2007.

                     About Elan Corporation

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

The company has locations in Bermuda and Japan.

                          *     *     *

As reported in the Troubled Company Reporter - Europe on
Nov. 13, 2006, Standard & Poor's Ratings Services assigned its
'B' rating to Elan Finance plc's proposed offering of US$500
million senior unsecured notes due 2013, to be issued in a
combination of fixed and floating-rate notes.  Elan Finance plc
is a wholly owned subsidiary of Dublin, Ireland-based specialty
pharmaceutical company Elan Corp. plc.  The notes are guaranteed
on a senior unsecured basis by Elan and all of its existing
material subsidiaries.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


XERIUM: Board Declares US$0.225 Per Share Dividend Due March 15
---------------------------------------------------------------
Xerium Technologies Inc.'s board of directors adopted a Dividend
Reinvestment Plan and declared a dividend of US$0.225 per share
of common stock payable on March 15, 2007, to shareholders of
record as of the close of business on March 5, 2007.

Under the Dividend Reinvestment Plan, registered shareholders
may elect to receive all or part of the dividends on their
shares of common stock in additional shares of common stock.
American Stock Transfer & Trust Company administered the Plan.
More information about the Plan and enrollment forms are
available by calling American Stock Transfer & Trust Company at
866-706-0512 and through American Stock Transfer & Trust
Company's Web site at http://www.amstock.com/

In order for a registered shareholder to participate in the Plan
with respect to the March 15, 2007 dividend payment, American
Stock Transfer & Trust Company must receive the shareholder's
enrollment form prior to the March 5, 2007 record date for that
dividend.

                     About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that Moody's Investors Service downgraded the
long-term debt and corporate family ratings of Xerium
Technologies Inc. and maintained a stable outlook.  In addition,
Moody's affirmed Xerium's speculative grade liquidity rating of
SGL-3 due to the recent amendment of its bank credit facility.

Downgrades:

   * Xerium Technologies, Inc.

      -- Corporate Family Rating, Downgraded to B2 from B1
      -- Senior Secured Term Loan, Downgraded to B2 from B1
      -- Senior Secured Revolving Credit Facility, Downgraded to
         B2 from B1
      -- Probability of Default Rating, Downgraded to B2 from B1

Outlook Actions:

   * Xerium Technologies, Inc.
      -- Outlook, Changed To Stable From Negative


XM SATELLITE: Sirius Merger Cues Moody's Developing Outlook
-----------------------------------------------------------
Moody's Investors Service affirmed the existing debt ratings of
XM Satellite Radio Holdings, Inc. and its subsidiary XM
Satellite Radio, Inc. and changed the outlook to developing from
stable in connection with the company's Feb. 19, 2007 report
that XM and SIRIUS Satellite Radio, Inc. have entered into a
definitive merger agreement.

The proposed transaction will combine the two companies in a
tax-free, all-stock merger of equals with a combined enterprise
value of US$13 billion, including net debt of approximately
$1.6 billion.  Under the agreement, XM shareholders will receive
a fixed exchange ratio of 4.6 shares of SIRIUS common stock for
each share of XM they own.  The transaction, which is subject to
shareholder and regulatory approvals, is expected to close by
the end of 2007, pending regulatory approval.

The developing outlook reflects Moody's view that over the
intermediate term, these potential revenue and cost synergies
could impact the combined company's free cash flow and other
credit metrics and provide upward momentum to its rating.

However, the impact on the credit metrics is dependent on the
size and timing of these synergies as well as costs associated
with realizing these synergies including those related to making
the two companies' technological architectures inter-operable.
Given the uncertain nature of the impact of the cost synergies
and enhanced operating leverage on the credit metrics including
free cash flow, and the regulatory challenges to completing the
merger, Moody's maintains XM's Caa1 corporate family rating at
this time.

These ratings are affected:

   * XM Satellite Radio Holdings, Inc.

      -- Corporate family rating, Caa1
      -- Probability-of-default rating, Caa1
      -- 1.75% convertible senior notes due 2009, Caa3, LGD5,
         89%
   * XM Satellite Radio, Inc.

      -- Secured revolver, B1, LGD1, 5%
      -- Senior floating rate notes due 2013, Caa1, LGD3, 49%
      -- 9.75% senior notes due 2014, Caa1, LGD3, 49%

                       About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2006 lineup includes more than 170 digital channels of choice
from coast to coast: the most commercial-free music channels,
plus premier sports, talk, comedy, children's and entertainment
programming; and 21 channels of the most advanced traffic and
weather information.  XM has broadcast facilities in New York
and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.

At June 30, 2006, XM Satellite Radio Inc.'s balance sheet showed
a stockholders' deficit of US$358,079,000, compared to a deficit
of US$362,713,000, at Dec. 31, 2005.


XM SATELLITE: Sirius Merger Prompts S&P's Positive CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings,
including the 'CCC+' corporate credit rating, on Washington,
D.C.-based XM Satellite Radio Holdings Inc. and XM Satellite
Radio Inc., which are analyzed on a consolidated basis,
on CreditWatch with positive implications, following the
company's definitive agreement to an all-stock "merger of
equals" with Sirius Satellite Radio Inc.

Under the terms of the agreement, XM shareholders will receive
4.6 shares of Sirius common stock for each share of XM they own.
As of Sept. 30, 2006, the company had approximately
US$1.375 billion in outstanding debt.

"Upgrade potential is expected to be limited to one notch," said
Standard & Poor's credit analyst Michael Altberg, "and will
depend on the timing of achieving expected cost savings and on
the magnitude of capital investment needed for the integration
of the two companies' technology infrastructures."

If FCC approval is not forthcoming, the company will be faced
with an ongoing challenge to grow its subscriber base
sufficiently to reach positive cash flow on its current
operating expense and capital requirements.

                       About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2006 lineup includes more than 170 digital channels of choice
from coast to coast: the most commercial-free music channels,
plus premier sports, talk, comedy, children's and entertainment
programming; and 21 channels of the most advanced traffic and
weather information.  XM has broadcast facilities in New York
and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.

At June 30, 2006, XM Satellite Radio Inc.'s balance sheet showed
a stockholders' deficit of US$358,079,000, compared to a deficit
of US$362,713,000, at Dec. 31, 2005.


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

DAEWOO ELECTRONICS: Creditors to Scrap Sale Plan, Reuters Says
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 13, 2007, the consortium led by Videocon Industries Ltd.
and created to buy Daewoo Electronics has revised its bid, which
has been lowered by 13% from the original price offer of
KRW700 billion.

The consortium had asked for a 13% cut of the agreed value after
conducting due diligence when it became the preferred bidder,
the TCR-AP said.

"We are very close to settle a deal with Daewoo Electronics,"
EFYtimes.com cites Videocon Group Chairman Venugopal N. Dhoot as
saying.

"Discussions are on with the creditors and we have almost
managed to wrap up the funding and pricing issues.  I cannot
comment on when, but can only say that it is expected to happen
very soon," Mr. Dhoot said.

However, Daewoo Electronics' creditors are set to scrap the plan
to sell the company after failing to close the proposed deal,
Reuters says, citing an unnamed creditor source.

"Selling Daewoo appears to be out of the question now," the
source said, noting that "we left the door open for a new bid
but it didn't include anything significant enough to
reconsider."

The creditors will soon outline measures to help Daewoo operate
on its own and will come up with a firmer plan soon, the source
said.

Yet, details on the proposed restructuring plan were not
disclosed.

Creditors could meet in early March to discuss the measures, the
source further said.

The creditors had yet to notify the company of any decision on
the sale plan, a spokesman for Daewoo Electronics said.

Domestic creditors own 97.5% of unlisted Daewoo, which was
placed under a debt-rescheduling regime after its parent group
went bankrupt in 1999, Rhee So-eui writes for Reuters.

Corporate restructuring led by creditors usually calls for sales
of non-core businesses and assets as well as operation
downsizing, Reuters explains.

Daewoo has yet to report 2006 results but the company said it
did not expect to post a profit for 2006, Reuters notes, adding
that the strengthening won has put pressure on the company's
export-led business.

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

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

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

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


KOREA EXCHANGE BANK: S&P Affirms C+ Fundamental Strength Rating
---------------------------------------------------------------
On Feb. 22, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit ratings on Korea Exchange Bank to
'BBB+' from 'BBB' and its rating on KEB's subordinate lower tier
II bonds to 'BBB' from 'BBB-'.  The short-term rating on the
bank was affirmed at A-2 and the outlook on the long-term rating
is stable.

The upgrade reflects the improvement in KEB's capitalization and
asset quality.  The bank's capitalization has improved
significantly over the past few years, mainly driven by
increased profitability. The bank's profitability has recovered
to a level on par with that of its domestic peers relatively
rapidly due to its stabilizing credit costs. Backed by the
managerial focus on credit risk controls and a recovery in the
credit quality across the industry, KEB has improved its asset
quality, with the ratio of nonperforming assets (defined as
precautionary and below) to total loans falling to 1.5% at the
end of 2006, down from 3.6% at the end of 2004.

The rating reflects KEB's competitive strengths in its
international trade finance and foreign exchange operations and
its focused strategy on improving efficiency and managing risk.
The bank's weak overall position in the domestic market compared
with its major competitors and uncertainty over its shareholding
structure remain constraining factors on the rating.

Concerns also remain over KEB's future dividend plan.  After the
bank's major shareholder, Lone Star with 64.62% ownership,
cancelled plans to sell its stake to Kookmin Bank on Nov. 23,
2006, KEB's board of directors announced a cash dividend plan
with a dividend payout ratio of 64.09% on Feb. 2, 2007.
Although the bank's dividend policy appears aggressive, its
capitalization after an estimated cash dividend for this year
should be at an appropriate level for the current ratings, given
that its estimated after-dividend BIS Tier I ratio will have
remained at a strong 9.3% in 2006.  How KEB will conduct its
future dividend policy is not yet clear, as it is believed to be
related to the exit strategy of the major shareholders to some
degree.

The stable outlook on KEB reflects our expectation that the bank
will maintain its current level of capital and asset quality and
will not pay excessive cash dividends.  The outlook on the bank
could be changed to positive if it can improve its market
position and revenue diversification.  However, the ratings
could be negatively affected if the future dividend policy or
any related measures result in excessive returns for
shareholders, possibly impacting the bank's capitalization.

                          Ratings List

* Upgraded

                                        To                 From
                                       ----                ----
   Subordinated Foreign Currency        BBB                BBB-
   Certificate Of Deposit               BBB+               BBB

* Upgraded; CreditWatch/Outlook Action;
   Ratings Affirmed

                                    To                From
                                   ----              ----
  Counterparty Credit Rating   BBB+/Stable/A-2  BBB/Positive/A-2

* Ratings Affirmed

  Bank Fundamental Strength Rating  C+


SAMSUNG CARD: Starts IPO in Seoul, Due Diligence Begins
-------------------------------------------------------
Samsung Card has began listing its shares on the local stock
market with Korea Investment & Securities Co. serving as the
sole lead manager for the initial public offering, The Wall
Street Journal cites a report from Dow Jones.

According to a person familiar with the deal, due diligence on
the company was being conducted ahead of its shareholder meeting
scheduled for February 28, the report relates.

A company official has confirmed the planned IPO but its size
and the timing haven't been finalized, Jeongjin Lim writes for
Dow Jones.

According to Dow Jones, an IPO by Samsung Card would mark the
first listing of a South Korea-based credit-card company since
LG Card's KRW464 billion (about US$500 million) IPO in April
2002.  The IPO took place before the country's credit-card
bubble burst, which subsequently left companies struggling to
deal with cardholders' unpaid bills, Dow Jones recounts.

Samsung Card posted a net profit of KRW200.7 billion for the
January-September period of 2006, Dow Jones relates, noting that
this contrasts with annual net losses in excess of KRW1 trillion
from 2003 to 2005.

                         About Samsung Card

Headquartered in Jongro-Gu, Seoul, Korea, Samsung Card --
http://samsungcard.co.kr/-- offers credit card services
including issuing cards, one-time payments, installments and
cash advance services.  The Company also provides other
financial services like leasing and loan services.

Formerly the No.1 credit card issuer, Samsung Card fell to third
place (after Kookmin Card and LG Card) following a liquidity
crunch in 2003, because of a rise in overdue credit card bills.
Samsung Card suffered an 18% increase in net loss for 2005 to
KRW1.31 trillion.  The Company recorded net losses of KRW1.299
trillion and KRW1.103 trillion in 2003 and 2004, respectively.


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

COMSA FARMS: Fails to Make Requisite Announcement on Feb. 16
------------------------------------------------------------
Comsa Farms Bhd failed to make a requisite announcement of its
regularization plan as required by the extended timeframe
requirements of the Bursa Malaysia Securities Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, the Bursa Securities extended Comsa Farms
regularization plan filing deadline to March 16, 2007.  Along
with the extension, the bourse required the company to make a
relevant announcement regarding the company's plan on Feb. 16.

The company is still working towards announcing its
regularization plan the soonest time possible, Comsa told the
bourse.

                          *     *     *

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

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

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


MP TECH: Shareholders' Deficit Prompts Amended PN17 Listing
-----------------------------------------------------------
On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a shareholders' deficit
for the financial year ended Nov. 30, 2006.

According to MP Technology, it recorded an adjusted
shareholders' deficit of MYR66.7 million due to:

1. Fixed Assets Written-Off:                  MYR6,007,954
2. Stock Written-Off:                         MYR8,536,877
3. Trade & Other Receivables Written-Off:     MYR10,675,8564
4. Deposits & Prepayments Written-Off:        MYR4,662,511
5. Provision for Doubtful Debts:              MYR70,374,934
6. Impairment Loss of Investment
    In Unquoted Shares:                        MYR12,156,480
7. Impairment Loss of
    Investments In Associate:                  MYR6,600,000
8. Provision for Diminution Of
    Investment In Subsidiaries:                MYR3,328,112
9. Provision for Diminution
    Of Other Investment:                       MYR4,012,000
10. Forex Loss/Loss On
    Disposal Of Fixed Assets & Etc:            MYR125,435

Accordingly, as an affected listed issuer pursuant to the
Amended PN17 category of the Bursa Securities, MP Technolgy is
required to submit a regularization plan to relevant authorities
for approval within eight months from the date of the listing as
an affected issuer.

                          *     *     *

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacture and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


MP TECHNOLOGY: Posts MYR133.25MM Net Loss in Qtr Ended Nov. '06
---------------------------------------------------------------
MP Technology Resources Bhd incurred a net loss before taxation
of MYR133.25 million on MYR2.06 million of revenues in the
fourth quarter ended Nov. 30, 2006, as compared with the
MYR38.16- million net loss on MYR23.15 million of revenues in
the same quarter in 2005.

As of end-November 2006, the company's balance sheet showed
liquidity problem with current assets of MYR19.25 million and
current liabilities MYR61.79 million.

MP Technology recorded an adjusted shareholders' deficit of
MYR66.7 million as of Nov. 30, 2006.

A full text-copy of the company's financial statement for the
fourth quarter ended Nov. 30, 2006, can be viewed for free at:

http://bankrupt.com/misc/mptech-4q-report.xls

                          *     *     *

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacture and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


MP TECHNOLOGY: Sets Special Restructuring Committee
---------------------------------------------------
On February 6, 2007, MP Technology Resources Bhd has set up a
special restructuring committee consisting of:

    -- Encik Mat Hassan Bin Esa
    -- Eng Chin Hock
    -- Encik Makhtar Bin Mohamed
    -- Donald Han Low.

The committee's objectives are to rationalize the company's
group restructuring plan and regularize the company's business
operation.  It is also tasked to follow up with the action plans
in order to achieve its objective.

                          *     *     *

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacture and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


NORTH BORNEO: Bursa Hands Public Reprimand; Sets MYR14,000 Fine
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd publicly reprimanded The North
Borneo Corporation Bhd after the company failed to submit its
quarterly report for the period ended September 30, 2006, by the
November 30, 2006 deadline.

Aside from the public reprimand, the bourse also imposed a
MYR14,000 fine against the company.

Bursa added that although North Borneo is no longer listed on
Bursa Securities, the breach was committed when the company was
still listed on the bourse's official list.

The Bursa Securities delisted the securities of the company on
Feb. 6, 2007.  The bourse related that North Borneo does not
have the adequate level of financial condition to warrant
continued listing on the Bursa Securities.

Based on the bourse's listing requirements, a listed issuer must
give Bursa Securities for public release an interim financial
report that is prepared on a quarterly basis as soon as the
figures have been approved by the board of directors of the
company.  Bursa expects the interim report filed not later than
two months after the end of each quarter of a financial year.

                          *     *     *

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.

Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors -- Sabah
Development Bank and Prokhas Sdn Bhd -- withdrew their support
of the Company's proposed debt restructuring, saying that they
are no longer agreeable to the terms of the planned business
disposal as part of the restructuring program.

The company's Sept. 30, 2006 balance sheet showed a shareholders
funds' deficit of MYR112.969 million.


PROTON HOLDINGS: Evaluating Possible Tie-Up with Mitsubishi
-----------------------------------------------------------
Proton Holdings Bhd has finished studying whether it would be
feasible to work with Japan's Mitsubishi Motors Corp, the state-
owned car manufacturer told the Bursa Malaysia Securities Bhd.

The company is currently evaluating the findings of the study,
the statement said.

Business Times recounts that it has been about a year since the
company signed a memorandum of agreement with Mitsubishi Motors
to cooperate in product development, supply of components,
technical support and the manufacture of vehicles.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported to be among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 6, 2006, Proton Holdings' fiscal second-quarter loss
widened as lower revenue and higher expenses pressured
Malaysia's national carmaker.  Based on the company's financial
report for the three months ended Sept. 30, 2006, Proton had a
loss of MYR250.3 million compared with a loss of
MYR154.3 million in the same quarter a year earlier.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner.


PSC INDUSTRIES: Inks Shipbuilding Deal with Gagasan for US$42M
--------------------------------------------------------------
Penang Shipbuilding & Construction Sdn Bhd, a wholly owned
subsidiary of PSC Industries Bhd, has made an agreement to build
three chemical tankers for Gagasan Carriers Sdn Bhd worth
US$42 million.

According to PSC's disclosure with the Bursa Malaysia Securities
Bhd, the three tankers to be constructed for sale to Gagasan
are:

    1. One unit 7000 DWT Chemical Tankers (HULL No. H120)
    2. One unit 7000 DWT Chemical Tankers (HULL No. H121)
    3. One unit 7000 DWT Chemical Tankers (HULL No. H122)

The two-year contract will see PSC delivering the vessels to
Gagasan in Oct. 2008, Jan. 2009 and March 2009, Bernama reports.

At the same time, Boustead Naval Dockyard Sdn Bhd entered into a
memorandum of understanding with Turkey-based Yonca-Onuk
Ortakligi to build and market vessels for the Turkish entity,
Bernama adds.

PSC Industries is an associate company of the Boustead Group.

Bernama notes that the MoU between Boustead Naval Dockyard and
Yonca-Onuk signals the commitment of both parties for the
transfer of technology and a synergistic partnership to build
and market vessels in this region.

The company was heartened with the its latest projects as it
will help with its current restructuring phase, PSC's Group
Managing Director Datuk Seri Ahmad Ramli was quoted by Bernama
as saying.

"This is what we are currently investing our time in and we hope
to be able to manage the debt levels and a myriad of issues that
still surround PSC and PSCI," Mr. Ramli said.

Asked whether there was any target on debt reduction for this
year, he said it was premature to talk about the matter as the
company have not made announcement of its 2006 results yet,
Bernama relates.

                          *     *     *

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 16, 2007, the company has a total shareholders' deficit of
US$116.18 million on US$62.80 million total assets.


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

ARE YOU: Creditors Must File Claims by March 12
-----------------------------------------------
The creditors of Are You Tempted Ltd are required by David
William Hercus, as the company's liquidator, to file their
claims by March 12, 2007.

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

The Liquidator can be reached at:

         David William Hercus
         Hercus & Associates Limited
         3-7 Mahora Street (PO Box 14079)
         Kilbirnie, Wellington
         New Zealand
         Telephone: 027 414 3870


C.ROCK PROPERTIES: CIR Seeks to Liquidate Firm
----------------------------------------------
On Nov. 9, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate C.Rock Properties Ltd.

The petition will be heard before the High Court of Auckland on
March 1, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

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


CUSTOM CONVEYORS: Shareholders Appoint Joint Liquidators
--------------------------------------------------------
On Feb. 7, 2007, the shareholders of Custom Conveyors Ltd
appointed Laurence George Chilcott and Peter Charles Chatfield
as joint and several liquidators.

Accordingly, Mr. Chilcott fixed March 19, 2007, as the deadline
within which the company's creditors are to prove their debts.

The Joint Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level 11, Shortland Tower One
         51-53 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


D.M.T. LTD: Faces Liquidation Proceedings
-----------------------------------------
A petition to liquidate D.M.T. Ltd was heard before the High
Court of Wellington on Feb. 19, 2007.

The Commissioner of Inland Revenue filed the petition with the
Court on Dec. 18, 2006.

The CIR's solicitor can be reached at:

         Kate Elizabeth Harder
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone:(04) 890 1162
         Facsimile:(04) 890 0009


KATHIE IRWIN: Vance and Jordan to Act as Liquidators
----------------------------------------------------
On Feb. 5, 2007, David Stuart Vance and Barry Phillip Jordan
were appointed as joint and several liquidators of Kathie Irwin
Inc Ltd.

In this regard, the liquidators fixed March 5, 2007, as the last
day for the company's creditors to make their claims and to
establish any priority claims they may have.

The Joint Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         Louise Craig at PPB McCallum Petterson
         Level 8, The Todd Building
         95 Customhouse Quay, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


MAN JOINERY: Creditors Must File Proofs of Debt by March 12
-----------------------------------------------------------
The creditors of Man Joinery Ltd are invited to file their
proofs of debt by March 12, 2007.  Failure to file will exclude
them from any distribution the company will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Napier heard the liquidation petition against the
company on Aug. 17, 2006.  TDC Ltd filed the petition.

The liquidator can be reached at:

         John Francis Managh
         Gladstone Chambers
         50 Tennyson Street
         (PO Box 1022), Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280
         e-mail: jmanagh@xtra.co.nz


NUPLEX INDUSTRIES: 6-Months Ended Dec. 2006 Net Profit Down 78%
---------------------------------------------------------------
Nuplex Industries Limited reported a 78% decrease in net profit
after tax of NZ$8.6 million for the six months ended Dec. 31,
2006, compared with NZ$40.1 million a year earlier, which
included a gain of NZ$24.4 million on an asset sale, ShareChat
News cites a report from the New Zealand Press Association.

The company explained that Unusual Costs of NZ$6.8 million after
tax arose primarily from restructuring activities in Britain and
Brazil, ShareChat relates.

The restructuring would contribute substantially to future
profits, the paper cites Chairman Fred Holland, as saying,
adding that the result was also affected by loss making
operations of NZ$5.2 million EBITDA, which would be eliminated
in future years.

An effective tax rate of 55%, resulting from an inability to
utilize losses from Brazil and British operations, also had an
impact on net profit, NZPA adds.

According to Mr. Holland, with turnaround plans well advanced, a
tax benefit from accumulated losses of NZ$6.8 million is
anticipated to be available in the future.

The company expects a stronger second half results with EBITDA
expectations for the full year remaining in the NZ$103 million
to NZ$110 million range, NZPA notes.

                    About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australasia, Asia, Europe, and The Americas, and reports in four
business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on its
February 20, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, as trading at 8.80%.


NUPLEX INDUSTRIES: To Pay Interim Dividend on April 5
-----------------------------------------------------
Nuplex Industries Limited advises the New Zealand Stock Exchange
that it will pay an Interim Dividend of 15.5 cents per share (14
cps) on April 5, 2007, to shareholders on the register at the
close of trading on March 23, 2007.

This represents a distribution of 73% of the NZ$16.8 million
operating profit for the half-year ended Dec. 31, 2006.

The dividend will carry a New Zealand imputation credit of 4
cents per share and will be fully franked for Australian
shareholders.  Overseas resident shareholders will receive a
supplementary dividend of 1.433 cents per share.

Shareholders are offered the opportunity to participate in the
Dividend Reinvestment Plan.  The strike price will be calculated
as the weighted average sale price of all shares traded on the
NZX during the first five of the last eight days prior to March
23, 2007, less a discount of NZ$0.25 per share.

                    About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australasia, Asia, Europe, and The Americas, and reports in four
business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on its
February 20, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, as trading at 8.80%.


NZ MANUFACTURE: Appoints Official Assignee as Liquidator
--------------------------------------------------------
The official assignee of NZ Manufacture Ltd was appointed as the
company's liquidator on Feb. 5, 2007.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Wellington heard the liquidation petition against
the company on that day.  Telecom New Zealand filed the petition
on Oct. 26, 2006.

The Liquidator can be reached at:

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


PACIFIC SERVICES: Court to Hear Liquidation Petition on March 12
----------------------------------------------------------------
A liquidation petition filed against Pacific Services (New
Zealand) Ltd will be heard before the High Court of Christchurch
on March 12, 2007, at 10:30 a.m.

CentrePort Ltd filed the petition with the Court on Jan. 31,
2007.

CentrePort's solicitor can be reached at:

         John Burton
         c/o Izard Weston
         PO Box 5348, Wellington
         New Zealand


REACH INVESTMENTS: Court Sets Liquidation Hearing for Feb. 26
-------------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
filed against Reach Investments on Feb. 26, 2007, at 10:00 a.m.

Bedrock Contracting Ltd filed the petition with the Court on
Oct. 9, 2006.

Bedrock Contracting's solicitor can be reached at:

         D. J. C. Russ
         Russ & Associates
         Level 5, 106 Gloucester Street
         (PO Box 2227), Christchurch
         New Zealand
         Telephone:(03) 377 8568
         Facsimile:(03) 377 8569


SPINAL ALIGNMENT: Faces CIR's Liquidation Petition
--------------------------------------------------
On Nov. 20, 2006, the Commissioner of Inland Revenue filed a
liquidation petition before the High Court of Auckland against
Spinal Alignment and Activation Ltd.

The petition is scheduled for hearing on March 1, 2007, at
10:00 a.m.

The CIR's solicitor can be reached at:

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


THOMSON TIMBER: Liquidation Hearing Set on March 1
--------------------------------------------------
A petition to liquidate Thomson Timber Productions Ltd will be
heard before the High Court of Auckland on March 1, 2007, at
10:00 a.m.

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

The CIR's solicitor can be reached at:

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


TIME VISION: Court Appoints Interim Liquidators
-----------------------------------------------
On Feb. 2, 2007, the High Court of Wellington appointed Iain
Bruce Shephard and Christine Margaret Dunphy as joint and
several interim liquidators of Time Vision (NZ) Ltd -- trading
as Trendez - Queensgate, Trendez - Willis Street, Time Vision
Wholesale.

The Joint Liquidators can be reached at:

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


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

PHIL. NAT'L. BANK: Sets Annual Stockholders' Meeting on May 29
--------------------------------------------------------------
The Philippine National Bank will hold its annual stockholders'
meeting on May 29, 2007, at 8:00 a.m. at the Century Park Hotel,
in Malate, Manila.

The agenda of the meeting include the report of the president on
the bank's results of operations for 2006 and the shareholders'
approval of the 2006 Annual Report.

The shareholders will also be electing directors and appointing
the bank's external auditor during the meeting.  The bank makes
it clear that only stockholders of record as of April 30, 2007,
will be entitled to vote at the meeting.

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Moody's Investors Service has revised the
outlook of Philippine National Bank's foreign currency long-term
deposit rating of B1, local currency senior debt rating of Ba2,
and local currency subordinated debt rating of Ba3 to stable
from negative.

The outlook for PNB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.

The TCR-AP reported on Nov. 1, 2006, that Fitch Ratings affirmed
Philippine National Bank's Individual rating at 'E' and Support
rating '3' after a review of the bank.

Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.


SAN MIGUEL: TCCP Buys Coca-Cola Bottlers Phils. for US$590 Mil.
---------------------------------------------------------------
The Coca-Cola Company has acquired San Miguel Corp.'s 65%
shareholding in Coca-Cola Bottlers Philippines, Inc.  CCBPI also
owns Cosmos Bottling Company and Philippine Beverages Partners,
Inc.  SMC was previously the majority shareholder of CCBPI and
had management control of the bottler.

With this agreement, The Coca-Cola Company now acquires full
ownership of CCBPI along with all voting and economic rights.
The total consideration of the transaction is US$590 million.

"Our partnership with SMC over the years has been extremely
important to our business in the Philippines.  We are grateful
to San Miguel Corporation for its continuing support of our
long-term commitment to the Philippines, and we look forward to
continued cooperation with San Miguel, who will remain a key
supplier to our business," said Muhtar Kent, President and Chief
Operating Officer of The Coca-Cola Company.

"Coca-Cola has been sold in the Philippines since the beginning
of the 20th century and has been locally produced since 1927.
This is a very important market for us, and we believe our
business here has great growth potential.  Our business in the
Philippines will now be fully integrated with our Company's
overall objectives.  It will benefit from full access to our
Company's management expertise in helping to operate bottling
businesses," Muhtar Kent concluded.

"The sale of Coca-Cola Bottlers Philippines, Inc. supports our
company's more focused business model, emphasizing fully-owned
branded positions," said Eduardo Cojuangco Jr., Chairman, San
Miguel Corporation.

"This transaction provides San Miguel Corporation the
opportunity to focus on its core business areas in the
Philippines and its planned expansion throughout the region,"
added Cojuangco.

Following the conclusion of the transaction, the Company's
Bottling Investment Group, the dedicated function to manage
bottling operations of The Coca-Cola Company, will lead the
management of CCBPI and ensure a smooth transition of the
bottling operations.

For its part, San Miguel is to develop its own domestic beverage
business, producing juice drink, ready-to-drink tea to
complement existing operations in Thailand and Indonesia.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating on San Miguel Corp.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


UNIVERSAL ROBINA: To Elect Board at April 19 Annual Meeting
-----------------------------------------------------------
Universal Robina Corp.'s shareholders will elect the company's
board of directors at the annual stockholders meeting to be held
on April 19, a regulatory filing with the Philippine Stock
Exchange states.

According to the PSE filing, only stockholders of record as of
March 15, 2007, will be entitled to vote.

During the Meeting, which will be held at the Crowne Plaza
Galleria Manila, in Quezon City, the shareholders will also
elect the company's external auditors and consider the approval
of the financial statements for 2006.

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore.  URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006, that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


VITARICH CORP: RTC Okays Due Course to Rehab; Names New Receiver
----------------------------------------------------------------
The Regional Trial Court of Bulacan, Branch 7, on Feb. 14,
granted Vitarich Corp.'s petition for corporate rehabilitation
due course, the company informs the Philippine Stock Exchange in
a regulatory filing.

On Sept. 19, 2006, the Troubled Company Reporter - Asia Pacific
reported Vitarich's filing of the rehab petition.

In the Feb. 14 Order, the RTC also accepted the withdrawal of
Atty. Eduardo T. Rondain as the company's rehabilitation
receiver.

As reported in the TCR-AP on Feb. 1, Mr. Rondain voiced out his
intention to withdraw as receiver because creditors have
questioned his impartiality.

To replace Atty. Rondain, the court appointed Mr. Melito Salazar
Jr.  Mr. Salazar will have until March 8 to submit his
recommendation to the court with regard to the company's
rehabilitation petition.

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated
producers and wholesalers of poultry and animal feed products in
the Philippines.  The Company also develops, produces and sells
animal health products.  It is dedicated to the poultry and
feeds industry, committing all of its resources to the
production of poultry products, including upstream production
activities such as feed milling, and additional ventures where
the company's knowledge of the poultry and feeds production
process provides it with competitive advantage.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  VITA is presently engaged
in the manufacture and distribution of various poultry products
like chicken, animal and aqua feeds, and day-old chicks, among
others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt on the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to
PHP1.8 billion as of Dec. 31, 2005.


WARNER MUSIC: Shareholders Not Required to Notify Interests
-----------------------------------------------------------
Warner Music Group Corp. clarifies that its shareholders will
not be required to notify their interests in WMG securities
under Rule 8 of the U.K. Takeover Code relating to dealings by
interested persons in its relevant securities.

Warner Music confirms that any possible offer for EMI Group plc
is likely to be solely in cash.

As a further result of this clarification, WMG will not be
required to disclose details under Rule 2.10 of the UK Takeover
Code relating to the number of its relevant securities in issue.

Warner Music also confirms that it has approached EMI Group
about a possible acquisition of its entire equity on Jan. 24,
2007, after it obtained the Independent Music Publishers and
Labels Association's agreement to support it before the European
Commission and other relevant regulatory authorities.

If Warner Music were to make an offer for EMI Group within the
meaning of the U.K. Takeover Code, Warner Music has agreed with
IMPALA to implement some measures, including:

   * providing specified funding for (but taking no equity
     participation in) the recently announced Merlin initiative,
     the new global digital rights licensing platform
     established by the independent music labels to represent
     the world's independent music sector;

   * ensuring the divestiture of certain recorded music assets
     to reinforce the market power of the independent sector;
     and

   * pursuing various other behavioral commitments, which have
     the aim of benefiting the recorded music market as a whole
     and, in particular, the independent music sector.

By setting a new framework for the relationship between a
combined Warner Music and EMI Group and the independent music
sector, Warner Music believes that the agreement reached with
IMPALA and the measures envisaged under it improves the
prospects for regulatory approval of WMG and EMI's combination.

The agreement between WMG and IMPALA does not require IMPALA to
change its position in relation to any other pending regulatory
and legal proceedings.  IMPALA will maintain its position that
the Sony/BMG and Universal/BMG transactions continue to raise
competition issues unless suitable remedies are offered.

WMG believes that there is a compelling strategic, commercial,
and financial logic in a combination of the two companies and
that such a combination should maximize benefits for the
shareholders of both companies.

WMG's approach to EMI, however, remains in the preliminary
stages and there can be no certainty that the discussions will
result in any specific transaction.

                           About IMPALA

The Independent Music Publishers and Labels Association was
established in April 2000 as a non-profit making organization
with the purpose of ensuring assistance and fair market access
to independent record companies and music publishers.

IMPALA has an all-independent membership, which represents the
interests of the independent music sector.  IMPALA members
include main independent companies such as Beggars Group (UK),
!K7 (Germany), Epitaph (US/NL), Naive (France), PIAS Group
(Belgium), Wagram (France), as well as national trade
associations from the UK (AIM), France (UPFI), Germany (VUT),
Spain (UFI), Italy (PMI), Denmark (DUP), Norway (FONO), Israel
(PIL), Sweden (SOM), and the Catalonian association APECAT.

                          About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in China,
Brazil, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near GBP2 billion and operating profit
generated was over GBP225 million.

EMI Music operates the world famous recording facilities Abbey
Road Studios in London and Capitol Studios in Los Angeles.

                     About Warner Music Group

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

                           *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 19, 2007, Standard & Poor's Ratings Services revised its
outlook on Warner Music Group Corp. to negative from stable,
while affirming all ratings, including the 'BB-' corporate
credit rating, on the company.


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

EXPRESS FOOD: Court Orders Wind Up of Operations
------------------------------------------------
Lim Chek Ming has filed a petition to wind up the operations of
Express Food Pte Ltd.

Accordingly, the High Court of Singapore entered an order on
Feb. 2, 2007, to wind up the operations of Express Food.

The liquidator can be reached at:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


HOLA DEVELOPMENT: Creditors' Proofs of Debt Due on March 5
----------------------------------------------------------
The creditors of Hola Development Pte Ltd are required to file
their proofs of debt by March 5, 2007.

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

The liquidator can be reached at:

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


PETROLEO BRASILEIRO: Earns BRL25.9 Million in 2006 Fiscal Year
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras announced its fourth
quarter and full year 2006 financial and operational results.

In 2006, Petrobras had a net profit of BRL25.9 billion,
surpassing the record achieved in 2005 due, mainly, to increased
oil and byproduct production and, also, because of the domestic
and foreign market price levels.  This result was the biggest
profit growth (in dollars) among the sector' s major
corporations.  In this regard, the BRL5.2-billion fourth quarter
net profit reflected the commodity's variations in the
international market, which decreased 14%, on average, compared
to the third quarter.  The BRL52.1-billion EBITDA secured
resources for investments, improved the financial profile, and
ensured dividend payment.  Thus, the Board of Directors proposed
total dividends of BRL7.9 billion to the General Shareholder
Assembly (scheduled to be held on April 2).  This total includes
BRL6.4 billion in interest on self-owned capital, of which
BRL4.4 billion were made available on Jan. 15, 2007.

Investments prioritize production capacity -- Of the BRL33.7
billion that were invested (31% more than in 2005), BRL15.3
billion (45% of the total) were used to boost domestic
production capacity.  The company's internationalization
strategy led to a 127% increase in the investments made in the
International area, the highlight of which was the acquisition
of the Pasadena refinery, for US$370 million.

                         Sales rise

The sales volume in the domestic market was 3% above 2005's
mark, particularly as a result of the larger volumes of gasoline
(+7%), naphtha (+5%), and natural gas (+7%) sales.  Overseas,
exports grew 11%, and international sales spiked 31%, due,
mainly, to the heightened offshore operations (the objective of
which is to seize trade opportunities abroad) and to the
inclusion of the sales made by companies that were purchased
during 2006.  This rise wasn't even bigger because of the
reduced sales in Venezuela, due to the declining production in
Angola, and because the main fields on the Gulf of Mexico were
shut down after hurricanes Rita and Katrina.

                 Lifting and Refining Costs

In Brazil, the unit lifting cost, not including government
participations, rose 15% in Dollars compared to 2005.  This was
caused by the higher drill expenses (tied to international
quotes) and staff (hiring and Collective Labor Agreement), as
well as by the FPSO -- Capixaba and the P-34 kicking their
operations off, with higher initial unit costs that are
partially offset by the higher oil & gas lifting rates.
Figuring government participation in, lifting costs rose 20%
since, in addition to the higher operation costs, government
participations keep up with the international oil quotes.
Increased productivity and a few fields going online also raised
royalties and special participations.  Internationally, lifting
costs surged 16% in 2006 because of the cost inflation and of
the higher costs in Argentina and Angola.

The unit refining cost grew 21% in Brazil, in Dollars (8% in
Reais) due to the greater complexity that resulted from the
investments made to process heavy oil and to improve fuel
quality, in addition to the higher labor costs derived from the
Collective Labor Agreement.  Abroad, the average international
refining cost surged 33% due to the inclusion of the Pasadena
Refinery.  If this unit's costs were not figured, the  increase
would be 16% due to the operations in Argentina.

Another positive year for Petrobras in the stock market was an
excellent year for Petrobras' stocks.   In spite of oil quote
volatility, the ordinary stocks valued 32%, while the preferred
ones rose 34%, in line with Ibovespa's performance (+33%).  In
New York, due to the influence of the exchange rate, Petrobras'
ADRs performed even better, topping at 44.51% (ordinary) and
44.10% (preferred).  Petrobras closed the year as the most
negotiated non-American company at the New York Stock Exchange.
The total financial result registered by its ADRs was the
highest among foreign companies.  In late 2006, Petrobras'
market value topped at BRL230 billion, 33% more than last year's
mark.  In December, Petrobras reached a monthly average of
BRL103 billion, an unprecedented achievement that ranks it among
the world's most valuable corporations.

                  New Decrease in Indebtedness

In spite of its major investments, Petrobras' net indebtedness
decreased to BRL18.8 billion, 24% less than in late 2005,
because of the strong operational cash flow and due to the
appreciation of the Real, considering that 75% of the company's
long -term debt is indexed based on the Dollar.

As Brazil's biggest taxpayer, Petrobras paid BRL50.9 billion in
taxes, fees and social contributions, 11% more than in 2005, and
BRL16.1 billion in participations and royalties, up 17% from
last year and adding up to BRL67.1 billion, a 13% increase.
Petrobras' contribution increased 6% abroad, to BRL3.8 billion.
Government participations in Brazil grew 17%, a reflex of the
higher reference price.  Government participations surged 67%
abroad, particularly as a result of regulation changes made in
Venezuela and Bolivia.

                    About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Sees No Impact on NatGas Deal, Analyst Says
----------------------------------------------------------------
The price increase of Bolivian natural gas won't raise any
impact on Petroleo Brasileiro SA aka Petrobras, analysts quoted
by Bernd Radowitz at Dow Jones Newswire.

Citing oil analyst Marc McCarthy, Dow Jones relates that
Petrobras was able to keep gas prices the same.  The agreement
resulted to a face-saving deal for Bolivian President Evo
Morales.  Mr. Morales encountered various protests across
Bolivia and the deal might help convince political opposition
that he is able to secure better deals for Bolivian resources
abroad.

Mr. Morales and Brazilian President Luiz Inacio Lula da Silva
reached an agreement on Feb. 14 regarding the price Petrobras
will pay for Bolivia's natural gas but didn't disclose how much
prices would go up.  The Brazilian stated its spending could be
up 3.5% to 4% from last year, while the Bolivians expected an
extra US$144 million revenues this year.

According to Banco Safra oil analyst Victor Martins, those
amounts are insignificant for Petrobras even if Bolivians'
expectations were right.

Dow Jones reports that while the gas price amount is still
unclear, it appears that it would fall well short of the US$5
per million British thermal units, or mBTUs, a fair price that
Mr. Morales hoped for.  Petrobras reportedly pays US$3.75 per
mBTU in Bolivia.

Georgetown University Brazilianist Bryan McCann considered the
negotiation as very advantageous for Bolivia, which includes a
steep hike of gas price supplied to a thermoelectric power plant
in the western Brazilian city of Cuiaba, to US$4.20 per million
BTU from US$1.09, Dow Jones relates.

Dow Jones adds that Bolivia supplies about 1 million cubic meter
of gas per day to the Cuiaba plant, compared to sales of about
24 mcm/d to Petrobras.

                  About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Will Launch Four Oil Rigs This Year
--------------------------------------------------------
A manager of Brazil's state-owned oil firm Petroleo Brasileiro
SA told Dow Jones Newswires that the firm will launch two oil
rigs in May, and two other large platforms in September.

According to Dow Jones, the four rigs will have a combined
production capacity of 480,000 barrels of oil daily.

Eduardo Molinari, Petroleo Brasileiro's coordinator for strategy
and portfolio management of exploration and production, said in
a Web cast that a small platform that will produce 20,000
barrels per day from the Piranema field off the coast of
northeastern Sergipe will be on stream in May.

Petroleo Brasileiro initially planned to launch the Piranema rig
in April, the report says.

Dow Jones underscores that Petroleo will begin by the end of May
production at its floating production storage and offloading
Cidade de Vitoria platform, which is expected to add 100,000
barrels per day to production from the Golfinho light oil field.

Petroleo Brasileiro will bring the P-52 and P-54 new rigs on
stream in September.  The rigs will each have a capacity to pump
180,000 barrels of oil per day from the Roncador field, Mr.
Molinari told Dow Jones.

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

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

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

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

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

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


REFCO INC: Judge Drain Approves AIDMA Settlement Agreement
----------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York approved a settlement among
Refco F/X Associates LLC, AIDMA Co. Ltd., and RefcoFX Japan
K.K., pursuant to Rule 9019(a) of the Federal Rules of
Bankruptcy Procedure.

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

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

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

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

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

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

                      Japanese Civil Actions

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

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

                           AIDMA Claim

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

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

              FXA Settles With AIDMA & Refco Japan

The Agreement provides, among others, that:

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

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

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

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

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

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

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

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

          * FXA does not presently control Refco Japan;

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

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

                         About Refco Inc.

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

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 56 & 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: U.S. Court Approves RCM-Bancafe US$51-Mil. Agreement
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a settlement between Bancafe International Bank Ltd.
and Refco Capital Markets Ltd., an affiliate of Refco Inc.,
through its duly appointed plan administrator
PricewaterhouseCoopers and Marc S. Kirschner.

The settlement (i) reflects a resolution on Bancafe's part to
allow the setoff required by a guarantee agreement and (ii)
avoids the need for future litigation concerning the Bancafe
claims.

Bancafe filed in July 2006 Claim No. 10132 for US$207,934,213
and Claim No. 10133 for US$173,559 against Refco Capital
Markets.

The Bancafe Claims are premised on certain securities customer
account relationships that existed between RCM and Bancafe
before RCM's bankruptcy filing.

Pursuant to certain account relationships, Bancafe guaranteed
certain obligations of an affiliated entity, Vipasa
International Investments Corp., under a Guaranty and Transfer
Authorization Agreement with RCM.

As of RCM's bankruptcy filing, Vipasa owed RCM at least
US$154,456,433 as a result of its account relationships with
RCM, which amount Bancafe guaranteed.

Pursuant to an order of the High Court of Barbados,
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs.  PricewaterhouseCoopers has filed
a Petition for Recognition of Foreign Main Proceeding in the
U.S. Bankruptcy Court for the Southern District of Florida.

Following arm's-length negotiations, PricewaterhouseCoopers and
Marc S. Kirschner, as duly appointed plan administrator for RCM
pursuant to the Dec. 15, 2006, Plan Confirmation order, agreed
that:

   (a) Claim No. 10132 will be allowed as an RCM Securities
       Customer Claim for US$51,535,144, to achieve agreements
       regarding properly allowable claim amounts and applicable
       set-offs;

   (b) Claim No. 10133 will be allowed as an RCM Securities
       Customer Claim for US$173,559; and

   (c) all other amounts asserted in the Bancafe Claims, whether
       liquidated, unliquidated, contingent or otherwise, will
       be disallowed.

                   About Bancafe International

Bancafe International Bank Ltd. offered financial services.
PricewaterhouseCoopers EC Inc. has been appointed as custodian
to wind up Bancafe's affairs, pursuant to an order of the High
Court of Barbados.  PwC EC, as Bancafe's administrator, filed a
chapter 15 petition on Dec. 19, 2006 (Bankr. S.D. Fla. Case No.
06-16712).  Gregory S. Grossman, Esq., at Astigarraga Davis
Mullins & Grossman, P.A., represents the administrator.  PwC
estimated that Bancafe had US$1 million to US$10 million in
assets and more than US$100 million in debts when it filed the
chapter 15 petition.

                         About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 56 & 57; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Committees Seek to Create Info Sharing Protocol
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Ltd. and the Official Committee of Unsecured Creditors of Sea
Containers Services Ltd. jointly ask the Honorable Kevin J.
Carey of the U.S. Bankruptcy Court for the District of Delaware
to clarify that Section 1102(b)(3)(A) of the Bankruptcy Code
does not authorize or require them to provide access to the
Debtors' confidential and other non-public proprietary
information, or to privileged information, to the creditors they
represent.

The Official Committees, however, agree that they will provide
access to Privileged Information to any party so long as it is
not Confidential Information and the relevant privilege was held
and controlled solely by an Official Committee.

Pursuant to the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005, each of the Committees is required to
provide access to information for creditors it represents.

Derek C. Abbott, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
in Wilmington, Delaware, relates that the Debtors operate in a
competitive industry where the dissemination of confidential
information to parties who are not bound by any confidentiality
agreement could be disastrous to the Debtors.  Confidential
Information includes business strategies and intended
initiatives.

If the Debtors' general creditors could require an Official
Committee to give them access to Confidential Information in the
Committee's possession, the information could easily become
public and could be used by competitors to the detriment of the
Debtors' business operations, Mr. Abbott points out.

Mr. Abbott notes that other Confidential Information, including
compensation levels or other employee information, is of a
sensitive nature and their public disclosure would affect
employee morale and similar problems for the Debtors, and
violate federal and state privacy laws.

According to Mr. Abbott, the request will benefit the Committees
and their constituents by permitting them to receive
Confidential Information from the Debtors without the fear that
individual creditors could force them to breach confidentiality.
"Unless it is made clear that the risk of dissemination of
Privileged Information does not exist, the estate representation
structure envisioned by the Bankruptcy Code would become
immediately dysfunctional," he adds.

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan expires on June 12,
2007.  They have until Aug. 11, 2007, to solicit acceptances to
that plan.


SEA CONTAINERS: GNER Signs GBP20-Mil. Lease for Train Fleet
-----------------------------------------------------------
Sea Containers Ltd.'s railway subsidiary, Great North Eastern
Railway, has leased two diesel High Speed Trains, Transport
Briefing reports.

According to Transport, the High Speed Trains, which were
previously used by Midland Mainline, were procured by GNER from
Porterbrook Leasing Company and will be overhauled during the
next two years as part of a GBP20,000,000 leasing package.

The acquisition was in connection with its new 12 additional
weekday services between Yorkshire, the East Midlands and
London.  The new run was approved by United Kingdom's Office of
Rail Regulation and is set for launching on May 21, 2007.

With the HSTs, GNER will be able to run a half hourly service
between Leeds and London King's Cross and will provide an
additional 1,600,000 seats a year.

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan expires on June 12,
2007.  They have until Aug. 11, 2007, to solicit acceptances to
that plan.


WSID PTE: Wind-Up Petition Hearing Slated for March 2
-----------------------------------------------------
On Feb. 5, 2007, Tay Swee Sze filed a petition to wind up the
operations of WSID Pte Ltd.

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

Tay Swee's solicitor can be reached at:

         Acies Law Corporation
         1 Raffles Place
         #39-01 OUB Centre
         Singapore 048616


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

BANK OF AYUDHYA: Reveals Resolutions at Board Meeting
-----------------------------------------------------
In a regulatory filing with the Stock Exchange of Thailand on
Feb. 21, 2007, the Bank of Ayudhya disclosed the resolutions
arrived at during its Board of Directors meeting.

The resolutions pertain to:

   1. The dividend payments for operating results in fiscal year
      ended Dec. 31, 2006.  The dividends will be paid out to
      shareholders whose names appear in the bank's share
      register book at the closing date, with total shares of
      4,794,929,476 valuing at THB0.20 per share.  The dividends
      will be paid on April 20, 2007.

   2. The closing date of the bank's register book.  The closing
      date of the Register Book, for share transfers and for the
      verification of the shareholders' rights to participate in
      Annual General Meeting of Shareholders No. 95 to receive
      the dividend payment for year 2006, will start on
      March 21, 2007, at 12:00 p.m. until the completion of the
      meeting.

   3. The schedule of the Annual General Meeting of Shareholders
      No. 95 -- April 11, 2007, at 2:00 p.m. at the Multipurpose
      Conference Room, 9th Fl. Head Office Building, 1222 Rama
      III Road, Bang Phongphang, in Yan Nawa, Bangkok.  The
      agenda of the meeting include:

      -- the consideration and approval of the bank's balance
         sheets and profit and loss statements for the fiscal
         year ended December 31, 2006, which has been reviewed
         by the Audit Committee and certified by the bank's
         auditor;

      -- the consideration and approval of the Profit Allocation
         from the operating results of fiscal year 2006;

            * legal reserve (not less than 5% of the total
              net profits) amounting to THB83,500,000;

            * dividend payments of THB958,985,895, as of
              December 2006, to the shareholders with total
              shares of 4,794,929,476 shares at THB0.20 per
              share;

      -- the appointment of Yongyuth Withyawongsaruchi and
         Pongpinit Tejagupta, who were retired by rotation, as
         new directors of the bank for another term and to also
         appoint Chet Raktakanishta as a new director in
         replacement of Ekasak Puripol, who has expressed his
         intention not to be appointed for another term as well
         as his intention to resign from the Board of Directors
         at the end of his existing term in April 2007;

      -- the approval of the directors' remuneration, including
         car allowances, meeting allowances and gratuities (per
         annum), which will be considered as part of the bank's
         expenses;

         (1) Chairman of the
             Board of Directors                 THB3,020,000

         (2) Independent Director
             and Chairman of
             Audit Committee                    THB2,796,000

         (3) Independent Director
             (each person)                      THB2,772,000

         (4) Outside Director
             (each person)                      THB2,376,000

         (5) Executive Director
             (each person)                      THB1,056,000

         (6) Secretary to the
             Board of Directors                   THB300,000

      -- the appointment of either Permsak Jerajakwattana,
         registration no. 3427; Niti Jungnitnirundr,
         registration no. 3809; and Dr. Suphamit Techamontrikul,
         registration no. 3356, of Deloitte Touche Tohmatsu
         Jaiyos Audit Co. Ltd. as the bank's auditor, and the
         appointment of KPMG LAO Co. Ltd. as the auditor of the
         bank's Vientiane Branch for the fiscal year 2007.

         With regards to the audit fee, the bank is in the
         process of negotiating with the auditors.


          (8) To consider other business (if any).

   4. The appointment of Thipsamat Na Chiengmai as the
      Independent director of the Bank.

   5. The appointment of the Nominating and Remuneration
      Committee consisting of these bank directors:

          (1) Thipsamat Na Chiengmai            Chairman
          (2) Virat Phairatphiboon              Member
          (3) Pornsanong Tuchinda               Member

                  About The Bank of Ayudhya PCL

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

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

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

    * Short-term foreign currency to F3 from B;

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

    * Individual rating to C/D from D.

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

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


CIRCUIT ELECTRONIC: Updates on Rehab Progress as of Q4 2006
-----------------------------------------------------------
Circuit Electronic Industries (Public) Co., Ltd., in a
disclosure with the Stock Exchange of Thailand on Feb. 22, 2007,
reported its progress in the rehabilitation plan process for the
fourth quarter of 2006:

   -- the company has implemented "Cash Monitoring" and has just
      finished its auditing for the 2006 fourth quarter; and

   -- the company has paid interests to creditor groups 1 and 2,
      of 7.75% and 2.75%, respectively, which totals to
      THB19.32 million.

Circuit Electronics says that the principal settlement is not
yet due.

                  About Circuit Electronic PCL

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The Group operates in the United States
of America, Europe and Asia.

Circuit's consolidated balance sheet as of June 30, 2006, shows
total liabilities of THB3.486 billion compared with total assets
of THB821.478 million.  Total shareholders' equity deficit as of
June 30, 2006, is at THB2.665 billion.


FEDERAL-MOGUL: Supplemental Disclosure Statement Approved
---------------------------------------------------------
The Hon. Judith K. Fitzgerald of the United States Bankruptcy
Court for the District of Delaware approved the Supplemental
Disclosure Statement describing the Fourth Amended Joint Plan of
Reorganization of Federal-Mogul Corporation and its debtor-
affiliates.

The Amended Plan is jointly proposed by Federal-Mogul, the
Unsecured Creditors Committee, the Asbestos Claimants Committee,
the Future Asbestos Claimants Representative, the Agent for the
Prepetition Bank Lenders and the Equity Committee. The Plan also
has the support of the Asbestos Property Damage Committee and
the Ad Hoc Committee of Unsecured Creditors.

The Court also approved the solicitation and voting procedures
by which the votes of a limited number of classes of creditors
will be solicited.  The Court determined that it was not
necessary to resolicit the votes of all classes of creditors and
equity holders.

"Federal-Mogul is pleased with the developments accomplished at
this hearing which together with the resolution for emergence of
the United Kingdom Administrated companies, with activities in
the Americas, Europe and Asia Pacific, represent major
milestones toward exit from Chapter 11," said Chairman,
President and Chief Executive Officer Jose Maria Alapont. "We
continue to progress successfully, both in the implementation of
our global profitable growth strategy to satisfy customer,
employee and stakeholder expectations and in our commitment to
confirm on May 8 our restructuring plan to emerge."

                 About Federal-Mogul Corporation

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Plan Confirmation Hearing Scheduled on May 8
-----------------------------------------------------------
The Hon. Judith K. Fitzgerald of the United States Bankruptcy
Court for the District of Delaware set a hearing on May 8, to
consider confirmation of Federal-Mogul Corporation and its
debtor-affiliates' Fourth Amended Joint Plan of Reorganization.

                 About Federal-Mogul Corporation

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Dec. 31 Balance Sheet Upside-Down by US$1.6 Bln
--------------------------------------------------------------

               Federal-Mogul Global Inc., et al.
                    Unaudited Balance Sheet
                     As of December 31, 2006
                         (In millions)

                             Assets

Cash and equivalents                                    US$50.8
Accounts receivable                                       543.3
Inventories                                               420.3
Deferred taxes                                            191.2
Prepaid expenses and other current assets                  97.2
                                                       --------
Total current assets                                    1,302.8

Summary of Unpaid Postpetition Debits                     (20.1)
Intercompany Loans Receivable (Payable)                 1,619.0
                                                       --------
Intercompany Balances                                   1,598.9

Property, plant and equipment                             818.0
Goodwill                                                  966.9
Other intangible assets                                   345.8
Insurance recoverable                                     859.0
Other non-current assets                                  486.9
                                                       --------
Total Assets                                         US$6,378.3

              Liabilities and Shareholders' Equity

Short-term debt                                        US$373.7
Accounts payable                                          194.4
Accrued compensation                                       70.4
Restructuring and rationalization reserves                 23.1
Current portion of asbestos liability                         -
Interest payable                                            4.4
Other accrued liabilities                                 229.4
                                                       --------
Total current liabilities                              US$895.5

Long-term debt                                                -
Post-employment benefits                                  769.1
Other accrued liabilities                                 516.4
Liabilities subject to compromise                       5,873.5

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           658.1
   Additional paid-in capital                           7,986.9
   Accumulated deficit                                (11,444.9)
   Accumulated other comprehensive income                  73.2
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,676.1)
                                                       --------
Total Liabilities and Shareholders' Equity           US$6,378.3

               Federal-Mogul Global Inc., et al.
               Unaudited Statement of Operations
             For the Month Ended December 31, 2006
                         (In millions)

Net sales                                              US$221.0
Cost of products sold                                     165.2
                                                       --------
Gross margin                                               55.8

Selling, general & administrative expenses                 (0.4)
Amortization                                               (1.2)
Reorganization items                                       33.4
Interest expense, net                                     (15.1)
Other expense, net                                         18.5
                                                       --------
Earnings before Income Taxes                               91.1

Income Tax (Expense) Benefit                              105.0
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                196.1
                                                       --------
Net Earnings (loss)                                    US$196.1

               Federal-Mogul Global Inc., et al.
               Unaudited Statement of Cash Flows
             For the month ended December 31, 2006
                         (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                  US$196.1
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           12.4
   Adjustment of assets held for sale and
      other long-lived assets to fair value                 8.8
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. Principle            -
   Change in post-employment benefits                     316.0
   Decrease (increase) in accounts receivable              40.9
   Decrease (increase) in inventories                      15.1
   Increase (decrease) in accounts payable                (25.1)
   Change in other assets & other liabilities            (455.1)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               109.1

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment           (13.6)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities     (13.6)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                           (115.6)
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                    0.1
                                                       --------
Net Cash Provided From Financing Activities              (115.4)

Increase (Decrease) in Cash and Equivalents               (19.9)

Cash and equivalents at beginning of period                70.6
                                                       --------
Cash and equivalents at end of period                   US$50.8


                  About Federal-Mogul Corporation

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


HANTEX PCL: Announces Delay of Financial Statement for FY2006
-------------------------------------------------------------
Hantex Pcl, in a disclosure with the Stock Exchange of Thailand,
said that there will be a delay in the submission of its
financial report for the year ended Dec. 31, 2006, and its
form 56-1.

The company explained that the delay is caused by Dharmniti
Auditing Co. Ltd. initially refusing to audit its financial
statement for the relevant period due to a lack of coordination
and its being focused on its rehabilitation plan.  However, the
company clarified, the problem with Dharmniti had already been
settled.

Moreover, the company said that it also needs to adjust several
items in its financial statement according to the court-approved
plan.

Hantex, since it is in the rehabilitation process, is exempted
in the submission of the financial quarterly statement and Form
56-2, but still needs to submit the financial statement for
fiscal year 2006 and Form 56-1.

Hantex said that it will submit its 2006 financial statement and
Form 56-1 to the SET and to the Securities and Exchange
Commission in May 2007.

                         About Hantex PCL

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 30, 2006, that the Central Bankruptcy Court of Thailand
approved Hantex's the business rehabilitation plan on Sept. 28,
which would enable the company to settle its debts with its
creditors and to sustain its business operation as it goes
forward.  The TCR-AP stated that Hantex was also appointed to
act as its own rehabilitation planner.


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

AUSTRALIA

Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Stadium Australia Group           SAX     135.23      -41.84


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      20.12      -42.96
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hans Energy Company Limited       554      94.75      -10.76
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      77.57      -77.92
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiamusi Paper Co. Ltd.            699     109.07      -86.57
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI     110.62      -74.82
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Mulialand Tbk                    MLND     141.33      -45.99
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18


JAPAN

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


MALAYSIA

Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources                     ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Informatics Holdings Ltd         INFO      22.30       -9.14
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

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


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

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