TCRAP_Public/070228.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  

          Wednesday, February 28, 2007, Vol. 10, No. 42

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Answers Objections to Houlihan Retention
ADVANCED MARKETING: Amends Wells Fargo DIP Loan Facility
AWB LIMITED: Says Drought to Adversely Affect 2006/2007 Earnings
ASFORM PTY: Will Declare Dividend on April 13
BEYOND ELECTRICAL: Creditors Agree to Wind Up Operations

BRIGHTPOINT INC: Secures US$165 Mil. Revolving Credit Facility
COUNTRY FINANCE: Members' Final Meeting Slated for March 27
CRINALIN PTY: Undergoes Members' Voluntary Liquidation
DANCE GROUP: Subsidiaries Undergo Liquidation Proceedings
DARFIELD PTY: Members' Final Meeting Slated for April 2

DOMETEK PTY: Members and Creditors to Receive Wind-Up Report
ERNEST SMITH: To Declare Dividend for Unsecured Creditors
FLOWCRETE CONCRETE: Members and Creditors to Meet on March 29
GEMA PROFESSIONAL: Members & Creditors to Receive Wind-Up Report
HEALTHPOINT BELMONT: Appoints Doran and Campbell as Liquidators

HEALTHPOINT ELLENBROOK: Members Resolve to Shut Down Business
HUTCHISON TELECOMMUNICATIONS: Posts AU$759-Mln. Net Loss in 2006
INTELLECT HOLDINGS: Secures New Funding Facility of AU$11 Mln.
JENJAM PTY: Liquidator to Present Wind-Up Report
KUZMINA PTY: Commences Liquidation Proceedings

LAYERDALE PTY: Members to Hold Final Meeting on March 21
MELJON CONSULTING: Will Declare Dividend on April 12
MGM MIRAGE: Inks Partnership Agreement with Jeanco Realty
POLYPORE INT'L: Good Performance Prompts S&P's Revised Outlook
PRIMUS TELECOMMS: NY Court Denies Noteholders' Injunctive Relief

SMARTIRE SYSTEMS: Amends Purchase Deal with Xentenial Holdings
SUNCORP-METWAY: 2006 2nd Half NPAT Grows 16.1% to AU$527 Million
SUNCORP-METWAY: To Acquire Promina Reset Preference Shares
TAMSITY PTY: Commences Liquidation Proceedings
TELBAZ PTY: Placed Under Members' Voluntary Liquidation

THE MOVIEFINDERS: To Declare First Dividend for Employees


C H I N A   &   H O N G  K O N G

ACTIVE ENERGY: Creditors Must Prove Debts by March 23
BANK OF COMMUNICATIONS: To Issue CNY25 Bil. Subordinated Bonds
BENQ CORP: Assets to Land in eBay & Second-Hand Market
CENTIGAIN LIMITED: Liquidator to Receive Claims Until March 23
CHONGQING CHANGAN: Parent Ups Production and Sales Target By 20%

DONGFENG ELECTRONIC: Implements Share Merger Reform
FAIR BUSINESS: Taps Lam Kwong Chak, Zaloit as Liquidator
HUA HIN: Placed Under Members' Voluntary Liquidation
HUNAN GENUINE: Reapplies for Listing Despite Unqualified Audit
JIAOZUO XIN'AN: Faces Bankruptcy Petition from Five Creditors

RAINBOW PLAZA: Creditors' Proofs of Debt Due on March 23
REFCO FOREX: Members to Receive Wind-Up Report
RICHEST CENTURY: Creditors Must Prove Debts by March 23
SHANGHAI TYRE: Finds Partner for Joint Venture
SHENZHEN SEG: Reports 16% Increase in Net Income For 2006

SICHUAN CHANGJIANG: Acquires Undergarments Company For CNY69MM
SPARKLE TREE: Sutton and Chiong Quit Liquidator Posts
SPEEDTEX GARMENT: Members and Creditors to Meet on March 27
SUNNY BAY: Members' Final Meeting Slated for March 26
SUNNY EAGLE: Will Receive Claims Until March 23

TUNG DA AV: Joint Liquidators Quit Posts


I N D I A

ICICI BANK: Signs Exclusive Cooperation Pact with BMW India
ICICI BANK: Signs Cooperation Agreement with Austria's RLB
IFCI LTD: Clarifies Report on Malvika Steels Sale
OCWEN FINANCIAL: Gets US$45.9-Million Share from BMS Holdings
ROYAL & SUNALLIANCE: Gets Conditional Approval to Sell U.S. Unit


I N D O N E S I A

ALCATEL-LUCENT: Will Build WiMax Network for Telmex Chile
ALCATEL-LUCENT: Alliances Director Named to WiMAX Forum Board
ANEKA TAMBANG: Seeks US$70 Mil. in Loans, Bisnis Indonesia Says
AVNET INC: Launches Redesigned Investor Relations Web Site
BANK NEGARA: Government and Parliament Delay Divestment

FREEPORT-MCMORAN: Moody's Confirms 'Ba3' Corporate Family Rating
FREEPORT-MCMORAN: Pays Indonesian Gov't. US$1.6-Bil in 2006
GENERAL NUTRITION: S&P Lowers Corporate Credit Rating to B-
GENERAL NUTRITION: Reports Estimated 4Q 2006 Financial Results
HILTON HOTELS: Moody's Upgrades Corporate Family Rating to 'Ba1'


J A P A N

ALL NIPPON: In Talks With Asiana Air Over New Flights, Products
INFOR GLOBAL: Increased Debt Prompts S&P's Stable Outlook
JAPAN AIRLINES: To Redeem JPY79.7 Billion of Bonds on March 25
NIKKO CORDIAL: Citigroup Stake Raise May Improve S&P's Ratings
NIKKO CORDIAL: Mizuho Enters Picture After News on Citigroup Bid

SADIA SA: S&P Affirms BB Long-Term Corporate Credit Rating
SOJITZ CORP: S&P Lifts Credit Rating to BB+ on Bond Conversion
XEROX CORPORATION: Increases Share Repurchase Program


K O R E A

EUGENE SCIENCE: Gets Patents for Wider PlantSterol Application
EUGENE SCIENCE: Teams with RexGene for Nutraceutical Line
HANAROTELECOM: Plans to Spend Up to KRW340 Bil. in 2007 CAPEX
HYNIX SEMICONDUCTOR: Records 33% Increase in Fourth Qtr. Revenue
HYNIX SEMICONDUCTOR: Injects Funds into Two Units

INDUSTRIAL BANK: Hikes Dividends After KRW1.05-Tril. 2006 Profit
INDUSTRIAL BANK: Divests LG Card Stakes
JEONBUK BANK: To Issue 7.13 Million Shares to Raise Capital


M A L A Y S I A

COMSA FARMS: Bursa Decides to Delist Securities on March 8
HONG LEONG: 2006 2nd Half Pre-Tax Profit Increases by 23% YOY
MEGASTEEL BERHAD: To Issue Shares to Raise MYR200 Million
SILVERSTONE CORP: Fails to File Plan; Bursa to Delist Securities
STAR CRUISES: New Fleet Member to Debut in Hong Kong in June

STAR CRUISES: Unit Inks Agreement to Buy 75% in Macau Land
TAP RESOURCES: Units Set Creditors' Meeting for Planned Wind-Up
TENAGA NASIONAL: Mulls Selling Shares in Indonesian Firm


N E W   Z E A L A N D

AIR NEW ZEALAND: 6-Months to Dec. 2006 Net Profit Up 61%
AN YING: Court Appoints Joint Liquidators
CLEAR CHANNEL: 4th Quarter 2006 Revenues Rose to US$1.94 Billion
GENESIS RESEARCH: Records NZ$3.3-Million Net Surplus for 2006
GLASS EARTH: Inks Hauraki Region JV Agreement with Newmont

GOURMET CHICKEN: Wind-Up Hearing Slated for May 10
HOWARD ELECTRICAL: Creditors' Proofs of Claim Due on April 5
MAINTENANCE SPECIALISTS: Faces Liquidation Proceedings
MOVIT 2000: Court to Hear Liquidation Petition on March 5
MULTI BUILDING: Commences Liquidation Proceedings

NELSON ADMINISTRATION: CIR Files Liquidation Petition
PETER FLOWER: Creditors to Prove Debts by March 5
ROSKILL METAL: Shareholders Opt to Liquidate Business
TECHNOLOGY FINANCE: Liquidation Hearing Set for March 5
TURNERS DEVELOPMENTS: Creditors to Lodge Claims by March 8

ULSTER CORP: Court Hears Liquidation Petition


P H I L I P P I N E S

CENTRAL AZUCARERA: FY2005-06 Net Loss Narrows 84% to PHP87.48MM
RIZAL COMMERCIAL: To List 250 Million Shares on March 29
LAND BANK: Net Income Up 17% to PHP3.53 Billion in 2006
LAND BANK: Loans to Priority Sectors Reach PHP82.6 Bil. in 2006
LAND O'LAKES: Saputo Agreement Prompts S&P's Positive Outlook

LAND O'LAKES: Appoints Myron Voth & James Netto as Directors
MAGNUM HOLDINGS: Prepares MOA for Advances-Equity Conversion
* Philippine Gov't. Confident of Exceeding 2007 Growth Targets


S I N G A P O R E

ADVANCED SYSTEMS: Director Takes Deemed Shares
DAEWOO SINGAPORE: Pays First and Final Dividend
GERMAN DISTRICENTRE: Wind-Up Petition Hearing Slated on March 2
OVERSEAS SHIPHOLDING: To Acquire Heidmar Lightering Business
PETROLEO BRASILEIRO: Ceara Plant Construction Starts in March

PETROLEO BRASILEIRO: Inks Oil & Gas Pact with Gazprom
PETROLEO BRASILEIRO: Mulls Biodiesel Plant Works in Bolivia
READER'S DIGEST: Extends Tender Offer of Senior Notes to March 1
SEA CONTAINERS: Posts US$7.3 Million Net Loss in December 2006
SCOTTISH RE: Facing Bankruptcy Absent MassMutual/Cerberus Deal


T H A I L A N D

DAIMLERCHRYSLER: Chrysler's Bidding Process May Start This Week
DAIMLERCHRYSLER AG: Hyundai Denies Interest in Chrysler Purchase
DAIMLERCHRYSLER AG: Predicts Drop in 2007 Sales for Truck Arm
ITV PLC: SET Posts "SP" & "NP" Signs on Financial Issues
ITV PLC: SET Orders Halt on Securities Trading

KASIKORNBANK: Cuts Deposit Rates By 25 To 50 Basis Points
SIAM CITY: Cuts Fixed Deposit Rates to 3.5% From 3.75%


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADVANCED MARKETING: Answers Objections to Houlihan Retention
-------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates have
responded to objections raised by the Official Committee of
Unsecured Creditors and Kelly Beaudin Stapleton, the United
States Trustee for Region 3, questioning the appropriateness and
the benefit to the Debtors' estate of the employment of Houlihan
Lokey Howard & Zukin Capital as the Debtors' investment banker,
nunc pro tunc to Dec. 29, 2006.  

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, at
Wilmington, Delaware, tells the Hon. Judge Christopher S.
Sontchi of the United States Bankruptcy Court for the District
of Delaware that if the Debtors' application to employ Houlihan
Lokey were denied, the delay that would ensue would cause
significant harm to the Debtors.

As reported in the Troubled Company Reporter on Feb. 14, 2007,
the Debtors sought to employ Houlihan Lokey to act as their
investment banker because the firm has substantial expertise in
advising them, and is well qualified to perform the services and
represent their interests in the Chapter 11 cases.

Representing the Unsecured Creditors Committee, Thomas F.
Driscoll III, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, objected to the employment of Houlihan
Lokey because, given the high fees being asked by the firm,
there would be no benefit to the estates and creditors to retain
them at this time and that the service for which the firm is to
be employed could an be provided by the Debtors' other
professionals.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
also objected to the firm's professional fees unless and until
the applicant shows that there is a benefit to the estate.  The
fees must be reasonable and necessary, she added.  Ms. Stapleton
also said that Houlihan Lokey should provide hourly rates for
its professionals.

Ms. Stapleton also noted that Houlihan Lokey's monthly fee, if
allowed, should be subject to Section 330 standards, while the
various transaction and financing fees should be disallowed
under the "improvident" standard stated in Section 328 and
subject to Section 330.

                Need for Houlihan Lokey's Services

The Debtors desperately need the services of Houlihan Lokey, Mr.
Collins tells Judge Sontchi.

As investment banker, one of Houlihan Lokey's most critical
tasks is the valuation of the Debtors' assets to determine
whether the greatest value can be achieved through a sale of the
assets or through a liquidation of the estates, Mr. Collins
explains.  He adds that Houlihan Lokey's role is critical and is
not duplicative of the roles performed by other professionals in
the Debtors' Chapter 11 cases.

For its part, Houlihan Lokey points out that the Committee
ignores the substantial work the firm has already performed for
the Debtors, including running the M&A process for the sale of
Advanced Marketing Services Inc., preparing and presenting
financial statements to potential buyers, and advising the
Debtors regarding negotiations with potential buyers.

"On a broader level, the Committee misconstrues the services
provided by Houlihan Lokey by implying that its sole function is
to find potential buyers," Mr. Collins says.  "Significant
further activity would need to be done by Houlihan Lokey even
after a purchaser is identified," he adds.

To address the objections filed by the Committee and the U.S.
Trustee, Mr. Collins contends that the overall compensation
structure for Houlihan Lokey is comparable to compensation
generally charged by investment banking firms of similar stature
to Houlihan Lokey for comparable engagements, both in and out of
court.

The nature of Houlihan Lokey's employment in the Debtors'
bankruptcy cases is especially appropriate for pre-approval
under Section 328(a) of the Bankruptcy Code, Mr. Collins
continues.  Accordingly, the Debtors and Houlihan Lokey maintain
that the Court should approve the Debtors' employment
application pursuant to Section 328(a).

Mr. Collins further notes that to demonstrate to the Court that
the Debtors and Houlihan Lokey are willing to compromise, both
parties would make certain revisions to their engagement letter
and the application if the Court approved Houlihan Lokey's
employment pursuant to Section 328(a).

Among other things, Mr. Collins says, the Debtors would revise
their application so that Houlihan Lokey's retention would be
granted, nunc pro tunc to Jan. 17, 2007, instead of the Dec. 29,
2006 petition date.  Houlihan Lokey, on the other hand, would
modify the terms of the engagement letter as suggested by the
Committee so that the firm would receive a Transaction Fee
during the 12th month "Tail Period," only if an M&A Transaction
or Restructuring Transaction is caused or procured by the firm.

                      About Advanced Marketing

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

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


ADVANCED MARKETING: Amends Wells Fargo DIP Loan Facility
--------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates filed
with the Court on February 8 an amendment letter to the DIP Loan
Facility modifying certain terms and parts of the DIP Facility.

The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware has authorized the debtors,
on an interim basis, to access the DIP financing facility
arranged by Wells Fargo Foothill Inc. for a consortium of
lenders.

The Senior Facility provides for a revolving line of credit up
to a maximum commitment level of US$90,000,000.

Among other things, the Debtors, Wells Fargo Foothill as agent
to the Debtors' DIP Lenders, and a consortium of lenders agree
to amend the definition of:

   (1) Qualified Transaction Timeline to mean the schedule of
       events by which the Qualified Transaction is to occur and
       be accomplished, specifically:

       (a) On or before 10 calendar days after the Petition
           Date, the Debtors will have filed in their bankruptcy
           Cases the Qualified Transaction Motion;

       (b) On or before 35 calendar days after the filing of the
           Qualified Transaction Motion, an order, in form and
           substance acceptable to Wells Fargo and each Lender,
           will be entered in the Debtors' bankruptcy cases
           approving the Qualified Transaction Procedures and
           also on or before 35 calendar days after the filing
           of the Qualified Transaction Motion, in the event the
           Qualified Transaction contemplates the sale or
           disposition of substantially all or a significant
           portion of the Debtors' assets, the Debtors will (i)
           designate a buyer as the "stalking horse" bidder for
           the purchase of the assets -- which will include an
           executed, definitive asset purchase agreement in form
           and substance acceptable to Wells Fargo and each
           Lender -- containing a minimum "stalking horse" bid,
           without contingencies other than approval of the bid
           or a higher and better bid by the Court; or (ii)
           schedule the other sale hearing or procedures as are
           acceptable to Wells Fargo and each Lender, on
           conditions approved by Wells Fargo and each Lender;

       (c) On or before 60 calendar days after the filing of the
           Qualified Transaction Motion, an order acceptable to
           Wells Fargo and each Lender will be entered in the
           Debtors' bankruptcy cases approving the Qualified
           Transaction Motion; and

       (d) On or before 75 calendar days after the filing of the
           Qualified Transaction Motion, Wells Fargo, for the
           benefit of the Lenders, will have received cash
           proceeds from the Qualified Transaction in an
           aggregate amount sufficient to indefeasibly pay all
           Obligations and all Senior Obligations in full;

   (2) Budget to mean the week-by-week Projections for the
       Debtors, delivered to Wells Fargo setting forth the
       Projected Information, in form and substance satisfactory
       to Wells Fargo; and

   (3) Maximum Revolver Amount to mean US$45,000,000, provided,
       however, that during the period commencing on the date of
       the entry of the Interim Financing Order through and
       including the date of entry of the Final Financing Order,
       the Maximum Revolver Amount will not exceed, as of the
       Friday of any week, the lesser of (i) US$45,000,000, or
       (ii) the amount set forth in the Budget as Loan
       Outstanding for that Friday.

A full-text copy of the amendment letter to the DIP Loan
Facility is available for free at:

   http://bankrupt.com/misc/advanced_DIPamendment.pdf

                  About Advanced Marketing

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

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


AWB LIMITED: Says Drought to Adversely Affect 2006/2007 Earnings
----------------------------------------------------------------
In a media release posted at its Web site, AWB Limited stated
that its earnings in 2006/2007 will be adversely affected by the
prolonged drought resulting in the under-performance of some
businesses and changes in wheat marketing arrangements.

According to the company's Managing Director Gordon Davis,
internal forecasts for underlying profit before tax are
currently at the bottom end of the range of analyst expectations
between AU$67 million and AU$116 million.

Mr. Davis said earnings this financial year will be adversely
affected by:

   * the impact of the continuing drought on the Australian
     commodity management activities, especially chartering and
     Grainflow;

   * the impact of the continuing drought on Landmark rural
     services business and insurance sales and loan book growth
     in Landmark Financial Services;

   * under-performance of the meat and livestock custom feeding
     business which is being restructured; and

   * changes in wheat marketing arrangements.

Mr. Davis further said that after one-off costs, particularly
redundancy and restructuring expenses, AWB expects net profit
after tax for the current year to be approximately 30%-40% below
the reported net profit after tax result for last financial year
of AU$58.1 million.

"Our earnings forecasts are highly conditional on the length of
the drought and any changes to wheat export marketing
arrangements," Mr. Davis said.

"We are closely monitoring performance and are continuing to
implement remedial measures to minimize the impact of the
drought on earnings.  We will update shareholders on progress at
our half year results in May."

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.


ASFORM PTY: Will Declare Dividend on April 13
---------------------------------------------
Asform Pty Limited will declare a first and final dividend for
its creditors on April 13, 2007.

Creditors who cannot prove their debts by March 15, 2007, will
be excluded from the company's distribution of dividend.

As reported by the Troubled Company Reporter - Asia Pacific on
June 28, 2006, the Supreme Court of New South Wales entered an
order to wind up the company's operations.

The company's liquidator can be reached at:

         Geoffrey McDonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


BEYOND ELECTRICAL: Creditors Agree to Wind Up Operations
--------------------------------------------------------
At an extraordinary general meeting held on Feb. 9, 2007, the
creditors of Beyond Electrical Services Pty Ltd agreed to
voluntarily wind up the company's operations.

Accordingly, Anthony Matthews was appointed as liquidator.

The company's Liquidator can be reached at:

         Anthony Matthews
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886
         e-mail: info@matthewsassociates.com.au

                    About Beyond Electrical

Beyond Electrical Services Pty Ltd is engaged with electrical
work.  The company is located in South Australia, Australia.


BRIGHTPOINT INC: Secures US$165 Mil. Revolving Credit Facility
--------------------------------------------------------------
Brightpoint Inc. has secured a new global US$165 million five-
year senior secured revolving credit facility from a consortium
of nine major U.S. and international lenders led by Banc of
America Securities LLC, as lead arranger.  The revolving credit
facility allows for expansion of up to US$240 million.  This new
credit facility replaces Brightpoint's existing US$70 million
North American asset based credit facility and $50 million
Australian Dollar (approximately US$39 million) asset based
credit facility in Australia.

"This new revolving credit facility will allow Brightpoint
flexible access to capital throughout its entire global
footprint," said Anthony W. Boor, Executive Vice President,
Chief Financial Officer and Treasurer, Brightpoint Inc.

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

                          *     *     *

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


COUNTRY FINANCE: Members' Final Meeting Slated for March 27
-----------------------------------------------------------
The members of Country Finance & Insurance Pty Limited will hold
a final meeting on March 27, 2007, at 10:00 a.m., to hear the
liquidator's report regarding the company's wind-up proceedings
and property disposal.

The company's liquidator can be reached at:

         James Dick
         Auswild & Co. Pty Limited
         1st Floor, 50 Montgomery Street
         Kogarah, New South Wales
         Australia

                     About Country Finance

Country Finance & Insurance Pty Limited provides management-
consulting services.

The company is located in New South Wales, Australia.


CRINALIN PTY: Undergoes Members' Voluntary Liquidation
------------------------------------------------------
On Feb. 7, 2007, the members of Crinalin Pty Ltd held a general
meeting and agreed to wind up the company's operations.

In this regard, Gary Peter Doran and Christopher Robert Campbell
were appointed as joint liquidators.

The company's Liquidators can be reached at:

         Gary Peter Doran
         Christopher Robert Campbell
         Deloitte Touche Tohmatsu
         Level 14, Woodside Plaza
         240 St George's Terrace
         Perth, Western Australia 6000
         Australia

                        About Crinalin Pty

Crinalin Pty Ltd is an investor relation company.  The company
is located in Western Australia, Australia.


DANCE GROUP: Subsidiaries Undergo Liquidation Proceedings
----------------------------------------------------------------
On Jan. 25, 2007, the creditors of Dance Civil Operations Pty
Ltd and Dance Contracting Pty Ltd -- subsidiaries of Dance Group
-- held a general meeting and decided to wind up the companies'
operations.

Accordingly, Stephen Neville Hall was appointed as liquidator.

The Liquidator can be reached at:

         Stephen Neville Hall
         Forsyths Chartered Accountants
         127 Marius Street
         Tamworth, New South Wales 2340
         Australia

                       About Dance Civil

Dance Group -- http://www.dancecon.com.au/-- is involved with  
civil contracts.  Dance Group is a family owned business, which
is based in New South Wales, Australia.  The company started
operations in 1988 trading as Roger Dance Earthmoving, a small
bulldozer contracting business, undertaking rural civil work in
the New England.   Dance Group provides modern & efficient civil
contracting services to the construction & agricultural
industries.


DARFIELD PTY: Members' Final Meeting Slated for April 2
-------------------------------------------------------
The members of Darfield Pty Ltd will hold a final meeting on
April 2, 2007, at 9:00 a.m., to receive the liquidator's report
pertaining to the company's wind-up proceedings and property
disposal.

In a report by the TCR-AP, the company was placed under
voluntary liquidation on Feb. 20, 2006.

The company's liquidator can be reached at:

         Robert William Cowling
         5 Edmunds Street
         Darwin NT 0800
         Australia

                        About Darfield Pty

Darfield Pty Ltd is an investor relation company.  The company
is located in Queensland, Australia.


DOMETEK PTY: Members and Creditors to Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Dometek Pty Ltd will hold a final
meeting on March 22, 2007, at 3:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Feb. 15, 2006.

The company's liquidator can be reached at:

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


ERNEST SMITH: To Declare Dividend for Unsecured Creditors
---------------------------------------------------------
Ernest Smith & Co. Proprietary Limited -- formerly trading as
Ernsmiths -- will declare a first and final dividend for its
preferred unsecured and unpreferred unsecured creditors on
April 10, 2007.

Accordingly, unsecured creditors must prove debts by March 13,
2007, to be included in the company's distribution of dividend.

The company's liquidators can be reached at:

         M. C. Hall
         T. J. Clifton
         PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800

                       About Ernest Smith

Ernest Smith & Co Proprietary Limited operates household
appliance stores.  The company is located in South Australia,
Australia.


FLOWCRETE CONCRETE: Members and Creditors to Meet on March 29
-------------------------------------------------------------
The members and creditors of Flowcrete Concrete Pumps Pty
Limited will hold a final meeting on March 29, 2007, at 10:15
a.m., to receive the liquidator's report regarding the company's
wind-up proceedings and property disposal.

The company's liquidator can be reached at:

         C D Darin & Co
         Chartered Accountant
         Level 3 12-14, Mount Street
         North Sydney, New South Wales 2059
         Australia

                    About Flowcrete Concrete

Flowcrete Concrete Pumps Pty Limited is a distributor of pumps
and pumping equipment.

The company is located in New South Wales, Australia.


GEMA PROFESSIONAL: Members & Creditors to Receive Wind-Up Report
----------------------------------------------------------------
Gema Professional Caterers Pty Limited will hold a final meeting
for its members and creditors on March 23, 2007, at 10:30 a.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Oct. 7, 2004.

The company's liquidator can be reached at:

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


HEALTHPOINT BELMONT: Appoints Doran and Campbell as Liquidators
---------------------------------------------------------------
At an extraordinary general meeting held on Feb. 7, 2007, the
members of Healthpoint Belmont Pty Ltd resolved to voluntarily
wind up the company's operations.

In this regard, Gary Peter Doran and Christopher Robert Campbell
were appointed as joint liquidators.

The Joint Liquidators can be reached at:

         Gary Peter Doran
         Christopher Robert Campbell
         Deloitte Touche Tohmatsu
         Level 14, Woodside Plaza
         240 St George's Terrace
         Perth, Western Australia 6000
         Australia

                   About Healthpoint Belmont

Healthpoint Belmont Pty Ltd is a distributor of durable goods.
The company is located in Western Australia, Australia.


HEALTHPOINT ELLENBROOK: Members Resolve to Shut Down Business
-------------------------------------------------------------
On Feb. 7, 2007, the members of Healthpoint Ellenbrook Pty Ltd
held a general meeting and agreed to shut down the company's
business.

Accordingly, Gary Peter Doran and Christopher Robert Campbell
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gary Peter Doran
         Christopher Robert Campbell
         Deloitte Touche Tohmatsu
         Level 14, Woodside Plaza
         240 St George's Terrace
         Perth, Western Australia 6000
         Australia

                  About Healthpoint Ellenbrook

Healthpoint Ellenbrook Pty Ltd provides health and allied
services.  The company is located in Western Australia,
Australia.


HUTCHISON TELECOMMUNICATIONS: Posts AU$759-Mln. Net Loss in 2006
----------------------------------------------------------------
Hutchison Telecommunications (Australia) says it is well-placed
to attract more customers to its 3G (third generation) mobile
phone network in 2007, after reporting an annual net loss of
AU$759.4 million, the Sydney Morning Herald says, citing a
report from the Australian Associated Press.

The result for the 2006 calendar year is higher compared with a
loss of AU$547.3 million for the 2005 year, AAP reveals, noting
that the latest result included an impact of AU$307.9 million
related to the closure of the CDMA (Code Division Multiple
Access) network.

After eliminating the network closure costs from the reported
result, the company's underlying result was a net loss of
AU$451.5 million, an improvement of AU$95.8 million, the Sydney
Herald says.

"With 3G market growth set to accelerate and as migration
activity from 2G (second generation) networks increases, we are
well placed to attract more customers to 3 and continue to lead
in 3G services, innovation and usage," AAP cites Chief Executive
Nigel Dews, as saying.

According to AAP, Hutchison's revenue rose 15.6% to
AU$1.06 billion for the year to Dec. 31, 2006.

The company did not declare a final dividend, AAP notes.

The Sydney Herald relates that Hutchison's earnings before
interest, tax, depreciation and amortisation (EBITDA) was a
positive AU$30.2 million, an improvement of AU$195.8 million
over the EBITDA loss of AU$165.6 million of 2005.

The paper explains that the 2006 EBITDA improvement was a result
of a 22% lift in service revenue, 25% growth in operating
margins and a 7% decline in running operating expenses.

                        About Hutchison

Headquartered in New South Wales, Australia, Hutchison
Telecommunications (Australia) Limited --
http://www.hutchison.com.au/-- is engaged in the ownership and  
operation of wideband code division multiple access (W-CDMA),
third-generation (3G) mobile network (branded 3) across the five
mainland capital cities and national capital, Canberra; the
ownership and operation of a code division multiple access
(CDMA) network (branded Orange) mobile in and around Sydney and
Melbourne, and a national paging and messaging service under the
Orange brand.

3 is part of the global telecommunication operations of
Hutchison Whampoa Limited.  In February 2006, Hutchison re-
branded its CDMA network to 3 CDMA.  3 CDMA provides customer
with voice and basic messaging services.  3 also provides a
range of paging, messaging and portable information services.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 26, 2007, that Hutchison's balance sheet as of Jan. 25
recorded US$1696.65 million in total assets and
US$786.31 million in stockholders' equity deficit.

The company recorded a AU$759.4-million net loss for the 2006
fiscal year, compared with a AU$547.3-million loss for 2005.


INTELLECT HOLDINGS: Secures New Funding Facility of AU$11 Mln.
--------------------------------------------------------------
In a statement dated Feb. 16, 2007, the directors of Intellect
Holdings Limited disclosed that they have secured a new funding
facility to finance the increasing order book for the Group.

The new Facility totals AU$11 million and is available to
June 30, 2008.  The funds will be used to retire AU$6 million of
existing short-term funding and provide the company with the
working capital required to meet the increasing order book and
large prospective contracts the company is currently pursuing.

"We are pleased with the significant uptake in the order levels
that we have seen in recent months.  We are confident that this
new facility will allow the company to continue on this path,"
Mr. Warren McLeland, Chairman, said.

"This funding arrangement, together with increased efficiencies
in the manufacturing supply chain, will allow the company to
respond better and faster to delivery and service expectations
in the market, with both new and traditional customers," Pieter
Marx, Intellect International's Managing Director said.

Recent order include 15,000 Presto units from customers in Asia,
Latin America, and Europe.

In addition the company is in the process of delivering 3,000
units to a customer in the Middle East, which is expected to
lead to further orders of 50,000 units.  A second Middle East
order of 50,000 units is also being negotiated.  These contracts
have an estimated value of over AU$20 million.

The company also wishes to update the market in respect to
negotiations with Cadmus Technology Limited.  Intellect and
Cadmus have previously announced that they were negotiating the
sale of Intellect's operating subsidiary, Intellect
International, to Cadmus in exchange for shares in Cadmus.  The
negotiations were delayed during the Christmas break and to
allow each company the opportunity to carry out further due
diligence in respect to the transaction.  Intellect also sought
to finalize its new funding facility during this period.  
Discussions are continuing between the parties with a view to
agreeing the final terms of the transaction.  The market will be
kept informed of any further developments.

                    About Intellect Holdings

Headquartered in New South Wales, Intellect Holdings Limited --
http://www.intellect.com.au/-- operates predominantly in the  
design, marketing, distribution and manufacturing of security
and electronic funds transfer and encapsulated solid state
keyboard technology.  The company carries out its operations in
Australia/Asia and Europe/Americas.  The areas of operation in
Australia are principally sales, distribution, service, assembly
and research and development, as well as certain head office
activities.  Other distribution operations are carried on from
its Hong Kong office (Intellect Asia Limited).

Belgium is the home country of the main operating entity
Intellect International NV and the physical location of the
company's head office.  Intellect International NV carries out
sales, distribution, service, assembly, manufacturing and
research & development activities.  On July 5, 2006, Intellect
and Cadmus Technology Limited (Cadmus) announced a proposal to
merge their businesses.

               Significant Doubt on Going Concern

After auditing its annual report for the year ended June 30,
2006, PriceWaterhouseCoopers, the company's independent
auditors, stated that there is significant uncertainty whether
the company will be able to continue as a going concern.  The
auditors pointed out that in the financial year ended June 30,
2006, the company has recorded a net loss of AU$10.5 million and
a net operating cash outflow of AU$3.6 million.  The company
also has net liabilities of AU$1.1 million and net current
liabilities of AU$2.4 million as of June 30, 2006.

The auditors added that the continuing viability, in the short
term, of the consolidated entity and its ability to continue as
a going concern and meet its debts and commitments as and when
they fall due remains dependent upon generating revenues and
cash flows, reducing operating costs, achieving delivery
schedules, working within available funding facilities and
achieving a favorable outcome on legal claims outstanding.


JENJAM PTY: Liquidator to Present Wind-Up Report
------------------------------------------------
Jenjam Pty Ltd will hold a final meeting on March 29, 2007, at
10:00 a.m.

At the meeting, Liquidator Jamie Owen Neill will present the
final report pertaining to the company's wind-up proceedings and
property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company underwent liquidation proceedings on June 29, 2006.

The company's liquidator can be reached at:

         Jamie Owen Neill
         3 Heron Cove
         Marina Queens Parade West
         Newport, New South Wales
         Australia


KUZMINA PTY: Commences Liquidation Proceedings
----------------------------------------------
At a general meeting held on Feb. 14, 2007, the members of
Kuzmina Pty Ltd passed a resolution to voluntarily wind up the
company's operations.

Accordingly, Peter Belcastro was appointed as liquidator.

The company's Liquidator can be reached at:

         Peter Belcastro
         13 The Crescent
         Penrith, New South Wales 2750
         Australia

                       About Kuzmina Pty

Kuzmina Pty Ltd is a distributor of durable goods.

The company is located in New South Wales, Australia.


LAYERDALE PTY: Members to Hold Final Meeting on March 21
--------------------------------------------------------
The members of Layerdale Pty Ltd will have their final meeting
on March 21, 2007, at 11:00 a.m., to hear the liquidator's
report on the company's wind-up proceedings and property
disposal.

As reported by the TCR-AP, the company entered wind-up
proceedings on Aug. 18, 2006.

The liquidator can be reached at:

         Alison Nicole Schelberg
         146 Mort Street
         Toowoomba, Queensland 4350
         Australia


MELJON CONSULTING: Will Declare Dividend on April 12
----------------------------------------------------
A first and final dividend will be declared for the creditors of
Meljon Consulting Pty Limited on April 12, 2007.

Creditors must prove debts by March 13, 2007, to be included in
the company's distribution of dividend.

The company went into liquidation on Aug. 9, 2006, the Troubled
Company Reporter - Asia Pacific reported.

The liquidator can be reached at:

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


MGM MIRAGE: Inks Partnership Agreement with Jeanco Realty
---------------------------------------------------------
MGM MIRAGE has entered into a partnership agreement with Jeanco
Realty Development LLC to form a 50/50 joint venture whose
purpose is to master plan a mixed-use development on
approximately 166-acres of land owned by MGM MIRAGE in Jean,
Nevada.

The agreement values the Jean assets, which currently generate
approximately US$6 million of annual cash flow, at US$150
million.

"As part of our continuing commitment to Southern Nevada, we
envision the creation of a community featuring residential,
commercial and retail elements in addition to a new hotel
casino," said Terry Lanni, MGM MIRAGE Chairman and CEO.  "We're
very enthusiastic at the prospect of working with our new
partners on this new development which we anticipate will have a
positive impact on our community overall."

"We are delighted that we have this opportunity with MGM and
Diamond to use our four decades of mixed-use and community
development experience to help provide Southern Nevada with a
more positive and enriching environment in Jean," said Brian
Greenspun, Chairman of the Greenspun Companies.  "We have always
believed in the future of Southern Nevada and this is another
ANC commitment to play our part in making the dream of Las Vegas
better."

At present, the company operates Nevada Landing Casino and the
Gold Strike Hotel and Casino in Jean. Both properties became
part of the MGM MIRAGE portfolio during the Mandalay Resort
Group merger in April 2005.

A full-text copy of MGM Mirage and Jeanco Realty's Operation
Agreement is available at no charge at:

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

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/
-- owns and operates 12 casino resorts located in Nevada,
Mississippi, Michigan, and Australia, and has investments in
three other casino resorts in Nevada, New Jersey, and Macau.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned its 'BB' rating to
MGM Mirage's proposed US$750 million senior unsecured notes due
2017, which will be sold pursuant to a prospectus dated
May 9, 2006.

Moody's Investors Service assigned a Ba2 rating to the new
US$750 million senior unsecured guaranteed notes due 2017,
raised the SGL rating to SGL-2 from SGL-3 and affirmed MGM
Mirage's other existing ratings.  The new notes will rank pari-
passu with existing senior unsecured debt and proceeds of the
notes will be used to term out existing bank revolver debt.


POLYPORE INT'L: Good Performance Prompts S&P's Revised Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Charlotte, North Carolina-based Polypore International Inc. and
its subsidiary Polypore Inc. to stable from negative.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B' corporate credit rating.

"The outlook revision acknowledges the company's progress in
stabilizing operating performance especially in its healthcare
segment, its positive free cash flow generation despite
significant cash restructuring costs, and its adequate
liquidity," said Standard & Poor's credit analyst Gregoire Buet.

Polypore experienced a significant drop in revenue and operating
profits during 2005, caused by a conjunction of adverse factors,
notably a change in customer and product mix, volatile demand
for lithium separators in the energy storage business, and by
the loss of one of its largest hemodialysis customers, as market
demand is rapidly shifting from cellulosic to synthetic
membranes technology.

Performance stabilized in 2006 as the company benefited from
volume growth in energy storage and from its lower-cost
production facilities in Asia.  Polypore also exited the
production of cellulosic membranes because demand has weakened
below economically profitable levels, and alternative synthetic
membranes technology is progressively gaining customer
acceptance.

As a result, operating margins remain sound, close to 30%.  
Despite cash restructuring costs and higher capital expenditures
expected in 2007, the company should continue to generate
positive free operating cash flow.

The ratings continue to reflect Polypore's highly leveraged
financial risk profile characterized by very high debt levels
and weak credit metrics.

Polypore International Inc. -- http://www.polypore.net/-- is a  
worldwide developer, manufacturer and marketer of highly
specialized polymer-based membranes used in separation and
filtration processes. Polypore's products and technologies
target specialized applications and markets that require the
removal or separation of various materials from liquids, with
concentration in the ultrafiltration and microfiltration
markets.  As a global provider, Polypore has manufacturing
facilities or sales offices in ten countries serving five
continents.  Polypore's corporate offices are located in
Charlotte, NC.  The company has operations in Australia and
China.


PRIMUS TELECOMMS: NY Court Denies Noteholders' Injunctive Relief
----------------------------------------------------------------
Primus Telecommunications Holding Inc., a wholly owned
subsidiary of Primus Telecommunications Group Inc., reported
that the claim for injunctive relief sought by the plaintiffs in
the disclosed litigation filed by certain of the purported
holders of 8% Senior Notes due 2014 was denied by the United
States District Court for the Southern District of New York.

On Feb. 15, 2007, the $22.7 million payable by the company
in respect of its outstanding 5-3/4% Convertible Subordinated
Debentures due Feb. 15, 2007 was satisfied and paid.  As a
result, the February 2007 Group Debentures have been paid in
full.

In January 2007, the companies were served with a complaint by
certain of the purported holders of Holding's 8% Senior Notes
due 2014 seeking the relief described below before the Court.  
The complaint effectively sought declaratory and injunctive
relief to prevent, set aside or declare illegal or fraudulent
certain transfers of funds allegedly made by Holding to Group
and injunctive relief to prevent certain payments or
disbursements of funds by Group in respect of outstanding
obligations of Group that are payable, including the February
2007 Payment Obligation.

The companies believe that the remaining claims concerning the
litigation described above are without merit and will continue
to defend the matter vigorously.

Based in McLean, Virginia, PRIMUS Telecommunications Group Inc.
(NASDAQ: PRTL) -- http://www.primustel.com/-- is an integrated  
communications services provider offering international and
domestic voice, voice-over-Internet protocol, Internet,
wireless, data and hosting services to business and residential
retail customers and other carriers located primarily in the
United States, Canada, Australia, the United Kingdom and western
Europe.  PRIMUS provides services over its global network of
owned and leased transmission facilities, including
approximately 350 points-of-presence throughout the world,
ownership interests in undersea fiber optic cable systems, 16
carrier-grade international gateway and domestic switches, and a
variety of operating relationships that allow it to deliver
traffic worldwide.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about PRIMUS
Telecommunications Group, Incorporated's ability to continue as
a going concern after auditing the company's financial
statements for the fiscal year ended Dec. 31, 2005.  The
auditing firm pointed to the company's recurring losses from
operations, the maturity of US$23.6 million of the 5-3/4%
convertible subordinated debentures due February 2007, negative
working capital, and stockholders' deficit.


SMARTIRE SYSTEMS: Amends Purchase Deal with Xentenial Holdings
--------------------------------------------------------------
SmarTire Systems Inc. have amended the securities purchase
agreement with Xentenial Holdings to provide:

   -- Xentenial Holdings will purchase one additional secured
      convertible debenture in the principal amount of   
      US$334,000; and

   -- that the company will change its transfer agent to
      Worldwide Stock Transfer LLC before March 15, 2007,
      provided that Worldwide is and remains cost competitive.

On Jan. 23, 2007, the company entered into a securities purchase
agreement with Xentenial Holdings Limited whereby Xentenial
agreed to purchase up to US$1,800,000 of secured convertible
debentures.  The company also reported that it had sold one
convertible debenture to Xentenial Holdings pursuant to the
securities purchase agreement in the principal amount of
US$684,000.

Pursuant to the terms of the amendment to the security purchase
agreement, the company have sold one additional secured
convertible debenture on Feb. 9, 2007, to Xentenial Holdings in
the principal amount of US$334,000.  Under the terms of the
secured convertible debenture, we are required to repay
principal, together with accrued interest calculated at an
annual rate of 10%, on or before Jan. 23, 2009.

Interest may be paid either in cash or in shares of the
company's common stock valued at the closing bid price on the
trading day immediately prior to the date paid, at the company's
option.  Subject to a restriction, all or any part of principal
and interest due under the secured convertible debenture may be
converted at any time at the option of the holder into shares
of the company's common stock.  The conversion price in effect
on any conversion date shall be equal to the lesser of:

   a)  US$0.0573 or;

   b)  80% of the lowest volume weighted average price of the
       company common stock during the 30trading days
       immediately preceding the conversion date as quoted by
       Bloomberg, LP.

The conversion price is subject to adjustment in the event the
company issue any shares of its common stock at a price per
share less than the conversion price then in effect, in which
event, subject to certain agreed exceptions, the conversion
price will be reduced to the lower purchase price.

The secured convertible debenture contains a contractual
restriction on beneficial share ownership.  It provides that the
holders may not convert the convertible debenture, or receive
shares of the company's common stock as payment of interest, to
the extent that the conversion or the receipt of the interest
payment would result in such holder, together with its
respective affiliates, beneficially owning in excess of 4.99% of
the company's then issued and outstanding shares of common
stock.  This beneficial ownership limitation may be waived by
the holder upon not less than 65 days' notice to the company.

                      About SmarTire Systems

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops  
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Limited.  The company has operations in
Australia and New Zealand.

                         Going Concern

In an addendum to its audit report, KPMG pointed to the
company's uncertainty in meeting its current operating and
capital expense requirements after auditing the company 's
financial statements for the fiscal years ended July 31, 2005
and 2004.  


SUNCORP-METWAY: 2006 2nd Half NPAT Grows 16.1% to AU$527 Million
----------------------------------------------------------------
Suncorp-Metway Limited reported net profit after tax growth of
16.1% to AU$527 million (1H06: AU$454 million) for the half-year
to Dec. 31, 2006, and confirmed that it is on track to achieve
its full-year profit outlook.

Other highlights of the result included:

   * Bank profit contribution before tax up 13.3% to AU$289
     million (1H06: $255 million), underpinned by continued
     growth momentum, strong retail deposits performance, an
     improved cost to income performance, and sound asset
     quality;

   * General insurance half-year profit before tax of AU$383
     million (1H06: AU$330 million) with an insurance trading
     ratio (ITR) of 21% (1H06: 19.3%), well above the company's
     long term 11% to 14% target range;

   * Wealth management profit before tax of AU$54 million (1H06:
     AU$42 million), an increase of 28.6%;

   * An ordinary interim dividend payment of 52 cents per share
     (1H06: 47 cents per share), up 10.6% on the prior
     corresponding period.

At end of December 2006, the Group had total assets of
AU56.3 billion, an increase of 12.7% from the figure reported as
of December 2005.  Liabilities totaled AU$51.4 billion, up 12.2%
from Dec. 2005, leaving equity at AU$4.9 billion, up 18.1% from
the figure as of Dec. 2005.

A full-text copy of the company's Consolidated Financial Results
for the half-year ended December 2006 is available for free at:

http://bankrupt.com/misc/suncorp-metway_HFfinancials_Dec2006.pdf

                      About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and  
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

Standard and Poor's gave the company a B financial strength
rating on July 10, 2005.


SUNCORP-METWAY: To Acquire Promina Reset Preference Shares
----------------------------------------------------------
On Jan. 30, 2007, the Troubled Company Reporter - Asia Pacific
reported that Suncorp-Metway Limited's proposal to acquire
Promina Group Limited has received regulatory clearance after
being approved under the Financial Sector (Shareholdings) Act
1998.  The company has earlier obtained the Australian
Competition and Consumer Commission's approval for the merger,
the TCR-AP noted.

In an update, Suncorp-Metway has confirmed that it will make a
cash offer to acquire all Promina Reset Preference Shares after
the satisfactory completion of the required approvals of the
proposed Suncorp and Promina merger, expected to be on March 12,
2007.

Full details of the cash offer will be sent to registered
Promina Reset Preference Shareholders as soon as practicable
after March 12, 2007, Suncorp notes.

The cash offer, which was approved by Suncorp's Board on Feb.
23, 2007, will be AU$102.5641 per Reset Preference Share.  Reset
Preference Shareholders who accept the offer will also be
entitled to receive any accrued dividend.

The cash offer was one of the two options in relation to the
Reset Preference Shares in the Merger Implementation Agreement.  
The alternative was for Suncorp to provide a similar hybrid
equity instrument in exchange for the Reset Preference Shares.

Details of those alternatives, together with further information
in relation to the rights of Reset Preference Shareholders after
implementation of the merger, are contained in Promina's scheme
booklet in connection with the Scheme, which is available for
download at Suncorp's Web site http://www.suncorp.com.auor at  
Promina's Web site http://www.promina.com.au

                      About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and  
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

Standard and Poor's gave the company a B financial strength
rating on July 10, 2005.


TAMSITY PTY: Commences Liquidation Proceedings
----------------------------------------------
During an extraordinary general meeting held on Feb. 7, 2007,
the members of Tamsity Pty Ltd decided to liquidate the
company's business.

In this regard, Gary Peter Doran and Christopher Robert Campbell
were appointed as the company's liquidators.

The company's Liquidators can be reached at:

         Gary Peter Doran
         Christopher Robert Campbell
         Deloitte Touche Tohmatsu
         Level 14, Woodside Plaza
         240 St George's Terrace
         Perth, Western Australia 6000
         Australia

                        About Tamsity Pty

Tamsity Pty Ltd is an investor relation company.  The company is
located in Western Australia, Australia.


TELBAZ PTY: Placed Under Members' Voluntary Liquidation
-------------------------------------------------------
The members of Telbaz Pty Ltd met on Feb. 7, 2007, and decided
to wind up the company's operations.

In this regard, Gary Peter Doran and Christopher Robert Campbell
were appointed as joint liquidators.

The Joint Liquidators can be reached at:

         Gary Peter Doran
         Christopher Robert Campbell
         Deloitte Touche Tohmatsu
         Level 14, Woodside Plaza
         240 St George's Terrace
         Perth, Western Australia 6000
         Australia

                        About Telbaz Pty

Telbaz Pty Ltd is an investor relation company.  The company is
located in Western Australia, Australia.


THE MOVIEFINDERS: To Declare First Dividend for Employees
---------------------------------------------------------
The Moviefinders Australia Pty Ltd will declare a first dividend
for its employees on March 20, 2007.

Thus, employees must prove debts by March 13, 2007, to be
included in the company's distribution of dividend.

In a report by the TCR-AP, the company commenced liquidation
proceedings on Nov. 2, 2005.

The liquidator can be reached at:

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


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

ACTIVE ENERGY: Creditors Must Prove Debts by March 23
-----------------------------------------------------
The creditors of Active Energy Limited are required to prove
their debts by March 23, 2007, to be included in the company's
distribution of dividend.

The company's liquidators can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


BANK OF COMMUNICATIONS: To Issue CNY25 Bil. Subordinated Bonds
--------------------------------------------------------------
China's Bank of Communications would issue subordinated bonds
worth CNY25 billion through the country's interbank market, from
March 6 to 8, 2007, Xinhua News cites a statement from the bank.

According to the report, the bonds have 10-year and 15-year
terms.

The bank tapped China Galaxy Securities Co. Ltd as its sole
managing underwriter and bookrunner, Xinhua says.

Bank of Communications said that the underwriting syndicate is
made up of the 40 "most vigorous" financial institutions in the
interbank market, including state commercial banks, urban
commercial banks, insurance companies, and securities dealers.

Xinhua relates that this will be the largest issue of
subordinated bonds to be underwritten by a securities dealer
since China launched its interbank market in June 1997.

Jiang Chaoliang, board chairman of the bank, told Xinhua that
the issue is aimed at replenishing the bank's supplementary
capital and improving its capital adequacy.

                          *     *     *

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

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


BENQ CORP: Assets to Land in eBay & Second-Hand Market
------------------------------------------------------
Administrators of BenQ Mobile GmbH & Co. OHG, the bankrupt
mobile subsidiary of Taiwan-based BenQ Corp., are set to sell
the company's assets through eBay and the second-hand market,
Reuters reports.

According to the report, BenQ Mobile's office equipment,
furniture and even plants will be sold through the online
auction house and the insolvency administrator's Web site at
http://www.pluta.net/while larger items, such as factory-
production equipment, will find itself in second-hand markets.

Martin Prager, BenQ Mobile's insolvency administrator, said the
company will be liquidated and sold off in parts after a
potential bidder dropped plans to buy the bankrupt firm.

Proceeds from the sale, which Mr. Prager estimated to be about
EUR310 million, would go to BenQ Mobile's largest creditors,
chipmaker Infineon Technologies AG and credit-insurance firm
Euler Hermes, Reuters relates.

                          About BenQ

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

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

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


CENTIGAIN LIMITED: Liquidator to Receive Claims Until March 23
--------------------------------------------------------------
Lam Kwong Chak, Zaloit, as liquidator of Centigain Limited, will
be receiving proofs of debt from the company's creditors until
March 23, 2007.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Feb. 7, 2007.

The Liquidator can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


CHONGQING CHANGAN: Parent Ups Production and Sales Target By 20%
----------------------------------------------------------------
Changan Auto Group, parent of Chongqing Changan Automobile Co.
Ltd., has set its 2007 production and sales target at 850,000
vehicles, up about 20% from previous years levels, Forbes
reports.

According to the report, the company said that its sales revenue
rose 43.83% in 2006 to CNY43.2 billion, with auto sales of
708,737 units.

Forbes adds that auto exports of Changan Auto Group were up
43.3% at 21,725 units last year.

Chongqing Changan Auto, the group's listed arm, said earlier
this month that it expects its 2006 net profit to have risen
more than 200% from CNY236.75 million the year earlier due to
strong sales growth, Forbes relates.

                          *     *     *

Chongqing, China-based Chongqing Changan Automobile Company
Limited -- http://www.changan.com.cn/-- is principally engaged  
in the development, manufacture and sale of mini passenger
vehicles, minivans, commercial vehicles and passenger cars.  The
company offers its products under seven brands: mini passenger
vehicles are under the brand Changan Star; minivans are under
the brand Changan, and passenger cars are under the brands Alto,
Lingyang, Fiesta and Mondeo.  It also manufactures and
distributes various engines, under the brand Jiangling.  During
the year ended December 31, 2005, the company manufactured
489,368 vehicles and sold 474,625 vehicles, accounting for
approximately 8.24% of the domestic market.  Chongqing Changan
Automobile has formed partnership with Suzuki Motor Corporation
and Ford Motor Company.  The company has 12 major
subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd.  The rating outlook is stable.


DONGFENG ELECTRONIC: Implements Share Merger Reform
---------------------------------------------------
Dongfeng Electronic Technology Co Ltd has implemented its share
merger reform on Jan. 8, 2007, Reuters reports.

According to the report, the company's shareholders approved the
share merger reform on Dec. 21, 2006.  Based on the reform
terms, holders of tradable shares will be compensated four
shares for every 10 tradable shares they hold by the company's
sole holder of non-tradable share.

                          *     *     *

Based in Shanghai, Dongfeng Electronic Technology Co., Ltd. --
http://www.detc.com.cn/-- is principally engaged in the  
manufacture and sale of automobiles and automobile parts and
components.  The company offers automobiles, instrument sets,
sensors, flexible shafts, gasoline supply systems, braking
products, die casting products, automobile ornaments, automobile
global position system (GPS) navigation parts, automobile
remote-controllers and other accessories for motorcycles,
passenger cars and trucks.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on March 21, 2006.


FAIR BUSINESS: Taps Lam Kwong Chak, Zaloit as Liquidator
--------------------------------------------------------
At an extraordinary general meeting held on Feb. 7, 2007, a
special resolution was passed appointing Lam Kwong Chak, Zaloit
as the liquidator of Fair Business Limited.

Accordingly, Mr. Lam requires the company's creditors to file
their proofs of debt by March 23, 2007.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Feb. 7, 2007.

Mr. Lam can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


HUA HIN: Placed Under Members' Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on Feb. 9, 2007, the
members of Hua Hin (S) Company Limited agreed to wind up the
company's operations.

Accordingly, Philip Brendan Gilligan was appointed as
liquidator.

The company's Liquidator can be reached at:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


HUNAN GENUINE: Reapplies for Listing Despite Unqualified Audit
--------------------------------------------------------------
Hunan Genuine New Material Group Co., Ltd. has reapplied for the
resumption of trading of its shares at the Shenzhen Stock
Exchange, Panorama reports, citing a company's corporate
disclosure.

The move, according to the report, follows the company's return
to profit for the full year in 2006.

Shares of the company were suspended from trading in April 2006
for the three consecutive losses the company incurred in 2003,
2004, and 2005.

However, the company's shares face the risk of being delisted
again due to the unqualified audit report presented by the
company's auditors.

                   Administrative Punishment

In an earlier development, the China Securities Regulatory
Commission, on Feb. 1, 2007, stated that administrative
punishments have been imposed on Hunan Genuine New Material
Group Co., Ltd. and its related personnel.

The administrative punishments were related to:

   1) the company's revelation of false information in respect
of   
      its prime operating revenue and gross profit in its 2002
      and 2003 annual report as well as 2004 annual report;

   2) major matters that were not revealed on a timely basis and
      furthermore, weren't revealed in the company's 2002, 2003,
      and 2004 annual report; and

   3) the company's failure to truly reveal its actual
      controller's particulars.

                          *     *     *

Hunan Genuine Material Group Co., Ltd. is primarily engaged in
the production of aluminum sections, polyvinyl chloride (PVC)
products and artificial leather.  Headquartered in Changsha,
Hunan Province, the company has three subsidiaries in Hunan
Province, engaged in the production of plastic products,
aluminum sections and management consulting services, as well as
two affiliates in Hunan Province and Hainan Province.

The Troubled Company Reporter - Asia Pacific reported that as of
June 19, 2006, Hunan Genuine has a shareholders' deficit of
US$65.04 million on US$94.17 million assets.


JIAOZUO XIN'AN: Faces Bankruptcy Petition from Five Creditors
-------------------------------------------------------------
Jiaozuo Xin'An Science & Technology Co., Ltd is facing
bankruptcy petition filed by five of its creditors before the
Henan Jiaozuo Intermediary People's Court, Panorama reports,
citing a company's disclosure with the Shenzhen Stock Exchange.  

Creditors' details were not disclosed, Panorama notes.  

Based on the listing rules of the bourse, if the company is
declared bankrupt, the stock exchange will initiate delisting
procedures of the company's shares.

                          *     *     *

Jiaozuo Xin'an Science & Technology Co., Ltd. is primarily
engaged in the production of basic chemical materials and
pharmaceutical products.  Its major products include sodium
carbonate, heavy sodium carbonate, silver nitrate, calcium
chloride, paracetamol bulk drugs and small-volume injections.
The company is headquartered in Jiaozuo, Henan province, China.


RAINBOW PLAZA: Creditors' Proofs of Debt Due on March 23
--------------------------------------------------------
The creditors of Rainbow Plaza Limited are required to prove
their debts by March 23, 2007.

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

The company's liquidator can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


REFCO FOREX: Members to Receive Wind-Up Report
----------------------------------------------
Refco Forex Limited, which is under members' voluntary
liquidation, will hold a final meeting for its members on
March 26, 2007, at 10:00 a.m., at 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street in Central, Hong
Kong.

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


RICHEST CENTURY: Creditors Must Prove Debts by March 23
-------------------------------------------------------
Richest Century Limited requires its creditors to file their
proofs of debt by March 23, 2007.

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

The company was placed under liquidation on Feb. 7, 2007, as
reported by the Troubled Company Reporter - Asia Pacific.

The company's liquidator can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


SHANGHAI TYRE: Finds Partner for Joint Venture
----------------------------------------------
Shanghai Tyre & Rubber Co., Ltd., disclosed that it will
introduce an investment partner, a Shanghai-based property
company, in its 90%-owned subsidiary, which will become a joint
venture.

The investment partner will inject CNY10 million in the joint
venture, the registered capital of which will be increased from
CNY10 million to CNY20 million.  Shanghai Tyre, with an initial
investment of CNY9 million, will hold a 45% stake in the joint
venture, and the investment partner will hold a 50% stake.

Because the joint venture has acquired the development right of
a plot of land in Yangpu District, Shanghai, the investment
partner will pay Shanghai Tyre CNY50 million.

                          *     *     *

Headquartered in Shanghai, the People's Republic of China,
Shanghai Tyre & Rubber Co., Ltd. -- http://www.cstarc.com/-- is  
principally engaged in the manufacture and sale of tires, soap,
batteries and printing ink and is also engaged in industrial,
commercial, food, beverage and tourism, and real estate
businesses.

Xinhua Far East China Ratings gave the company a C issuer credit
rating on August 11, 2003.


SHENZHEN SEG: Reports 16% Increase in Net Income For 2006
---------------------------------------------------------
Shenzhen Seg Samsung Glass Co., Ltd. posts a net income of
CNY46.85 million for the year ending Dec. 31, 2006, a 15.81%
increase from the net income of CNY40.46 million the company
registered a year ago, according to the company's financials.

Sales for the year 2006 fell 3% to CNY2.01 billion from CNY2.06
billion a year ago.  The company's operating expenses increased
by 2.93% to CNY2.00 billion, causing the company's operating
income to fall 82.39% to CNY21.63 million.

                          *     *     *

Headquartered in Shenzhen, China, Shenzhen Seg Samsung Glass
Co., Ltd. -- http://www.ssg.com.cn/-- is principally engaged in  
the manufacture and sale of colored glass substrates for color
televisions and computer display panels.  The company offers its
products under two categories: color picture tube (CPT) glass
substrates, including 20-inch, 21-inch and 25-inch models, and
cathode ray display terminal (CDT) glass substrates, including
14-inch, 15-inch and 17-inch models.

Xinhua Far East China Ratings gave the company a BB+ issuer
credit rating on October 28, 2005.


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

According to the report, Sichuan Changjiang 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
February 16, 2007 that the company has a capital deficiency of
US$72.76 million, on total assets of US$13.11 million.


SPARKLE TREE: Sutton and Chiong Quit Liquidator Posts
-----------------------------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong resigned to
be the liquidators of Sparkle Tree Limited on Feb. 12, 2007.

The former Liquidators can be reached at:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         14/F Hong Kong Club Building
         3A Chater Road
         Hong Kong


SPEEDTEX GARMENT: Members and Creditors to Meet on March 27
-----------------------------------------------------------
The members and creditors of Speedtex Garment Factory
Limited will have their final meetings on March 27, 2007, at
11:00 a.m., and 11:30 a.m. respectively at Room 1228, 12/F., One
Grand Tower, 639 Nathan Road in Kowloon, Hong Kong.

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

The TCR-AP previously reported that the company went into
liquidation on April 4, 2006.


SUNNY BAY: Members' Final Meeting Slated for March 26
-----------------------------------------------------
The members of Sunny Bay Industrial Limited will hold a final
meeting on March 26, 2007, at 10:00 a.m., at 26th Floor,
Citicorp Centre, 18 Whitfield Road in Causeway Bay, Hong Kong.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under members' voluntary liquidation on
Sept. 25, 2006.

The Joint Liquidators can be reached at:

         Leung Hok Lim
         Leong Ting Kwok, David
         26/F, Citicorp Centre
         18 Whitfield Road, Causeway Bay
         Hong Kong


SUNNY EAGLE: Will Receive Claims Until March 23
-----------------------------------------------
Sunny Eagle Limited will be receiving proofs of debt from its
creditors until March 23, 2007.

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

The company's liquidator can be reached at:

         Lam Kwong Chak, Zaloit
         29/F., K. Wah Centre
         191 Java Road, North Point
         Hong Kong


TUNG DA AV: Joint Liquidators Quit Posts
----------------------------------------
Chan Shu Kin and Chow Chi Tong ceased to act as liquidators of
Tung Da Av Factory Limited on Feb. 23, 2007.

The company's former Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         9th Floor, Tung Ning Building
         249-253 Des Voeux Road Central
         Hong Kong


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

ICICI BANK: Signs Exclusive Cooperation Pact with BMW India
-----------------------------------------------------------
BMW India and ICICI Bank signed an exclusive cooperation
agreement for offering finance through BMW Financial Services.
With this agreement, BMW India and ICICI Bank will offer
innovative and premium quality of service through BMW dealership
network and ICICI Bank Direct Sales Agency's across India.

BMW customers will now be able to avail a range of tailor-made
financing solutions from BMW Financial Services offered and
provided by ICICI Bank at competitive interest rates.

Commenting on the signing of the agreement, Peter Kronschnabl,
president of BMW India, said "ICICI as a leading bank is the
optimal partner for offering BMW Financial Services in India.  
We believe, this association will strengthen our commitment to
provide world-class experience to our customers by offering
unique financing solutions through ICICI Bank.

BMW Financial Services is currently active in more than 50
countries worldwide offering innovative financing solutions for
BMW customers.  In 20 countries, BMW Financial Services are
offered through leading local banking and insurance partners.
Mr. N.R. Narayanan, Head-Car and Commercial Vehicle Loans, ICICI
Bank, said, "ICICI Bank is market leader in Car loans in the
country and is delighted to be associated with BMW and looks
forward to a long-standing relationship.  This retail
cooperation agreement would take the financing options available
to BMW customers, to a higher level.  ICICI Bank has been at the
forefront in delivering distinctive value to its
customers and remains committed to grow the market."

                        About BMW India

Headquartered in Gurgaon (National Capital Region) BMW India is
100% subsidiary of the BMW Group.  The wide range of activities
planned by BMW India includes the establishment of a production
plant in Chennai (Tamil Nadu) and development of a dealer
organisation across all metropolitan centers of the country.  
The official start of production at Chennai is scheduled for the
end of March 2007.  The initial investment in India is INR1.1
billion.  The plant will produce BMW 3 Series and BMW 5 Series
saloons in petrol and diesel variants.  In medium term, the
company will employ around 200 people in India; up to 600
additional jobs will be created in the dealer and service
network.  So far, two intermediary dealers with three outlets
represented BMW in the Indian market.  Owing to an exuberant
growth potential, BMW is hopeful of multiplying its annual sales
volume and has already chalked out an extensive dealer strategy
to support its plans.  Phase I of the Dealer network expansion
plan would include 12 dealers covering all metropolitan centers
of the country by the end of 2009

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

On Jan. 30, 2007, Standard & Poor's Ratings Services affirmed to
Bank Fundamental Strength Rating of ICICI at 'C'.

Moody's Investors Service, on July 14, 2006, assigned to ICICI a
'C-' Financial Strength Rating.

Fitch Ratings gave the bank a 'C' Individual Rating on Dec. 15,
2005.


ICICI BANK: Signs Cooperation Agreement with Austria's RLB
----------------------------------------------------------
ICICI Bank Ltd and Raiffeisenlandesbank Oberosterreich have
signed a cooperation agreement covering several business areas.

This agreement will pave the way for intensifying cooperation in
areas of banking business, especially funding, commercial and
syndicated credit business and cash management services.
The cooperation also covers the international trade finance
activities of the two banks.

The agreement was signed by Chanda Kochhar, ICICI Bank's deputy
managing director, and Ludwig Scharinger, chief executive
officer at RLB in Mumbai, on February 9, 2007.

Under the cooperation agreement, both banks will also provide
reciprocal support for their respective customers.  Therefore
the customers of the Raiffeisen banking group in Upper Austria
will now benefit from an attractive range of services helping
them to enter new growth markets with huge potential in many
sectors.  In light of ICICI Bank's outstanding expertise in the
Indian capital market, there will also be business potential for
investors focusing on emerging markets.  The same is true for
the customers of ICICI Bank.

RLB and ICICI Bank Ltd. are convinced that the co-operation will
further intensify and develop the long-standing business
relations for the benefit of the two partners, their customers
and shareholders.

Ms. Kochhar said, "It has been our endeavour to work closely
with partner banks across the world to provide high quality
products and services to our customers.  This agreement is one
more step in that direction and it will leverage the strengths
of ICICI Bank and RLB to facilitate the global aspirations of
Indian corporates."

Mr. Scharinger said, "The close cooperation with India's
strongest private bank enables us to assist our customers in
this very important economic area in the best possible way."

RLB, with an asset base of US$22,6 billion, is the largest
regional Bank in Austria.  The Bank enjoys leading market shares
in all sectors especially industrial sector, SME and retail
sector.  Upper Austria is the export center covering more the
28% of total exports of the country.

ICICI Bank, is India's second largest bank and largest private
sector bank with over 50 years presence in financial services
and with assets of over US$66.83 billion as on December 31,
2006.

It has subsidiaries in the United Kingdom, Canada and Russia,
branches in Singapore and Bahrain, and representative offices in
the United States, China, United Arab Emirates, Bangladesh and
South Africa.

                          *     *     *

On Jan. 30, 2007, Standard & Poor's Ratings Services affirmed to
Bank Fundamental Strength Rating of ICICI at 'C'.

Moody's Investors Service, on July 14, 2006, assigned to ICICI a
'C-' Financial Strength Rating.

Fitch Ratings gave the bank a 'C' Individual Rating on Dec. 15,
2005.


IFCI LTD: Clarifies Report on Malvika Steels Sale
-------------------------------------------------
To clarify a news item that it has sold off Malvika Steels Ltd,
IFCI Ltd informs the Bombay Stock Exchange that a sale notice
was already issued in a leading newspaper in November 2006.  
However, IFCI makes it clear that the sale of assets has not yet
materialized.

The MSL assets, which is reportedly "stressed assets" of IFCI,
relate to a steel plant located in Uttar Pradesh over a land
measuring 739.65 acres at a distance of 78 kilometers from
Lucknow on Lucknow Varansi National Highway.

The sale notice is pursuant the Debts Recovery Tribunal's order
directing IFCI to sell the assets by inviting sealed tenders.

IFCI Limited -- http://www.ifciltd.com/-- is established to   
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.  Non-
project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

Fitch Ratings, on June 29, 2006, affirmed IFCI Limited's support
rating at '4'.  The outlook on the rating is stable.

Additionally, on February 15, 2006, Credit Analysis and Research
Limited retained a CARE D rating to the long and medium term
debt aggregating INR248 crore.  Instruments carrying this rating
are judged to be of the lowest category.  They are either in
default or likely to be in default soon.


OCWEN FINANCIAL: Gets US$45.9-Million Share from BMS Holdings
-------------------------------------------------------------
Ocwen Financial Corp. reported its receipt of a US$45.9 million
capital distribution from BMS Holdings, Inc., which was equal to
Ocwen's original investment in BMS Holdings.  

The Board of Directors of BMS Holdings declared a dividend
payable to its stockholders on Feb. 14, 2007, from the proceeds
of its private placement of US$150 million aggregate principal
amount of Floating Rate Senior PIK Notes due in 2012.  Interest
on the notes will be payable semi-annually in arrears and will
accrue at a floating rate equal to six-month LIBOR plus a
spread, which will be 700 basis points and will increase by 50
basis points on Aug. 15, 2008 and by an additional 50 basis
points on Aug. 15, 2009.  BMS Holdings may pay interest in cash,
additional notes, or a combination of 50% in cash and 50% in
additional notes.

In addition to the declaration of a dividend to its
stockholders, BMS Holdings may use the proceeds of the private
placement to pay additional dividends in the future, fees and
expenses related to the offering and for general corporate
purposes.  The notes will be redeemable, in whole or in part,
beginning on Aug. 15, 2007 at the option of BMS Holdings.  The
redemption price will be based on a percentage of the principal
amount of the notes plus accrued and unpaid interest to the date
of redemption.

                       About Ocwen Financial

Headquartered in West Palm Beach, Florida, Ocwen Financial Corp.
(NYSE:OCN) -- http://www.ocwen.com/-- is a provider of  
servicing and origination processing solutions to the loan
industry with offices in Orlando, Florida, Downers Grove,
Illinois and Atlanta, Georgia and global operations in Canada,
Germany, India and Taiwan.  The company makes its clients' loans
worth more by leveraging its superior processes, innovative
technology and high-quality, cost-effective global human
resources.

                          *     *     *

Ocwen Financial's 3-1/4% Contingent Convertible Senior Unsecured
Notes due 2024 carry Standard & Poor's B- rating.


ROYAL & SUNALLIANCE: Gets Conditional Approval to Sell U.S. Unit
----------------------------------------------------------------
Delaware Insurance Commissioner Matthew Denn has approved the
disposal of Royal & SunAlliance Insurance Group plc's U.S. unit
to Arrowpoint Capital Corp., subject to a number of conditions
that are intended to protect policyholders, Randall Chase writes
for the Associated Press.

According to the report, Mr. Denn requires Royal & SunAlliance
to resolve any claims brought by policyholders and reimburse his
agency for the hiring of a claims monitor, who will hear
policyholder complaints and keep track of its indemnity
reserves.

Mr. Denn also prohibits any non-salary compensation, including a
final payout, to principals of Arrowpoint without the approval
of his department.

The British insurer will allocate US$287.5 million to pay
remaining U.S. unit claims, Bloomberg says.

However, critics of the deal argued the amount is insufficient
to ensure that obligations are met.

The insurance commissioner dismissed allegations by critics that
the British insurer was blackmailing his department by saying it
would cease to subsidize its ailing U.S. affiliates, AP relates.

"Were I convinced that Royal U.K. would continue subsidizing its
American subsidiaries indefinitely, in spite of its unequivocal
statements to both the department and shareholders that it will
not, I would deny the application," Mr. Denn wrote in his
decision.

Opponents of the deal are given five days to file a court
appeal.

                  About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--   
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group has operations in Asia
including China, Hong Kong and India, among others.

                          *     *     *

In September 2006, A.M. Best Co. has placed the financial
strength ratings of C++ (Marginal) and the issuer credit ratings
of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and
Royal Surplus Lines Insurance Company under review with
developing implications pending the completion of the proposed
sale of these operations to Arrowpoint Capital, a new company
formed by the existing management team of these operations.  All
the above companies are domiciled in Wilmington, Delaware.  
R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance
Insurance Group plc (London, England).

In March 2006, Standard & Poor's Ratings Services lowered its
counterparty credit and insurer financial strength ratings on
Royal & Sun Alliance Insurance Group PLC's U.S. insurance
operations (RSA USA) to 'BB' from 'BB+'.  S&P said the outlook
remains negative.  At the same time, the ratings were withdrawn
at the request of the companies' management.


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

ALCATEL-LUCENT: Will Build WiMax Network for Telmex Chile
---------------------------------------------------------
Alcatel-Lucent said in a statement that it has been awarded a
contract to construct a WiMax network for the Chilean unit of
Mexico's Telmex.

Business News Americas relates that the Telmex Chile network
will comply with the IEEE 802.16e-2005 standard for fixed,
nomadic and mobile usage in the 3.5 gigahertz frequency band
using the Alcatel-Lucent's 9100 WiMax end-to-end solution.  

The network will be operational in the second half of this year,
BNamericas notes.

Telmex Chile General Manager Eduardo Diaz-Corono told the press
that the firm will invest US$15 million this year in the
network.  

Telmex Chile expects that the network will cover 90% of Chile's
municipalities by the end of the year.  With the network, Telmex
Chile will target the business market, particularly the small
and medium-sized enterprises, BNamericas states.

                         About Telmex

Telefonos de Mexico, SA, aka Telmex owns and operates
telecommunications system in Mexico.  It is a nationwide
provider of fixed-line telephony services, as well as fixed
local and long-distance telephone services.  It also provides
other telecommunications and telecommunications-related
services, such as corporate networks, Internet services,
directory services, information network management, telephone
equipment sales, satellite services, paging services and
interconnection services to other carriers.  It offers voice,
data and Internet services in Brazil, Chile, Argentina, Peru and
Colombia.  In January 2006, together with Alcatel and SBC
International, Inc., a subsidiary of AT&T Inc., Telefonos de
Mexico, S.A. acquired an aggregate 51% interest in the capital
stock of 2Wire.  In October 2006, it acquired an 80% interest in
the affiliate of Blue Equity, LLC that publishes Enlace Spanish
Yellow Pages.  In connection with the acquisition, such
affiliate changed its name to SECCION AMARILLA USA, LLC.

                    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: Alliances Director Named to WiMAX Forum Board
-------------------------------------------------------------
Philippe Goossens, Strategic Alliances Director for Alcatel-
Lucent's WiMAX activities, has been named as member of the Borad
of Directors of the WiMAX Forum, an industry-led non-profit
organization comprising more than 430 companies committed to
promoting and certifying interoperable WiMAX products.

As a strong contributor to the WiMAX Forum, Alcatel-Lucent's
presence on its board of directors is indicative of the
acknowledgement by wireless market leaders around the globe that
WiMAX is a powerful option for delivering broadband Internet
services anytime and anywhere.

Being elected to WiMAX Forum Board of Directors recognizes
Alcatel-Lucent's commitment and contribution to the fast-growing
WiMAX market and a testimony to its technical leadership in
WiMAX technologies.

"Alcatel-Lucent is a global leader in telecommunications, and
having the company join our Board is evidence of its dedication
to taking the WiMAX ecosystem forward," said Ron Resnick,
president and chairman of the WiMAX Forum.  "Having one of the
industry's most comprehensive wireless portfolios, we look
forward to Alcatel-Lucent's further involvement to help
accelerate the WiMAX deployment worldwide.  As a leading
proponent of WiMAX, Alcatel-Lucent has proven its ability to
deliver standards-based products that are commercially installed
by its numerous operator customers."

Alcatel-Lucent's strong support of open standards and device
interoperability -- as demonstrated by several interoperability
testing centers operational in France, the United States and
Taiwan -- benefits operators seeking to diversify and offer the
optimum choice of terminals to their subscribers.

"The announcement is a major step forward and further highlights
our commitment to promote the IEEE 802.16e-2005 open standard to
advance the adoption of WiMAX worldwide," said Philippe
Goossens, Strategic Alliances Director for Alcatel-Lucent's
WiMAX activities.  "As part of the WiMAX Forum, Alcatel-Lucent
is working to ensure interoperability of wireless broadband
solutions and enable telecom operators to deliver innovative and
differentiating services to their customers."

                      About the WiMAX Forum

The WiMAX Forum is an industry-led, non-profit corporation
formed to help promote and certify the compatibility and
interoperability of broadband wireless products using the IEEE
802.16 and ETSI HiperMAN wireless MAN specifications.  The
forum's goal is to accelerate the introduction of these devices
into the marketplace.  WiMAX Forum Certified products will be
fully interoperable and support Metropolitan Broadband Fixed,
Portable and Mobile Applications.

                    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.


ANEKA TAMBANG: Seeks US$70 Mil. in Loans, Bisnis Indonesia Says
---------------------------------------------------------------
PT Aneka Tambang is seeking US$70 million in loans to help
finance a chemical-grade alumina project, Bloomberg News
reports, citing Bisnis Indonesia.

The Troubled Company Reporter - Asia Pacific reported on Jan.
31, 2007, that Aneka Tambang plans to invest between US$200
million and US$240 million to build an alumina mining facility
in West Kalimantan.

The feasibility studies are expected to be complete next month
and Aneka may start construction of the facility next year,
Bloomberg News relates.

Aneka Tembang is reportedly in talks with PT Bank Mandiri to
help finance the project.

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,  
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and West
Java (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


AVNET INC: Launches Redesigned Investor Relations Web Site
----------------------------------------------------------
Avnet, Inc. has redesigned its investor relations Web site with
investors' and analysts' needs in mind, with a host of new
features including personalized briefcases, RSS feeds and email
alerts.

Shareholder tools put you in the driver's seat, allowing access
to the information you need in a convenient format via your
computer or PDA.  The Avnet investor relations site now
includes:

    * A personalized investor briefcase that allows you to store
      useful Avnet documents and locate them easily on your next
      visit

    * RSS feed functionality that has the ability to send up-to-
      the-minute Avnet news directly to your PDA

    * An email feature that lets you send a press release from
      the site to another person

    * An email alert function to ensure you receive news of
      Avnet events, SEC filings, stock price changes when it
      matters most

"Avnet's investor relations website has been improved to
incorporate new features that make accessing detailed company
information faster and easier.  These Shareholder tools are a
user-friendly way keep abreast of important financial
information in a cost and time efficient manner," commented Roy
Vallee, chairman and chief executive officer for Avnet, Inc.

                        About Avnet Inc.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion.  It
has operations in these Asia-Pacific countries: Indonesia,
Australia, China, Hong Kong, India, Japan, Malaysia, New
Zealand, Philippines and Singapore.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 6, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba1 corporate family rating on Avnet, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400MM 8.00% Sr.
   Unsecured Notes
   due 2006               Ba1      Ba1     LGD3        49%

   US$250MM 6.00% Sr.
   Unsecured Notes
   due 2015               Ba1      Ba1     LGD3        49%

   US$300MM 6.625% Sr.
   Unsecured Notes
   due 2016               Ba1      Ba1     LGD3        49%

   US$300MM 2.00%
   Convertible Sr.
   Debentures due 2034    Ba1      Ba1     LGD3        49%

   Shelf - Sr.
   Unsecured            (P)Ba1    (P)Ba1   LGD3        49%

   Shelf - Subor.       (P)Ba2    (P)Ba2   LGD6        97%


BANK NEGARA: Government and Parliament Delay Divestment
-------------------------------------------------------
The government and the Working Committee for Privatization at
the House of Representatives are delaying the decision regarding
further divestment of PT Bank Negara Indonesia Tbk, Tempo
Interactive reports.

According to the report, the government wanted the first-phase
share divestment of BNI to be at 20% while half of the members
of the Working Committee for Privatization demanded that the
divestment be 15%.

The report notes that a member of the Working Committee for
Privatization from the National Awakening Party Faction, Anna
Mu'awanah, said that the Committee's decision is equivalent to
the State Budget of 2007.

In a joint meeting with the House, the Finance Minister and the
State Minister for State-Owned Enterprises, the government says
that for the amount of BNI shares offered, it will be raised to
20% as well as the number of BNI shares that will be offered
through a rights issue, Tempo relates.

However, Ms. Mu'awanah said that it would be difficult to
implement the additional BNI shares to be offered, the report
says.  Any addition must be re-examined, she added.

State SOE Minister Sugiharto reportedly said that the
resolutions of the Working Committee for Privatization could
still be altered.

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

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

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

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

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

   -- bank financial strength of E.

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

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

   * Short-term rating 'B',

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

   * Individual 'D', and

   * Support '4'.

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

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


FREEPORT-MCMORAN: Moody's Confirms 'Ba3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service confirmed Freeport-McMoRan Copper &
Gold Inc.'s Ba3 corporate family rating and announced a number
of rating actions with respect to Freeport and Phelps Dodge
Corporation.  The ratings actions are based on the assumption
that Freeport completes the acquisition of Phelps Dodge on
substantially the terms agreed.  The ratings reflect the overall
probability of default of Freeport, to which Moody's assigns a
PDR of Ba3.  The outlook for both Freeport and Phelps Dodge is
stable.

In related rating actions, Moody's assigned a Baa3 senior
secured rating to Freeport's US$500 million secured revolver and
Ba2 senior secured ratings to each of Freeport's US$1 billion
secured revolver, US$2.5 billion secured Term Loan A, and US$7.5
billion secured Term Loan B.  Freeport's existing 6.875%,
10.125% and 7.20% senior unsecured notes, which are being
granted a security and guarantee package equivalent to the US$1
billion revolver and Term Loans A & B, were upgraded to Ba2 from
B1.  Moody's downgraded Phelps Dodge's Cyprus Amax notes, which
mature in May 2007, as well as the ratings on Phelps Dodge's
other existing senior unsecured notes to B1 from Baa2.  Moody's
also affirmed Freeport's SGL-1 Speculative Grade Liquidity
rating.  This concludes Moody's review of the ratings of
Freeport and Phelps Dodge begun on November 20, 2006 following
the announcement that Freeport had agreed to acquire Phelps
Dodge for US$26 billion.

The Ba3 corporate family rating reflects Freeport's very high
debt level of approximately US$19 billion and what Moody's
believes will be a protracted time frame for debt reduction in
the face of softening metals prices and continued high cost
challenges.  The rating also considers the high concentration in
copper and resultant variability in earnings and cash flow,
significant capital expenditures, and a high level of reliance
on the Grasberg mine in Indonesia.  The rating also reflects the
cultural challenges inherent in the acquisition of the larger
Phelps Dodge by Freeport, and the execution and political risk
of Phelps Dodge's development project in the Congo.  The Ba3
rating favorably considers the company's leading positions in
copper and molybdenum, a significant amount of gold production,
the low cost, long-life reserves at PT-FI, and improved
operating and political diversity.

Ratings confirmed are:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

* Corporate Family Rating: Ba3

* Probability of Default Rating: Ba3

Ratings assigned are:

Issuer: Freeport-McMoRan Copper & Gold Inc.

* US$0.5 billion Senior Secured Revolving Credit facility,
   Baa3, LGD1, 1.0%

* US$1.0 billion Senior Secured Revolving Credit Facility, Ba2,
   LGD2, 29%

* US$2.5 billion Senior Secured Term Loan A, Ba2, LGD2, 29%

* US$7.5 billion Senior Secured Term Loan B, Ba2, LGD2, 29%

Ratings to be upgraded:

Issuer: Freeport-McMoRan Copper & Gold Inc.

* US$340 million 6.875% Senior Unsecured Notes due 2014, B1 -->
   Ba2, LGD2, 29%

* US$272 million 10.125% Senior Unsecured Notes due 2010, B1 ->
   Ba2, LGD2, 29%

* US$0.2 million 7.20% Senior Unsecured Notes due 2026, B1 -->
   Ba2, LGD2, 29%

Ratings to be downgraded:

* Issuer: Cyprus Amax Minerals Company

* US$60.1 million 7.375% Senior Notes due 2007, Baa2 --> B1,
   LGD4, 63%

* Issuer: Phelps Dodge Corporation

* US$107.9 million 8.75% Senior Notes due 2011, Baa2 --> B1,
   LGD4, 63%

* US$115 million 7.125% Senior Notes due 2027, Baa2 --> B1,
   LGD4, 63%

* US$150 million 6.125% Senior Notes due 2034, Baa2 --> B1,
  LGD4, 63%

* $193.8 million 9.50% Senior Notes due 2031, Baa2 --> B1,
   LGD4, 63%

Ratings to be withdrawn:

* Issuer: PD Capital Trust I

* Preferred Stock Shelf, currently (P)Baa3

* Issuer: PD Capital Trust II

* Preferred Stock Shelf, currently (P)Baa3

* Issuer: Phelps Dodge Corporation

* Multiple Seniority Shelf, currently (P)Ba1

Outlook Actions:

* Issuer: Freeport-McMoRan Copper & Gold Inc.

* Outlook, Changed To Stable from Rating Under Review

* Issuer: Cyprus Amax Minerals Company

* Outlook, Changed To Stable from Rating Under Review

* Issuer: Phelps Dodge Corporation

* Outlook, Changed To Stable from Rating Under Review


                     About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.


FREEPORT-MCMORAN: Pays Indonesian Gov't. US$1.6-Bil in 2006
-----------------------------------------------------------
Freeport-McMoRan Copper and Gold Inc. paid the Indonesian
government US$1.6 billion in 2006, mostly in taxes from its vast
mining operation in Papua province, Antara News reports citing a
company statement.  Of the total amount, US$1.29 billion was
paid for corporate, employee income and other taxes, while
dividends accounted for US$159 million and royalties for US$146
million.

The report notes that the company has paid US$5.1 billion to the
Indonesian government since 1992, with taxes accounting for
US$4.1 billion of the figure, while the remainder represents
royalties and dividends.

The company said that Freeport Indonesia had also invested US$5
billion to develop company infrastructure and US$500 million in
social facilities, Antara relates.  Furthermore, the firm had
also purchased domestic goods and services worth US$4.3 billion,
the report adds.

                     About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 24, 2006, that Standard & Poor's placed its 'BB-' corporate
credit and its other ratings on Freeport-McMoRan on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications.  The actions followed
the report that Freeport entered into an agreement with Phelps
Dodge to acquire Phelps in a transaction valued at US$25.9
billion.

The TCR-AP stated on Oct. 18, 2006, Moody's Investors Service
confirmed Freeport-McMoran's Ba3 Corporate Family Rating in
connection with the rating agency's implementation of its ne
Probability-of-Default and Loss-Given-Default rating
methodology.

Dominion Bond Rating Service confirmed in April the rating of
Freeport-McMoRan Copper & Gold Inc. at BB (low).  DBRS said the
trend is Stable.


GENERAL NUTRITION: S&P Lowers Corporate Credit Rating to B-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
General Nutrition Centers Inc.  The corporate credit rating was
lowered to B- from B.  All ratings were removed from CreditWatch
with negative implications, where they were placed on
Dec. 22, 2006.  The outlook is stable.

At the same time, S&P assigned its bank loan and recovery
ratings to the company's proposed US$750 million bank facility.  
The facility is rated 'B-' (the same as the corporate credit
rating on General Nutrition) with a recovery rating of '3',
indicating the expectation for meaningful (50%-80%) recovery of
principal in the event of payment default.

In addition, Standard & Poor's assigned General Nutrition's
proposed US$300 million senior unsecured floating-rate notes due
2014 and US$125 million senior subordinated notes due 2015 a
credit rating of 'CCC' (two notches below the corporate credit
rating).

Proceeds, along with a US$589 million equity investment, will be
used to fund the purchase of General Nutrition by an investor
group comprised of Ares Management LLC and Ontario Teachers'
Private Capital and to refinance existing debt.

"The rating action," said Standard & Poor's credit analyst
Jackie Oberoi, "reflects a resulting capital structure that is
highly leveraged and cash flow protection measures are weak."

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of  
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.


GENERAL NUTRITION: Reports Estimated 4Q 2006 Financial Results
--------------------------------------------------------------
General Nutrition Centers, Inc. an indirect wholly owned
subsidiary of GNC Parent Corporation, disclosed estimated ranges
with respect to certain of its financial results for the fourth
quarter ended December 31, 2006.  GNC disclosed the estimates in
connection with its private debt offering to be completed as
part of the financing for the previously announced agreement of
GNC Parent Corporation to be acquired by an affiliate of Ares
Management LLC and the Ontario Teachers' Pension Plan.

GNC plans to file its annual report on Form 10-K for the year
ended December 31, 2006, on or before March 31, 2007.  It is in
the process of completing its audit for 2006 and, as a result,
the ranges presented below are preliminary and unaudited.  GNC
expects to report the following results for the fourth quarter
of 2006:

  * net revenues of between US$345.2 million and US$350.2    
    million compared to US$325.4 million for the same period in
    2005;

  * net cash provided by operating activities of between US$4.3
    million and US$5.8 million compared to US$29.5 million for
    the same period in 2005;

  * EBITDA of between US$16.6 million and US$18.5 million
    compared to US$29.0 million for the same period in 2005; and

  * Adjusted EBITDA of between US$39.2 million and US$41.1
    million compared to US$30.2 million for the same period in
    2005.

GNC does not intend to update or otherwise revise these
estimates.

GNC also disclosed that, as of December 31, 2006, it operated
2,554 company-owned stores in the United States, 134 company-
owned stores in Canada, 1,046 domestic franchised stores, 961
international franchised stores in 48 international markets, and
1,227 store-within-a-store locations.

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of  
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and manufacturing/
wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.

The Troubled Company Reporter reported on Feb. 15, 2007, that
Moody's Investors Service stated that the intention of Ares
Management and the Ontario Teachers' Pension Plan to buy GNC
Parent Corp. from Apollo Management has no immediate impact on
the company's ratings and/or stable rating outlook.  The LBO
that was publicized on Feb. 9, 2007, is consistent with previous
disclosures that the current owners were exploring strategic
alternatives such as the sale of the company.  The total
enterprise value of the transaction is approximately US$1.65
billion.  As further particulars regarding the acquisition and
its financing plans become available, the ratings and/or outlook
could be adjusted.

These are the ratings of GNC:

   -- Corporate family rating of B3;

   -- Probability of Default Rating of B3;

   -- Senior secured bank loan of Ba3 (LGD 1, 4%);

   -- US$150 million of 8.625% senior notes (2011)
      of B1 (LGD 2, 25%);

   -- US$215 million of 8.5% senior subordinated notes (2010)
      of B3 (LGD 4, 56%); and

   -- US$425 million notes (2011) issued by GNC Parent Corp.
      of Caa2 (LGD 5, 84%).

Standard & Poor's Ratings Services said its ratings on General
Nutrition Centers Inc., including the 'B' corporate credit
rating, remains on CreditWatch with negative implications, where
they were placed on Dec. 22, 2006, following the company's
announcement that it was no longer contemplating a public
offering, but that it would continue to evaluate strategic
alternatives, including a possible sale of the company that
would be financed with a substantial amount of additional debt.


HILTON HOTELS: Moody's Upgrades Corporate Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service upgraded Hilton Hotels Corporation's
corporate family rating to Ba1 from Ba2 reflecting a reduction
in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has
improved to around 5.0x from 6.0x in January 2006.  Moody's
capitalizes total rent at 8x and adds a debt equivalent of
approximately 20% of Hilton's guaranty exposure to debt.

The rating outlook is stable reflecting the solid outlook for
demand and limited supply additions.  Hilton's rating outlook
could move to positive if the company continues to execute it
asset sale program at reasonable multiples and uses the proceeds
to repay debt resulting in adjusted debt to EBITDAR around
3.75x.  The ratings could be considered for upgrade, if leverage
is likely to remain at lower levels in the context of the
industry operating environment, management's financial policy
and willingness to manage the company's growth initiatives in
the context of an investment grade rating.  Absent event risk,
Moody's does not anticipate downward rating pressure given the
strong earnings outlook, the success of the asset disposition
program to date and the strong appetite for lodging assets by
third parties.

Pursuant to Moody's Lodging Rating Methodology, Hilton maps to
an overall rating in the Baa category reflecting a strong Baa
rating with respect to diversification, and profitability, and
mid-Ba rating with respect to leverage and coverage.  The
difference between its assigned and methodology implied rating
is expected during peak industry cycles that currently exists,
and Hilton's reliance on asset sales to improve credit metrics
more in line with the Baa rating category.

Moody's notes that once Hilton's reduces its total leverage
ratio at or below 4.5x for two consecutive quarter, Hilton's
bank and public debt will no longer be guaranteed or secured by
stock pledges.  The release of this collateral is expected to
occur during 2007.

Ratings upgraded:

   * Corporate family rating to Ba1 from Ba2.

   * Senior secured bank facility to Ba1, LGD4 from Ba2, LGD4

   * Senior bonds, debenture and convertible notes to Ba1, LGD4
  from Ba2, LGD4

   * Multiple seniority shelf to (P)Ba1, LGD4, from (P)Ba2,
     LGD4, and to (P)Ba2, LGD6 from (P)B1, LGD6

Rating confirmed:

   * Commercial paper at Not Prime.

                      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 hotel
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.


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

ALL NIPPON: In Talks With Asiana Air Over New Flights, Products
---------------------------------------------------------------
All Nippon Airways has entered into negotiations with South
Korea's Asiana Airlines as part of its efforts to create a
three-way tie-up with airlines in China and South Korea,
The Yomiuri Shimbun says, citing a senior ANA official.

The report says that ANA also plans to launch a new route that
connects Haneda Airport in Tokyo, Gimpo Airport in Seoul and
Hongqiao Airport in Shanghai.  These airports have become large
domestic hubs after international airports such as Narita,
Incheon (South Korea) and Shanghai Pudong (China) were opened.

In an interview conducted with the Shimbun in Washington,
ANA Senior Managing Director Katsuhiko Kitabayashi said that the
airline hoped a deal would improve convenience for customers, as
well as attract more tourists to East Asia through the
development of new products such as "circular journey tickets"
that will take in all three countries.

Mr. Kitabayashi said that a special department, dealing with the
planned tie-up, has been established, and in late January 2007,
about 20 ANA representatives went to Asiana's headquarters in
Seoul for initial talks, the report states.

Mr. Kitabayashi also said that ANA and Asiana hope to procure
airplane parts and eating utensils together, in keeping with
efforts to cut costs.

The Shimbun says that ANA and Asiana are part of the 17-member
Star Alliance group, and ANA has been considering a partnership
with either Air China or Shanghai Airlines, both of which are
set to become new Star Alliance members.

For the first time, ANA was named "Airline of the Year" by
Air Transport World Magazine in 2007, with Mr. Kitabayashi
attending the award ceremony, The Shimbun adds.

                    About Asiana Airlines Inc.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged  
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 16, 2007, Fitch Ratings advised All Nippon Airways Co.
Ltd., along with Japan Airlines Corporation, that it may need to
further increase fares and yields and adopt additional cost
reduction measures in order to improve, or at least maintain,
their current financial profiles.

The TCR-AP reported on June 13, 2006, that Fitch said the credit
quality gap between Japan's top two airlines continues to widen
with All Nippon Airways Co. Limited -- rated 'BB+'/Stable --
benefiting from market improvements, while its rival, Japan
Airlines Corporation -- rated 'BB-'/Stable -- continues to be
grounded by internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


INFOR GLOBAL: Increased Debt Prompts S&P's Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Alpharetta, Georgia-based Infor Global
Solutions Holdings Ltd.  At the same time, Standard & Poor's
revised its ratings outlook on the company to stable from
positive.

Standard & Poor's also lowered its bank loan and recovery
ratings on Infor's first-lien senior secured debt to 'B-' with a
'2' recovery rating, reflecting Standard & Poor's expectation
for substantial recovery of principal in the event of a payment
default.  Standard & Poor's affirmed its 'CCC' rating and '5'
recovery rating on Infor's second-lien senior secured term loan.

"The revision of the outlook to stable follows the company's
decision to increase debt balances to fund a US$500 million
dividend to shareholders," said Standard & Poor's credit analyst
Ben Bubeck.

To fund the transaction, which will be completed as part of the
previously rated refinancing of Infor's senior subordinated
bridge facility, Infor will add an additional $175 million to
its first-lien term loan and $100 million to its second-lien
term loan.  A new US$235 million senior PIK term loan will also
be included in the financing.  Pro forma for the proposed
transaction, the company will have approximately US$4.3 billion
in total funded debt outstanding.

The ratings reflect Infor's limited track record following a
very aggressive acquisition strategy, its high debt leverage,
and a very aggressive financial policy.  These factors are only
partially offset by the company's leading presence in its
selected mid-market niche, a largely recurring revenue base, and
a broad and diverse customer base.

            About Infor Global Solutions Holdings Ltd.

Headquartered in Alpharetta, Georgia and a Cayman Islands
exempted company, Infor Global Solutions Holdings Ltd., --
http://www.infor.com/-, is a global provider of financial and  
enterprise applications software.  The company has locations in
Japan, Australia, Austria, China, France, India, Singapore, and
Spain, among others.


JAPAN AIRLINES: To Redeem JPY79.7 Billion of Bonds on March 25
--------------------------------------------------------------
Japan Airlines Corp. will redeem JPY79.7 billion (US$660
million) of convertible bonds early, as its share price trades
below the level at which investors could change the securities
into stock, Bloomberg News reports.

Bloomberg relates that in a statement made to the Tokyo Stock
Exchange, JAL will redeem the bonds due to mature in 2011 on
March 25 and will pay investors from March 26.  

The report explains that investors had a deadline of Feb. 23,
2007, to apply for redemption of a total JPY100 billion of
convertible bonds, issued in 2004.  Bondholders opted for cash
after JAL's shares plunged a third last year, as it lost sales
to All Nippon Airways Co., sold new stock and posted losses.

Aside from using proceeds from asset sales, JAL is in
negotiations with banks as it seeks a JPY60 billion credit line
to help repay the bonds, Bloomberg says, citing JAL spokesman
Geoffrey Tudor.

The report says that JAL shares closed unchanged at JPY272, or
32% less than the bonds' conversion price of JPY398.7.  Stock
has risen 28% this year.

                      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.


NIKKO CORDIAL: Citigroup Stake Raise May Improve S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that plans by U.S.-based
Citigroup Inc. (AA/Stable/A-1+) to significantly increase its
stake in the Nikko Cordial group as reported by media could have
a positive impact on its credit ratings on Nikko Cordial Corp.
(BBB-/Watch Neg/A-3), Nikko Cordial Securities Inc. (BBB/Watch
Neg/A-2), and NikkoCiti Trust & Banking Corp. (A/Watch Neg/A-1).

According to media reports, Citigroup is considering
substantially increasing its capital support to the Nikko
Cordial group, in which it currently has a 4.9% stake.  In the
event that the Nikko Cordial group is de-listed from the Tokyo
Stock Exchange, Citigroup is reportedly planning to make it a
consolidated subsidiary.  If Nikko Cordial remains listed,
Citigroup plans to increase its stake to more than 33.3%.  In
either case, if Citigroup raises its support for Nikko Cordial,
this would be a positive factor for the ratings on the three
Nikko Cordial group companies.

Currently, the ratings on Nikko Cordial Corp. and Nikko Cordial
Securities do not reflect extraordinary support from Citigroup,
as the two companies were thought to have low strategic
importance to Citigroup.  If capital ties are strengthened, the
companies' strategic importance to the higher rated Citigroup
will likely increase.  Moreover, an increase in ownership by
Citigroup, which has a highly creditworthy and solid franchise,
could help reverse the deterioration in the business franchise
and reputation of the Nikko Cordial group following its
placement on a monitoring post by the TSE.

Citigroup already holds a high 50% stake in NikkoCiti Trust, and
its extraordinary support for the joint venture is incorporated
in the rating on NikkoCiti Trust reflecting its strategic
importance to Citigroup.  However, the rating on NikkoCiti Trust
was lowered by one notch on Feb. 16, 2007, and remains on
CreditWatch with negative implications, reflecting the
possibility that Citigroup would pull back its support due to
the decreasing credit quality of the Nikko Cordial group (see
Standard & Poor's media release: "Nikko Cordial Group Companies
Downgraded; Ratings Remain On Watch Negative", published
Feb. 16, 2007).  If Citigroup increases ownership in Nikko
Cordial and Standard & Poor's confirms that the strategic
importance of NikkoCiti Trust has strengthened, the current
ratings on NikkoCiti Trust will be more categorically
underpinned by Citigroup's support stance.  


NIKKO CORDIAL: Mizuho Enters Picture After News on Citigroup Bid
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Feb. 27, 2007, that Citigroup Inc. may increase its stake in
Nikko Cordial Corp. from 4.9% to 33.4% or JPY330 million
(US$2.73 million) to shore up the Japanese brokerage after it
got hit by an accounting scandal.  The TCR-AP said that the
purchase would cost Citigroup about JPY380 billion (US$3.1
billion) based on Nikko's market value.

Reuters, citing a report by the Yomiuri newspaper on Tuesday,
relates that Mizuho Corporate Bank may also raise its stake to
about 20% from 4.9% in an attempt to deepen its business ties
with Nikko Cordial and to counter a possible bid from Citigroup.

Reuters states that Mizuho would make a final decision when the
Tokyo Stock Exchange decides whether to delist Nikko Cordial.

However, according to Reuters, the Asahi newspaper reported the
opposite, saying that Mizuho Financial Group Inc. -- Mizuho
Corporate Bank's parent -- was considering helping Citigroup
instead of launching a counter-bid.

Bloomberg News, citing two Mizuho officials who refused to be
identified, also relates that Mizuho Financial scrapped its plan
to acquire the brokerage and will instead seek an alliance with
Citigroup.  The Bloomberg report says that Mizuho Financial's
executives may meet Citigroup representatives next month to
discuss possible areas of cooperation.

Mizuho abandoned plans to acquire Nikko because talks between
the brokerage and Citigroup are already proceeding, Bloomberg
explains, citing one of the Mizuho officials.  Citigroup also
operates an investment banking joint venture in Japan together
with Nikko.

A tie-up with Citigroup may help Mizuho Financial expand an
investment-banking unit that ranked fifth in Japan last year in
advising on takeovers, Bloomberg points out.  Mizuho last month
said it wants to gain ground on Wall Street firms abroad after
the value of cross-border purchases by Japanese companies
quadrupled in 2006.

Reuters says that Nikko Cordial is set to submit revised
financial statements to the TSE today before the exchange makes
a final decision on its listing in mid-March.  Nikko is due to
brief media on the revised statements.

                 About Mizuho Financial Group Inc.

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial  
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

                         About Citigroup

Headquartered in New York, Citigroup --
http://www.citigroup.com/-- is today's pre-eminent financial  
services company, with some 200 million customer accounts in
more than 100 countries.  Other major brand names under
Citigroup's trademark red umbrella include Citi Cards,
CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners
Club, The Citigroup Private Bank, and CitiCapital.

                       About Nikko Cordial

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

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

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

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


SADIA SA: S&P Affirms BB Long-Term Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Brazil-based food producer Sadia S.A.  
The outlook is stable.
      
The ratings on Sadia, relates Standard & Poor's credit analyst
Jean-Pierre Cote Gil reflect these factors:

   -- the company's operations in the highly volatile and
      competitive meat and food-processing industries;

   -- its exposure to the Brazilian market environment, where
      the company sells a larger share of its industrialized,
      higher value-added product line; and

   -- the company's high gross debt level, which results from
      its significant financial arbitrage position and a large
      capital budget.

These negative factors, according to Mr. Gil are balanced by:

   -- Sadia's leading market position in Brazil and
      its competitive and solid track record in exports;

   -- the company's low-cost position and profitability levels
      compared to peers;

   -- its progressively more diversified product and client
      mixes;

   -- its rigorous operating and financial risk-control
      measures; and

   -- the company's sound liquidity position.

The stable outlook reflects Sadia's competitiveness in both
domestic and export market, which should allow it to perform
relatively well throughout the cycles of the meat industry.  
Raising the ratings or positively revising the outlook depend on
Sadia's ability to manage the inherent volatility in the local
and domestic market, and reach higher operating margins along
the following quarters, which would allow for convergence of
debt coverage ratios to historical levels.  Conversely, the
ratings could be lowered if the performance of the local economy
lags amid depressed local demand and consumption levels, and if
international markets do not offer a profitable sales
alternative.

                       About Sadia S.A

Headquartered in Sao Paulo, Brazil, Sadia S.A. --
http://www.sadia.com-- operates in the agro industrial and food
processing sectors in Brazil and primarily produces a range of
processed products, poultry, and pork.  The company distributes
around 1,000 different products through distribution and sales
centers located in Brazil, China, Japan, and Italy, among
others.


SOJITZ CORP: S&P Lifts Credit Rating to BB+ on Bond Conversion
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Sojitz Corp. to 'BB+' from 'BB' and removed the
rating from CreditWatch where it was placed on Apr. 28, 2006,
with positive implications.  The upgrade follows Sojitz's
conversion of a total JPY205 billion of its JPY300 billion in
outstanding convertible bonds into common shares by Feb. 26,
2007.  In addition, the upgrade reflects expectations that
Sojitz will achieve greater improvement in its capital quality
as it is expected to continue to make progress in the conversion
of convertible bonds.  The outlook on the long-term rating is
stable. At the same time, Standard & Poor's affirmed its 'BBB-'
long-term senior unsecured debt rating on the company.

The rating on Sojitz was placed on CreditWatch with positive
implications on Apr. 28, 2006, following the company's
announcement of its plan to reorganize its capital structure
through the issue of convertible bonds and buy back of preferred
stock.  The long-term issuer credit rating on Sojitz was raised
one notch on Sept. 29, 2006, reflecting the company's improved
capital quality following progress in its conversion of
convertible bonds into common shares and the improved balance
between risk volume, capitalization, and profitability.
The issuer credit rating remained on CreditWatch with positive
implications, while the long-term senior unsecured debt rating
was removed from CreditWatch.

According to Sojitz's capital reform plan, the company planned
to issue JPY300 billion in convertible bonds through a private
placement in May 2006.  After the conversion of bonds into
common stock, the company planned to use the increased capital
to redeem preferred shares from March 2007.  It intended
to repurchase most of its outstanding preferred shares from
current shareholders, thus replacing preferred stocks, which are
considered by Standard & Poor's to be lower quality capital,
with common stocks.  This plan was expected to greatly improve
Sojitz's capitalization.  The company announced that in addition
to converting JPY205 billion worth of convertible bonds into
common shares as of Feb. 26, 2007, it would start a buy-back, on
Mar. 30, 2007, of a portion (JPY230.4 billion) of its
outstanding preferred shares for JPY240.9 billion.

The upgrade reflects the improvement in capital quality due to
the conversion to common shares achieved thus far, and
incorporates the expectation that Sojitz's capital quality will
improve further as it proceeds in converting the remaining JPY95
billion worth of convertible bonds.  Although convertible bonds
contain put options, the possibility that underwriters will
exercise this option has fallen dramatically as the conversion
of convertible bonds has proceeded smoothly.  In addition, the
company's stock price has remained at a considerably higher
level than the conversion price floor of JPY341.3, since the
company's announcement on Jan. 31, 2007 that it will resume
dividend payments in fiscal 2006 (ending March 31, 2007).
     
The stable outlook reflects the company's strengthening
capitalization offset by weak profitability.  The company should
be able to maintain its current credit quality through the
medium term in view of its current policies and plans regarding
investments and loans, and the balance between risk volume
and post-capital-restructuring-plan capitalization and
profitability.  However, a downgrade of the company may be
considered if the balance between risk volume, profitability,
and capitalization markedly deteriorates due to changes
to its investment and loan policy, or if its investments are
larger than expected.  Conversely, an upgrade of the company may
be considered if profitability improves more dramatically than
expected.

The rating on the long-term senior unsecured bonds issued by the
company is now one notch higher than the long-term issuer credit
rating on the company, reflecting the assumption that
bondholders would incur no losses from a default, as
Standard & Poor's believes there is a probability that any
default by the company would take the form of a loan waiver,
rather than bankruptcy.  However, the higher a company's credit
quality, the more difficult it is to predict how a potential
default will unfold.  Therefore, the grounds for assigning
relatively higher ratings to senior debt may weaken.

                      About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation.


XEROX CORPORATION: Increases Share Repurchase Program
-----------------------------------------------------
Xerox Corporation's board of directors, on Feb. 15, 2007,
authorized the company to repurchase another US$500 million in
Xerox stock.  This increases the company's stock buyback program
to US$2.5 billion since it launched in October 2005.  In that
time, Xerox to date has repurchased about 108 million shares,
totaling US$1.6 billion.

"Expanding our share repurchase program is consistent with
Xerox's steady progress in generating strong cash flow," said
Lawrence A. Zimmerman, Xerox senior vice president and chief
financial officer.  "Last year, we generated US$1.6 billion in
operating cash and we expect continued solid performance this
year.  We're using the cash to deliver value for shareholders by
buying back stock and investing in growth through acquisitions,
innovation and a services-led approach to winning in the
marketplace."

                        About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corporation
(NYSE: XRX) -- http://www.xerox.com-- develops, manufactures,    
markets, services, and finances document equipment, software,
solutions, and services worldwide.  It offers digital monochrome
and color systems for customers in the graphic communications
industry and enterprises, as well as various prepress and post-
press options.  Xerox Corporation markets its products through
direct sales force, as well as through a network of independent
agents, dealers, value-added resellers, and systems integrators.
The company has operations in Japan, Italy and Nicaragua.

                          *     *     *

As Reported in The Troubled Company Reporter on Dec. 1, 2006,
Moody's Investors Service raised the ratings of Xerox
Corporation and supported subsidiaries, upgrading Xerox's
Subordinated shelf registration to (P) Ba1 from (P) Ba2 and
Preferred shelf registration to (P) Ba1 from (P) Ba2.


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

EUGENE SCIENCE: Gets Patents for Wider PlantSterol Application
--------------------------------------------------------------
Eugene Science, Inc., has acquired patents for manufacturing
techniques that enable the company to use and apply PlantSterol,
cholesterol-reducing material, to various types of food, the
company said in a press release.

Until now, PlantSterol, which reduces cholesterol, has been only
partly used in limited products despite its outstanding
properties due to the difficulty of applying it to foodstuffs.  
With the acquisition of the patent, Eugene Science, however, has
obtained source technology that enables the numerous types of
application not only to medical supplies or health foods but
also to functional foods and hereafter, the company expect to
create new milestones in the cholesterol-reducing functions
market.

Eugene Science has already acquired patents for producing water-
soluble PlantSterol with nano molecules and particles and its
technologies are acknowledged worldwide.  It is exported to
major companies in United States, Japan, Europe and Southeast
Asia and through the networks they possess, we are achieving
successful marketing activities as well.

In particular, this patent is a technology that enables
application of PlantSterol to not only water-soluble base food,
but also to high-cholesterol, fat-soluble base food such as
yogurt, soup, ice cream, mayonnaise, ketchup, salad oil,
dressing and margarine.  The technology has its biggest
significance in that it can play a critical role in enabling to
draw attention from consumers anxious of cholesterol diseases
worldwide with the power of Eugene Science's R&D ability.

This patent is soon to be registered in countries with massive
cholesterol markets such as United States, Japan, Europe and
Australia in addition to Korea and Taiwan and is expected to
prepare a turning point in the demand and commercialization of
the source technology.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition.  Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZeroTM branded beverages and capsules.  
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.

                        Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the company's recurring losses,
negative working capital, and operation in a country whose
economy is currently unstable -- South Korea.

The TCR-AP reported that the company's Sept. 30, 2006 balance
sheet also showed US$6,076,682 in total assets, US$16,750,391 in
total liabilities, resulting in a US$10,673,709 total
stockholders' deficit.  The company also reported strained
liquidity with US$2,556,354 in total current assets available to
pay US$16,003,573 in total current liabilities.


EUGENE SCIENCE: Teams with RexGene for Nutraceutical Line
---------------------------------------------------------
Eugene Science, Inc., has entered into a contract with RexGene
Biotech to develop, produce and market a new type of health
supplement product containing Eugene Science's exclusive CZ(TM),
which is a cholesterol-lowering nutraceutical products, Eugene
Science said in a press release.

The two companies signed an MOU on November 2, 2006, prior to
the official contract.

With this contract, Eugene Science will develop with RexGene
Biotech various types of health supplements made of plant sterol
and market raw materials and end products using RexGene
Biotech's sales networks.  RexGene Biotech has a strong sales
network through network marketing (High-Living), Korea's largest
drugstore chain (Onnuri), TV home shopping and collaborating
pharmaceutical companies and recently completed healthy beverage
production facility to expand its scope of business.  Therefore,
it would provide Eugene Science with various business
opportunities to broaden and diversify raw material and end
product markets.

Furthermore, Eugene Science's powerful technology and products,
coupled with RexGene Biotech's global production facilities and
collaborative marketing networks, would be able to open up new
possibilities for Korea's health supplement market and respond
to the stricter product quality control requirements of the
Health Supplement Act.

RexGene Biotech is Korea's first venture company in health
supplement industry to be enlisted in KOSDAQ and specializes in
OEM and ODM businesses through its GMP facility for health
supplements.

Eugene Science has been recognized for its exclusive technology
to develop and use Plant Sterol and has concentrated on overseas
marketing in the U.S., Japan, and Southeast Asia.  Its marketing
in Korea has begun when Plant Sterol was officially authorized
as a type of health supplement in Korea.

With the recent contract, Eugene Science is expected to end the
depression in Korea's health supplement market through its
strategic partnership with RexGene Biotech, which is Korea's
best health supplement producer and marketer.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science Inc. is a
global biotechnology company that develops, manufactures and
markets nutraceuticals, or functional foods that offer health-
promoting advantages beyond that of nutrition.  Plant sterols
are the company's primary products, which include CZTM Series of
food additives and CholZeroTM branded beverages and capsules.  
In June 2005, the company received regulatory approval for
certain health claims associated with the company's products
from government agencies in the Republic of Korea.

                        Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science Inc.'s ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the company's recurring losses,
negative working capital, and operation in a country whose
economy is currently unstable -- South Korea.

The TCR-AP reported that the company's Sept. 30, 2006 balance
sheet also showed US$6,076,682 in total assets, US$16,750,391 in
total liabilities, resulting in a US$10,673,709 total
stockholders' deficit.  The company also reported strained
liquidity with US$2,556,354 in total current assets available to
pay US$16,003,573 in total current liabilities.


HANAROTELECOM: Plans to Spend Up to KRW340 Bil. in 2007 CAPEX
-------------------------------------------------------------
hanarotelecom, Inc., expects to have a 5% to 8% increase in net
revenues for the year 2007, from KRW1.72 trillion in 2006, the
company said as it released its business plan for 2007.

hanarotelecom's forecasted revenues is in the range between
KRW1.81 trillion and KRW1.86 trillion.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 20, the company plans to dramatically increase revenues in
2007 through new growth engines like hanaTV and corporate
business.  With the cumulative number of hanaTV subscribers
reaching 300,000 as of the end of January 2007, hanarotelecom
plans to achieve revenues of KRW70-80 billion and 1 million
subscribers by the end of this year.  On the corporate business
side, the company aims to achieve revenues of KRW440 billion in
2007, up 18% compared to the previous year, by strengthening
existing businesses like corporate voice and IDC and advancing
into NI/solution businesses.

The company also plans to spend around KRW330 billion to
KRW340 billion in capital expenditures in 2007.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

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

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


HYNIX SEMICONDUCTOR: Records 33% Increase in Fourth Qtr. Revenue
----------------------------------------------------------------
Hynix Semiconductor Inc. has disclosed, in a press release, its
earnings results for the fourth quarter ended December 31, 2006.

The company recorded consolidated revenues of KRW2.61 trillion
in the 2006 fourth quarter, a 33% increase compared with the
2006 third quarter's KRW1.97 trillion, and a 48% increase from
the 2005 fourth quarter's KRW1.77 trillion.

During the 2006 fourth quarter, a favorable market condition
continued for DRAM.  Demand was especially strong from PCs as
more Vista-ready PCs are sold, while supply was still tight
which we believe was due to the unresolved technology migration
issues at some of our competitors.  Meanwhile, NAND flash market
improved significantly during the first half of the quarter due
to the demand increase from MP3 players, but then started to
slow down again in the second half of the quarter due to the
worse than expected sell-through of the end applications.

Under such market environment, the company's weighted average
selling price for DRAM in the fourth quarter increased by 9%
sequentially while bit growth increased by 31% based on the
smooth ramp up of 80nm technology and accelerated volume
production of fabs in Wuxi, China.  For NAND flash, although the
average selling price fell by 11% sequentially, bit growth of
27% was enough to offset the price drop.

Fourth quarter operating profits recorded KRW858 billion, up by
89% quarter-on-quarter, with 33% of operating profit margin,
which increased by 10 percentage points compared with the
previous quarter.  This improvement in the margin was mainly
attributable to the strong DRAM price that was sustained
throughout the quarter and also by the China operation that
turned profitable.  Ordinary profits amounted to KRW917 billion,
up by 142% quarter-on-quarter, from KRW379 billion in the
previous quarter.

Net profits for the fourth quarter increased 166% quarter-on-
quarter to KRW1.04 trillion, with 40% net profit margin.  The
reason for the difference between the ordinary profits and net
profits is basically due to the additional recognition of tax
benefit by the parent company at the end of the year.

                    Non-Consolidated Results

Non-consolidated sales in the fourth quarter amounted to
KRW2.66 trillion, which is a 46% increase sequentially.  
Operating profits increased by 202% quarter-on-quarter to
KRW881 billion, resulting in 33% of operating profit margin.  
Ordinary profits was KRW849 billion after reflecting net non-
operating expense of KRW32 billion.  Net profits was
KRW1.01 trillion with 38% of net profit margin.

                          About Hynix

Headquartered in Echon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.   
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Standard & Poor's Ratings Services revised to
positive from stable the outlooks on its 'B+' long-term
corporate credit ratings on Hynix Semiconductor Inc. and its
U.S. subsidiary, Hynix Semiconductor Manufacturing America Inc.  
At the same time, Standard & Poor's affirmed its long-term
corporate credit and senior debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service has upgraded the rating of the senior secured notes
issued by Hynix Semiconductor Manufacturing America Inc. to Ba3
from Caa2.  The rating action follows Moody's decision to affirm
the Ba3 corporate family rating (previously called senior
implied rating) of Hynix Semiconductor Inc., the majority
shareholder of HSMA, and remove it from provisional status.
The TCR-AP reported on July 13, 2005, that Moody's Investor
Service affirmed its B1 senior unsecured rating for Hynix
Semiconductor Inc.'s US$500 million bonds upon its successful
closing.


HYNIX SEMICONDUCTOR: Injects Funds into Two Units
-------------------------------------------------
Hynix Semiconductor Inc. invests US$500 million into Hynix-ST
Semiconductor Ltd., increasing its holdings in the China-based
company to 66.7%, Reuters Key Development reports.

Hynix also decided to invest approximately KRW2.1 million into
Hynix Semiconductor Indian Subcontinent Private Ltd. effectively
making HSIS a wholly owned subsidiary, Reuters Key Development
adds.

Headquartered in Echon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.   
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Standard & Poor's Ratings Services revised to
positive from stable the outlooks on its 'B+' long-term
corporate credit ratings on Hynix Semiconductor Inc. and its
U.S. subsidiary, Hynix Semiconductor Manufacturing America Inc.  
At the same time, Standard & Poor's affirmed its long-term
corporate credit and senior debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service has upgraded the rating of the senior secured notes
issued by Hynix Semiconductor Manufacturing America Inc. to Ba3
from Caa2.  The rating action follows Moody's decision to affirm
the Ba3 corporate family rating (previously called senior
implied rating) of Hynix Semiconductor Inc., the majority
shareholder of HSMA, and remove it from provisional status.
The TCR-AP reported on July 13, 2005, that Moody's Investor
Service affirmed its B1 senior unsecured rating for Hynix
Semiconductor Inc's US$500 million bonds upon its successful
closing.


INDUSTRIAL BANK: Hikes Dividends After KRW1.05-Tril. 2006 Profit
----------------------------------------------------------------
Industrial Bank of Korea will increase dividend payments by 38%
after posting a record profit in 2006, The Korea Herald reports.

According to the report, the bank will pay KRW252 billion, or
KRW550 a share, to shareholders within one month, compared with
KRW183.3 billion, or KRW400 a share, a year earlier.  The latest
dividend will be the bank's highest since 2003.

The report also says that Industrial Bank's profit rose 35% to a
record of KRW1.05 trillion in 2006, as Korean banks benefited
from sustained growth in Asia's third-largest economy.

Reuters, on the other hand, reports that the bank expects a net
income of KRW1.2 trillion for the full year 2007.

Headquartered in Seoul, Kore, state-run Industrial Bank of Korea
-- http://www.kiupbank.co.kr/-- provides commercial banking  
services to small and mid-sized companies.  The Bank provides
loans, discount bills, deposits, installment savings deposits,
domestic remittances, foreign exchange, safe deposit boxes, and
payment acceptances and guarantees.  IBK also provides PC
banking and telephone banking services.

Moody's Investors Service gave Industrial Bank of Korea a Bank
Financial Strength Rating of 'D' effective Jan. 24, 2006.


INDUSTRIAL BANK: Divests LG Card Stakes
---------------------------------------
Industrial Bank of Korea has sold stakes worth
KRW427,981,442,850 in LG Card Co., Ltd., reducing its stake in
the company to 0.91%, Reuters Key Development says.

Headquartered in Seoul, Kore, state-run Industrial Bank of Korea
-- http://www.kiupbank.co.kr/-- provides commercial banking  
services to small and mid-sized companies.  The Bank provides
loans, discount bills, deposits, installment savings deposits,
domestic remittances, foreign exchange, safe deposit boxes, and
payment acceptances and guarantees.  IBK also provides PC
banking and telephone banking services.

Moody's Investors Service gave Industrial Bank of Korea a Bank
Financial Strength Rating of 'D' effective Jan. 24, 2006.


JEONBUK BANK: To Issue 7.13 Million Shares to Raise Capital
-----------------------------------------------------------
Jeonbuk Bank Ltd. will issue 7,126,869 new ordinary shares,
through a rights issue raising KRW35,634,345,000, with the par
value of KRW5,000, Reuters Key Development says.

The report says that the shareholders of record as of Feb. 14,
2007, are entitled to subscribe to 0.16 per share owned.  The
shares will initially be up for subscription for members of
employee stock ownership association.  On March 15 and 16, the
remaining will be offered to shareholders for an agreed first
offer price of KRW6,320 per share.

Reuters also said that the listing date of new shares will be
April 5, 2007, and the lead manager is Daewoo Securities.

Jeonju-si, Jeollabuk-do, Korea-based Jeonbuk Bank --
http://www.jbbank.co.kr-- provides commercial and retail  
banking services mainly to the Jeonbuk province in South Korea.  
The Bank's services include deposits, loans, credit cards,
foreign exchange, trust accounts, corporate loans, telebanking,
and Internet banking.

Moody's Investors Service gave Jeonbuk Bank a D- bank financial
strength rating effective on Dec. 8, 2003.


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

COMSA FARMS: Bursa Decides to Delist Securities on March 8
----------------------------------------------------------
The securities of Comsa Farms Bhd will be delisted from the
official list of the Bursa Malaysia Securities Bhd on March 8,
2007, at 9:00 a.m.

According to the bourse, the decision to delist the company's
securities from the official list came after Comsa Farms failed
to make a requisite announcement of its regularization plan on
Feb. 16, as required by the extended plan submission deadline
set by the Bursa Malaysia.

Meanwhile, the bourse clarifies that securities of the company
may remain deposited with Bursa, notwithstanding the delisting
of the securities.

However, shareholders who intend to hold their securities in the
form of physical certificates, can withdraw these securities
with the Bursa at anytime after the securities of the company
have been delisted.  Accordingly, shareholders are required to
submit an application form for withdrawal of the securities.

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

                          *     *     *

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 on
Feb. 16, 2007, the company registered US$50.74 million in total
assets and a US$25.55-million shareholders' equity deficit.


HONG LEONG: 2006 2nd Half Pre-Tax Profit Increases by 23% YOY
-------------------------------------------------------------
Hong Leong Bank Bhd announced a pre-tax profit of MYR411 million
for the second half ended Dec. 31, 2006, an increase of 23%
year-on-year, Business Times says.  

According to the bank's statement, total net income for the 2006
2nd half grew 16% from the figure recorded in the same period in
2005, driven by a 25% rise in net interest income and a 10% rise
in other operating income.

Net profit attributable to shareholders rose by 25% to
MYR299 million, Business Times notes.

Its 2006 2nd half earnings per share improved by 30% to 20.4 sen
from 15.7 sen for the corresponding period in 2005, the paper
relates.

In addition, the bank's loan growth stood at 10% year-on-year,
better than the industry growth of 6.3%.  Hong Leong said that
the increase was spurred by its retail segment, with mortgages
growth up at 25% and credit cards up 51% on an annualized basis.

Hong Leong's gross non-performing loan ratio declined to 4.4%
and net non-performing loan ratio to 2.6%.  An interim dividend
of 9 sen per share has been recommended, Business Times says.  

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Hong Leong Bank Berhad
-- http://www.hlb.com.my/-- is principally engaged in all  
aspects of commercial banking business and in the provision of
related services, including Islamic Banking services, via its
incorporated subsidiary, Hong Leong Islamic Bank Berhad.  
Through its subsidiaries, the Bank is also engaged in leasing
activities, real property investment, nominee services and trade
finance activities.  HLB has over 185 branches in Malaysia,
Singapore and Hong Kong. Hong Leong Credit Berhad is the Bank's
holding company, and its ultimate holding company is Hong Leong
Company (Malaysia) Berhad.  On August 25, 2005, HLB disposed of
its 100% equity interest in Credit Corporation (Malaysia) Sdn
Bhd. On June 19, 2006, the Company formed a joint venture
company with Hong Leong Assurance Berhad (HLA) and Tokio Marine
& Nichido Fire Insurance Co., Ltd (Tokio Marine), known as Hong
Leong Tokio Marine Takaful Berhad (HLTM).

Fitch Ratings gave Hong Leong Bank a C individual rating on
July 18, 2005.


MEGASTEEL BERHAD: To Issue Shares to Raise MYR200 Million
---------------------------------------------------------
Megasteel Sdn Bhd plans to issue shares to raise MYR200 million
in cash, which will used to pay debts, Business Times reports.

According to the report, the proceeds of the shares sale will be
used to repay Megasteel's borrowings of about MYR112.3 million,
with the rest used for working capital.

                          *     *     *

Megasteel Sdn Bhd, a member of The Lion Group, is the first
steel mill in Malaysia to produce flat steel products in the
form of hot rolled coils. It has a total investment of MYR3.2
billion and is located on a 500-acre site in Banting, Selangor.  
The mill is approximately 1.3 km long with a built-up area of
1.3 million square feet.

Standard and Poors gave the company a B+ long-term issuer
rating.


SILVERSTONE CORP: Fails to File Plan; Bursa to Delist Securities
----------------------------------------------------------------
Silverstone Corporation Bhd failed to submit its regularization
plan to the Securities Commission and other relevant authorities
for approval by the extended deadline set by the Bursa Malaysia
Securities Bhd.

In this regard, the bourse decided to delist the company's
securities from its official list starting on March 8, 2007, at
9:00 a.m.

Bursa Malaysia, however, said that the securities of the company
may remain deposited with the bourse, notwithstanding the
delisting of the securities.

Meanwhile, shareholders of the company who intend to hold their
securities in the form of physical certificates can withdraw
these securities with the Bursa at anytime after the securities
of the company have been delisted.  Accordingly, shareholders
are required to submit an application form for withdrawal of the
securities.

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

                          *     *     *

Headquartered in Kuala Lumpur, Silverstone Corporation Berhad is
an investment holding company.  The Company operates through
business segments.  SCB's business segments consist of tyre and
motor segments.  The tyre segment is engaged in the manufacture
sale and distribution of tyres, retreading tyres, rubber
compounds and other related rubber products.  SCB's tyres, the
Kruizer 1 and Evol 8 series are developed by using MicroBeta
Silica Technology.  The motor segment is engaged in the
manufacturing of motorcycle parts and accessories,
electroplating of motorcycle absorbers, sales, and distribution
of motor vehicles.  The company's other business segments
include investment holding, treasury business and provision of
training services.  SCB has its operations in Malaysia and
China.  Some of the company's subsidiaries include AMB Aerovest
Limited, AMB Harta (L) Limited, AMB Harta (M) Sdn Bhd and AMB
Venture Sdn Bhd.

The company is an affected listed issuer under Bursa Malaysia
Securities Berhad's amended Practice Note No. 17 as its auditors
have expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statement for
the financial year ended June 30, 2005.  Moreover, Silverstone's
shareholders' equity on a consolidated basis as at June 30,
2005, represented 47.2% of the issued and paid-up capital of the
company.


STAR CRUISES: New Fleet Member to Debut in Hong Kong in June
------------------------------------------------------------
Star Cruises' newest addition to the Asian fleet, SuperStar
Aquarius is set to make her debut in Hong Kong on June 22, 2007,
the luxury cruise firm said in a statement.

The ship's itineraries in Asia begin with a series of one-night
cruises out of Singapore between June 11-16, prior to departing
for Hong Kong on June 17.

The relocation cruise will call at Ho Chi Minh City, Vietnam,
and Sanya, China, on June 19-21, respectively, before arriving
in Hong Kong the next day where the ship will commence daily
international waters cruises.  SuperStar Aquarius' arrival
coincides with the 10th anniversary of the establishment of the
Hong Kong Special Administrative Region.

The daily departures provide an excellent opportunity to capture
the skyline of Hong Kong.  The cruises offer a spectacular array
of onboard dining, recreation and entertainment options.

According to Star Cruises, the 2007 season will also see
SuperStar Aquarius offer a series of destination cruises to
China.  These include eight 2-night cruises to Xiamen and four
2-night cruises to Haikou.

Currently sailing as the Norwegian Wind, the 50,760 gross tonne
luxury ship with her stylish design will appeal to a wide
spectrum of cruisers in Hong Kong and other Asian markets.

Cruisers on Hong Kong 's newest star will definitely enjoy a
greater choice of outlets and facilities, bigger cabins and
suites and a host of exciting onboard features customized to
suit Asian tastes, Star Cruises said.

SuperStar Aquarius has 765 cabins ranging from suites to balcony
cabins.  Guests can enjoy an exciting array of recreation,
entertainment and dining options that include 8 restaurants and
bars offering an excellent choice of international and Asian
cuisine.

One can enjoy Chinese family style dining at the Dynasty
expertly prepared by its team of chefs or savor a variety of
Asian specialties at the Spices restaurant and international
buffet spreads at the Mariners Buffet.  There is also the 24
hour Blue Lagoon which serves a variety of local and
international delicacies.

Other onboard facilities include swimming pool, sauna, retail
outlets, show lounge, karaoke as well as business and meeting
facilities to name a few.

The introduction of SuperStar Aquarius, will bring the total to
three ships positioned in Hong Kong, including Star Pisces and
Wasa Queen operating under the Star Cruises and Cruise Ferries
brands respectively.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands:  Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in
Malaysia.

Moody's Investors Service has placed the B1 corporate family
rating of Star Cruises Limited on review for possible downgrade
on Jan. 25, 2007.

The review has been prompted by SCL's announcement that it and
Genting International Plc, a subsidiary of Genting Berhad, will
acquire a 75% interest in Macau Land Investment Corporation,
which will develop a hotel and casino project on the foreshore
of downtown Macau.

In addition, on December 11, 2006, Standard & Poor's Ratings
Services placed its BB- long-term corporate credit ratings on
Malaysia-based cruise operator Star Cruises Ltd. on CreditWatch
with negative implications.

S&P also placed its BB- long-term corporate credit ratings on
U.S. based cruise operator NCL Corp. Ltd. (NCL) and its B
foreign currency ratings on NCL's senior unsecured debt of
US$250 million due 2014 on CreditWatch with negative
implications.


STAR CRUISES: Unit Inks Agreement to Buy 75% in Macau Land
----------------------------------------------------------
Star Cruises Limited's 75% owned subsidiary, New Orisol
Investments Limited, has entered into sale and purchase
agreements to acquire a 75% interest in Macau Land Investment
Corporation, which owns a parcel of land known as No.1 Lago Nam
Van, Macau, located on the shores of Nam Van Lake in downtown
Macau.

Genting International P.L.C. owns the balance of the 25% stake
in New Orisol.

The company has also entered into a services agreement with
Sociedade de Jogos de Macau, S.A., a holder of a gaming
concession granted by the Government of Macau whereby the
Company will cause its subsidiary, the Service Provider, to
provide certain areas for a casino in the hotel to be built at
the Premises and provide services to the casino which will be
operated by SJM, conditional upon approval by the Government of
Macau.

SJM will pay the Service Provider a monthly fee for usage of the
location for the casino and the provision of the services,

Macau Land intends to develop "Resorts World at Macau", a
boutique hotel which includes the Casino on the Premises.

These arrangements are subject to the approval of relevant
authorities.

On 17 January 2007, the Star Cruises entered into a share
placement agreement with these parties:

    -- Profit Boom Investment Limited: 120 million shares
    -- Win Ever Investment Limited: 40 million shares
    -- Leong Angela On Kei: 40 million shares
    -- Ideal Collection Assets Limited: 12.5 million shares
    -- Chua Ma Yu: 42.5 million shares.

The shares were priced at HK$2.29 each.  

In addition, the Subscribers also entered into an option
agreement respectively to purchase their respective numbers of
shares in the company at a premium of HK$0.28 per option share.  
The exercise price of the option shares is HK$3.00 per option
share.  The initial share placement will raise HK$655,350,000.

Upon conversion of the option shares, the company will raise an
additional HK$765,000,000.

Commenting on the transactions, the Company's Chairman,
President and CEO, Tan Sri Lim Kok Thay, said, "Macau is the
fastest-growing leisure, entertainment and hospitality market in
the world.  With the presence of so many leading industry
players in Macau, it is a further testimony of the need for us
to build our strong presence in Macau."  

"Star Cruises in leading this development is confident of
leveraging Genting Group's proven experience, expertise and
track record, in creating a world-class hospitality project in
Macau," Mr. Tan added.

Mr. William Ng, Executive Director of the company, said "There
is increasing affluence in Asia, and Macau will be a prime
beneficiary in this large and growing market.  We believe the
project when completed in 2009 will further contribute to
Macau's development as a world-class tourist destination."

Meanwhile, commenting on his investment in Star Cruises Dr.
Stanley Ho said, "This is a personal investment and has nothing
to do with any of my publicly listed companies."

The estimated project cost is HK$4.7 billion, and it will be
funded via a combination of debt, equity capital and bank
borrowings.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands:  Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in
Malaysia.

Moody's Investors Service has placed the B1 corporate family
rating of Star Cruises Limited on review for possible downgrade
on Jan. 25, 2007.

The review has been prompted by SCL's announcement that it and
Genting International Plc, a subsidiary of Genting Berhad, will
acquire a 75% interest in Macau Land Investment Corporation,
which will develop a hotel and casino project on the foreshore
of downtown Macau.

In addition, on December 11, 2006, Standard & Poor's Ratings
Services placed its BB- long-term corporate credit ratings on
Malaysia-based cruise operator Star Cruises Ltd. on CreditWatch
with negative implications.

S&P also placed its BB- long-term corporate credit ratings on
U.S. based cruise operator NCL Corp. Ltd. (NCL) and its B
foreign currency ratings on NCL's senior unsecured debt of
US$250 million due 2014 on CreditWatch with negative
implications.


TAP RESOURCES: Units Set Creditors' Meeting for Planned Wind-Up
---------------------------------------------------------------
Two of Tap Resources Bhd's subsidiary companies, Tap Builders
Sdn Bhd and Mech-E Engineering & Trading Sdn Bhd, called for a
creditors' meeting on March 5, 2007.

According to the company, the meeting was called to discuss the
operational and financial impact of the two subsidiaries to the
group.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 12, 2007, Tap Resources made its requisite announcement
regarding the various proposals it plans to undertake in order
to regularize its financial and operational position.

Part of the company's regularization plan was to liquidate the
operations of Tap Builders and Mech-E Engineering along with
other subsidiaries.  According to the company, these units are
facing liquidation as they have either ceased or wound down
their respective businesses.

                  Financial Impact on the Group

As at April 30, 2006, the accumulated losses of TAP Builders and
Mech-E aggregated to MYR41.79 million and MYR3.44 million,
respectively.  The total cost of TAP's investment in TAP
Builders and Mech-E are MYR13,196,942 and MYR59,256,
respectively.  As at to date, full impairment losses have been
provided for, the company said.  

                 Operational Impact on the Group

TAP Builders has completed all its construction works and does
not have any job in hand while Mech-E had only minor M&E works
which has been shelved due to non-payment from the contractor.

                          *     *     *

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

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


TENAGA NASIONAL: Mulls Selling Shares in Indonesian Firm
--------------------------------------------------------
Malaysia's Tenaga Nasional Bhd is planning to sell its
investment in Indonesia PT Dasa Eka Jasatama, Reuters reports,
citing a statement by the company.

According to Tenaga, the terms of the sale are still being
finalized by Tenaga subsidiary, TNB Coal International Ltd.  
Tenaga did not give an indication of the sale price, Reuters
relates.

                          *     *     *

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

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

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


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

AIR NEW ZEALAND: 6-Months to Dec. 2006 Net Profit Up 61%
--------------------------------------------------------
Air New Zealand posted a profit before unusuals and tax of
NZ$109 million for the six-month period ending Dec. 31, 2006, an
increase of 35% (NZ$28 million) on the poor performance in the
same period in 2005.

Net profit was NZ$74 million, up 61% (NZ$28 million), and higher
yields contributed to a 12% increase in operating revenue.  
Based on the airline's improved profitability and outlook, the
Board has increased the interim dividend to 3 cents per share,
or NZ$32 million.

Air New Zealand Chairman John Palmer said the airline's progress
in the first six months of the year was pleasing in the face of
significant challenges like high fuel prices, a weaker New
Zealand dollar, and intense competition from other destinations.

"All our key metrics - including yield, passenger numbers,
revenue, profitability and share price are up, despite
significant external pressures," Mr. Palmer said.

Jet fuel continued to be the company's most significant cost.  
The average price of fuel was up 13% over the last year, and 55%
over the same period two years ago.

Mr. Palmer said that in 2003 the airline embarked on a
substantial NZ$2.6 billion capital investment program.   
Subsequent to this, it sought to strengthen its balance sheet
through a capital raising to shareholders.

                  To Declare Special Dividend

With this current cycle of fleet investment coming to an end, no
jet aircraft arriving until 2010, and strong gearing position of
46.7%, the airline is now in a position to return some cash to
shareholders.

"Although the operating environment is still very challenging,
we feel confident now about the ability to release some of the
cash holdings from the balance sheet," he said.

"With that in mind, a review of our current medium-term
financial and cash projections has prompted the Board to declare
a special dividend of NZ$105 million, or 10 cents per share,"
said Mr. Palmer.

The record date for the interim and special dividends is on
March 13, 2007.

                       Returns Still Low

Mr. Palmer said that despite the encouraging performance, the
airline's returns are still below their potential.

"The Board's view is that we are not yet achieving the levels of
performance we consider appropriate to properly reward
shareholders for the capital employed and associated investment
risk," Mr. Palmer said.

Chief Executive Rob Fyfe said it is important to consider Air
New Zealand's performance over the past six months within a
wider context.

"We are confident in our strategic direction and will continue
to drive the changes we need to ensure the airline is world
class in everything it does," Mr. Fyfe said.

"As a niche player, we will only achieve these standards by
transforming our airline into one that is nimble, flexible and
innovative, able to successfully compete in a demanding
operating environment."

Mr. Fyfe said priorities for the business over the next six
months included clarifying the future operating model for
Airport Services, growing the domestic business, consolidating
Air New Zealand's position on the Tasman and stimulating demand
for the new Vancouver service, which will launch in November.

"We will also continue to simplify and reduce costs."

Over the past six months Air New Zealand has achieved additional
cost savings of NZ$63 million and is on track to achieve
targeted cost savings of NZ$130 million for the full year.

"This is the final year of our four-year cost saving program,
which originally targeted savings of NZ$245 million per annum
once fully implemented.  By the end of this program we will have
posted over NZ$326 million in annualized savings, well up on our
original target."

Mr. Fyfe said it is critical for both New Zealand and Air New
Zealand to have a cohesive national tourism strategy in place.  
The airline was working collaboratively with the tourism
industry but acknowledged there is still much work to be done.

"Air New Zealand carries more than 4.5 million passengers
internationally each year. We must be world-class in all aspects
of our business - online, on board and onshore - if we are to
assist New Zealand to achieve its full potential."

                            Outlook

Air New Zealand has continued to improve its market disclosures
with the addition of monthly passenger yield movements and have
carried on publishing its hedge book and other relevant
information.

"This has given the market an up-to-date view of how the company
is performing.  Analysts active in covering the company
currently expect profit before unusuals and tax of between
NZ$204 and NZ$232 million for the 2007 year.  We note that the
level of disclosure has allowed analysts to form a realistic
expectation of the company's performance for the current year,"
Mr. Palmer said.

Key highlights:

   * Operating revenue rose 12% to NZ$2,135 million with group   
     passenger yields up 10.7%;

   * Short-haul passenger revenue has increased 11% to NZ$1,019
     million with yields also up 8.9%;

   * Long-haul passenger revenue increased 13% to NZ$695
     million, with yields up 12.7%;

   * Cargo revenue up 20% due to the increased capacity offered
     by the new 777 and higher cargo yields;

   * Additional cost savings of NZ$63 million achieved, on track
     to achieve targeted cost savings of NZ$130 million;

   * Gearing as at Dec. 31, 2006, is 46.7% at the lower end of
     our target range of 45 to 55%;

   * Cash holdings remain above NZ$1 billion despite repaying
     NZ$140 million of debt early.

                      About Air New Zealand

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

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

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


AN YING: Court Appoints Joint Liquidators
-----------------------------------------
The High Court of Auckland appointed Stephen Mark Lawrence and
Anthony John McCullagh as joint and several liquidators of An
Ying Group Ltd on Feb. 1, 2007.

In this regard, the company's creditors are required to prove
their claims on March 5, 2007.

The Joint Several Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         Horwath Corporate (Auckland) Limited
         PO Box 3678
         Shortland Street, Auckland 1015
         New Zealand
         Telephone:(09) 306 3440
         Facsimile:(09) 302 0536


CLEAR CHANNEL: 4th Quarter 2006 Revenues Rose to US$1.94 Billion
----------------------------------------------------------------
Clear Channel Communications Inc.'s revenues for the fourth
quarter ended Dec. 31, 2006, increased 11% to US$1.94 billion,
from US$1.75 billion for the fourth quarter of 2005.  Included
in the company's revenue is a US$32.4 million increase due to
movements in foreign exchange; strictly excluding the effects of
the movements in foreign exchange, revenue growth would have
been 9%.

Clear Channel's expenses increased 8% to US$1.2 billion during
the fourth quarter of 2006 compared to 2005.  Included in the
company's 2006 expenses is approximately US$8.7 million of non-
cash compensation expense, a US$27.7 million increase due to
movements in foreign exchange and a US$9.8 million reduction as
a result of a favorable settlement of a legal proceeding.

Clear Channel's income before discontinued operations increased
15% to US$210.1 million, as compared to US$182.7 million for the
same period in 2005.

                     Full Year 2006 Results

For the full year, the company reported revenues of US$7.07
billion, an increase of 7% when compared to revenues of US$6.58
billion for the same period in 2005.  Included in the company's
revenue is a US$17.4 million increase due to movements in
foreign exchange.

The company's expenses increased 6% to US$4.6 billion during the
year compared to 2005.  Included in the company's expenses is
approximately US$35.2 million of non-cash compensation expense
and a US$14.6 million increase due to movements in foreign
exchange.

During 2005, the company restructured its business in France and
recorded approximately US$26.6 million in restructuring charges.  
The company's income before discontinued operations was
US$688.8 million.  This compares to income before discontinued
operations of US$633.6 million in 2005.

The company's full year 2006 net income included approximately
US$35.7 million of pre-tax gains primarily on the divestitures
of radio assets and the swap of certain outdoor assets.  
Excluding these gains, Clear Channel's 2006 income before
discontinued operations would have been US$667.7 million.

                      Fourth Quarter Events

On Nov. 16, 2006, the company agreed to be acquired by a group
of private equity funds led by Bain Capital Partners LLC and
Thomas H. Lee Partners L.P.  The transaction is subject to
shareholder approval, antitrust clearances, FCC approval and
other customary closing conditions.  The company filed its
definitive proxy statement with the Securities and Exchange
Commission on Jan. 29, 2007, and the shareholder meeting will be
held March 21, 2007.

Also on Nov. 16, 2006, the company announced plans to sell 448
of its 1,176 radio stations, all located outside the top 100
U.S. media markets, as well as all of its television stations.  
The sale of these assets is not contingent on the closing of the
Bain Capital deal.  Definitive asset
purchase agreements were signed for the sale of 39 radio
stations as of Dec. 31, 2006.  The stations, along with 5
stations sold in the fourth quarter of 2006, were classified as
assets held for sale in the consolidated balance sheet and as
discontinued operations in the consolidated statements of
operations.

The company's 2006 revenue increased from foreign exchange
movements of approximately US$32.4 million for the fourth
quarter and US$17.4 million for the full year as compared to the
same period of 2005.

                 Return of Capital to Shareholders

During 2006, the company repurchased 46.7 million shares of its
common stock for approximately US$1.4 billion.  The company has
repurchased a total of 130.9 million shares for approximately
US$4.3 billion under its share repurchase programs since March
2004.

As a result of the company's proposed merger transaction
announced on Nov. 16, 2006, the company will not be hosting a
teleconference or webcast to discuss results.

                 Liquidity and Financial Position

For the year ended Dec. 31, 2006, cash flow from operating
activities was US$1.8 billion, cash flow used by investing
activities was US$641.4 million, cash flow used by financing
activities was US$1.2 billion, and net cash provided by
discontinued operations was US$9.7 million for a net increase in
cash of US$31.2 million.

As of Dec. 31, 2006, 69% of the company's debt bears interest at
fixed rates while 31% of the company's debt bears interest at
floating rates based upon LIBOR.  The company's weighted average
cost of debt at Dec. 31, 2006, was 6.1%.

On Feb. 1, 2007, the company redeemed its 3.125% Senior Notes at
their maturity for US$250.0 million plus accrued interest with
proceeds from its bank credit facility.

As of Feb. 22, 2007, the company had approximately US$571.8
million available on its bank credit facility.  The company may
utilize existing capacity under its bank facility and other
available funds for general working capital purposes including
funding capital expenditures, acquisitions, stock repurchases
and the refinancing of certain public debt securities.  Capacity
under the facility can also be used to support commercial paper
programs.  Redemptions or repurchases of securities will occur
through open market purchases, privately negotiated
transactions, or other means.

                 About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader  
in the out-of-home advertising industry with radio and
television stations and outdoor displays.  Aside from the U.S.,
the company operates in 11 countries -- Norway, Denmark, the
United Kingdom, Singapore, China, the Czech Republic,
Switzerland, the Netherlands, Australia, Mexico and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


GENESIS RESEARCH: Records NZ$3.3-Million Net Surplus for 2006
-------------------------------------------------------------
Genesis Research and Development Corporation Ltd reported a cash
balance at Dec. 31, 2006, of NZ$9.0 million (Dec. 31, 2005:
NZ$5.1 million).

Revenue from collaborations, grants, sale of technology and
interest for the 12 months to Dec. 31, 2006, was NZ$10.8 million
(2005: NZ$2.6 million) including the sale of forestry technology
to ArborGen, LLC.

The net recurring cash burn of NZ$4.6 million (excluding one-
time costs) was held below budget but includes expansion of the
oncology program.  The resulting net surplus for the year was
NZ$3.3 million (2005 deficit: NZ$7.1 million).

Genesis Chief Executive, Stephen Hall, said, "The internal
therapeutic development programmes are making good progress.  
The team developing Zyrogen (which has potential as a
therapeutic target for osteoporosis and autoimmune disorders
such as systemic lupus erythematosis) has recently achieved
several development milestones.  A number of external groups
have shown interest in collaboration opportunities for this
project."

"The cancer therapeutic programme has identified some very
promising targets which are being validated in further models,"
Mr. Hall added.

The revenue from one-off activities includes revenue from the
sale of technology to ArborGen (NZ$8.719 million).

At balance date, Genesis wrote-off an inter-company loan to
AgriGenesis for the amount of NZ$3.143 million (2005, nil) and
wrote-down its investment in AgriGenesis of NZ$2.492 million in
accordance with the Group's accounting policy for the
recognition of investments and receivables.

"In addition, the company is actively exploring in-licensing
opportunities to broaden the Genesis pipeline of projects," Mr.
Hall noted.

"The biofuels program which has demonstrated the viability of
producing ethanol, unsulphonated lignin and xylose from shrubby
willow was transferred to BioJoule Ltd, a joint venture with
Lake Taupo Development Company.  There continues to be interest
from outside investors who are keen to participate in the
development of a domestic ethanol industry based on BioJoule
technology," Mr. Hall further said.

Parnell, New Zealand-based Genesis Research & Development Corp.
-- http://www.genesis.co.nz/-- is a discovery-based  
biotechnology company.  The company uses its ribonucleic acid
interference (RNA i) technology to develop therapeutics for
allergic diseases, especially asthma and atopic dermatitis.  The
company's subsidiaries include AgriGenesis BioSciences Limited,
AgriGenesis Limited, ArborGen, LLC, BioStore NZ Limited and
Genesis Employee Fund Limited.  The research in the fields of
agriculture, horticulture and forestry is carried out in
AgriGenesis BioSciences Limited.

The group recorded a net deficit after taxation of NZ$7,134,000
and NZ$13,695,000, as of December 31, 2005, and 2004,
respectively.

The parent company recorded a net deficit after taxation of
NZ$5,937,000 and NZ$6,758,000, as of December 31, 2005, and
2004, respectively.


GLASS EARTH: Inks Hauraki Region JV Agreement with Newmont
----------------------------------------------------------
On Feb. 26, 2007, Glass Earth Limited disclosed that it has
entered into an agreement with Waihi Gold Company Limited (a
subsidiary of Newmont Mining Corporation) whereby Newmont will
explore Glass Earth's extensive permit area in the Hauraki
Region, North Island, New Zealand.

Glass Earth's Hauraki Region permit area lies immediately to the
west and north of the Waihi/Martha Hill Mine, located at Waihi,
North Island, New Zealand which is owned and operated by
Newmont.

According to Glass Earth, 15 advanced gold prospects lie in the
Glass Earth/Newmont Joint Venture area within trucking distance
of Newmont's Waihi gold plant.  Several of the targets have
significant gold intercepts, like:

   (a) At Wharekiriponga, DDH4 17.7m @ 4.0g/t Au (in 150m @
       0.93g/t Au) lies just two kms along-strike from the
       Golden Cross mine (produced 634,000 oz gold 1991 - 1997);
       and

   (b) At Owharoa (historic production 63,334 oz), a 500m wide
       alteration zone is interspersed with innumerable quartz
       veins.

The 10 million ounce Martha Hill Mine, owned by Newmont, is
considered to be the "type" epithermal gold deposit and the kind
of large epithermal gold deposit targeted by Glass Earth in its
exploration program.

                 Hauraki Region JV Agreement

The Agreement terms provide that Newmont may earn an equity
interest in each of the 3 sectors of the Hauraki Region (named
Northern, Central and Southern) by undertaking exploration
programs (including drilling) as follows:

   (a) To earn an initial 65% equity in a venture area, by
       expending over a 4 year period:

       -- NZ$1.65 million (circa C$1.37 million) on the
          Northern Hauraki Venture Area;

       -- NZ$1.75 million (circa C$1.45 million) on the
          Central Hauraki Venture Area; and

       -- NZ$2.8 million (circa C$2.3 million) on the Southern
          Hauraki Venture Area.

   (b) Newmont may elect to prepare a feasibility study to earn
       a further 10% in a venture area;

   (c) Glass Earth may request that Newmont arrange Glass
       Earth's share of financing in return for a further 5%
       equity in a venture area;

   (d) Glass Earth and Newmont will be liable (in proportion to
       their equity interests) for the Geoinformatics
       Exploration Inc. 2% royalty on any production from
       identified and acknowledged targets in the Hauraki Region
       permit area.

   (e) Newmont will be the operator

Newmont will commence exploration activities immediately.

                       Qualified Persons

Glass Earth's exploration programs are carried out under the
supervision of Glass Earth's VP Exploration and Chief Operating
Officer, Simon Henderson, M.Sc, M.AUSIMM.  Mr. Henderson meets
the qualified person requirements (as defined by National
Instrument 43-101) with more than 30 years of experience in the
gold mining and exploration industry.

                       About Glass Earth

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

                        Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.  For the nine-month period ended November 30,
2006, the company had a net loss of CDN$629,000 and accumulated
deficit of CDN$2,579,000.  The company's ability to meet its
obligations and continue as a going concern, according to its
auditors, is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations.


GOURMET CHICKEN: Wind-Up Hearing Slated for May 10
--------------------------------------------------
On Jan. 22, 2007, Sam's Chicken Ltd filed a wind-up petition
against Gourmet Chicken Co. Ltd before the High Court of
Auckland.

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

Sam's Chicken solicitor can be reached at:

         Kevin Patrick McDonald
         11th Floor, Global House
         19-21 Como Street (PO Box 331065 or DX BP 66086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


HOWARD ELECTRICAL: Creditors' Proofs of Claim Due on April 5
------------------------------------------------------------
The creditors of Howard Electrical Ltd are required to submit
their proofs of claim by April 5, 2007, or they will be excluded
from sharing in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that the company faced liquidation proceedings on Feb. 5, 2007.  
The Commissioner of Inland Revenue filed the petition.

The joint liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace (PO Box 243)
         Wellington
         New Zealand
         Telephone:(04) 462 7188
         Facsimile:(04) 462 7492


MAINTENANCE SPECIALISTS: Faces Liquidation Proceedings
------------------------------------------------------
An application to liquidate Maintenance Specialists Ltd will be
heard before the High Court of Auckland on March 1, 2007, at
10:45 a.m.

Accident Compensation Corp. filed the petition on Dec. 5, 2006.

Accident Compensation's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller
         2nd Floor, McDonald's Building
         Cobham Court (PO Box 50555 or DX SP 32505)
         Porirua City
         New Zealand


MOVIT 2000: Court to Hear Liquidation Petition on March 5
---------------------------------------------------------
The High Court of Wellington will hear a liquidation petition
against Movit 2000 Ltd on March 5, 2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 27, 2006.

The CIR's solicitor can be reached at:

         Kerri Ann Doherty
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1045
         Facsimile:(04) 890 0009


MULTI BUILDING: Commences Liquidation Proceedings
-------------------------------------------------
On Feb. 1, 2007, the shareholders of Multi Building Services
(2003) Ltd resolved by special resolution to liquidate the
company's business.

Accordingly, Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 577 0243


NELSON ADMINISTRATION: CIR Files Liquidation Petition
-----------------------------------------------------
On Dec. 1, 2006, the Commissioner of Inland Revenue filed before
the High Court of Nelson a liquidation petition against Nelson
Administration Services Ltd.

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

The CIR's solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         (PO Box 1782), Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


PETER FLOWER: Creditors to Prove Debts by March 5
-------------------------------------------------
The creditors of Peter Flower & Associates Ltd are required to
prove their debts by March 5, 2007, or they will be excluded
from sharing in any distribution the company will make.

According to the Troubled Company Reporter - Asia Pacific, the
liquidation petition against the company was heard on Feb. 7,
2007.  The Commissioner of Inland Revenue filed the petition.

The joint liquidators can be reached at:

         Rory Iain Grieve
         Peter Reginald Jollands
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level 4, 3-13 Shortland Street
         Auckland
         New Zealand
         Web site: http://www.jollandscallander.co.nz


ROSKILL METAL: Shareholders Opt to Liquidate Business
-----------------------------------------------------
On Feb. 5, 2007, the shareholders of Roskill Metal Polishers Ltd
resolved by special resolution to liquidate the company's
business.

In this regard, John Albert Price and Christopher Robert Ross
Horton were appointed as joint and several liquidators.

The company's creditors are required to prove their debts on
March 16, 2007.

The Joint Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         c/o Horton Price Limited
         PO Box 9125
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


TECHNOLOGY FINANCE: Liquidation Hearing Set for March 5
-------------------------------------------------------
The Commissioner of Inland Revenue filed a petition to liquidate
Technology Finance Ltd on Nov. 27, 2006.

Accordingly, the petition will be heard before the High Court of
Wellington on March 5, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

         John Frederick Parnell
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 4673
         Facsimile:(04) 890 0009


TURNERS DEVELOPMENTS: Creditors to Lodge Claims by March 8
----------------------------------------------------------
The creditors of Turners Developments Ltd are required to lodge
their claims by March 8, 2007, and to establish any priority
claims they may have.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard the liquidation petition against
the company on Feb. 8, 2007.  The Commissioner of Inland Revenue
filed the petition.

The joint liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         PPB McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


ULSTER CORP: Court Hears Liquidation Petition
---------------------------------------------
The High Court of Christchurch heard a liquidation petition
against Ulster Corp. Ltd on Feb. 26, 2007.

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

The CIR's solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         (PO Box 1782), Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


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

CENTRAL AZUCARERA: FY2005-06 Net Loss Narrows 84% to PHP87.48MM
---------------------------------------------------------------
Central Azucarera de Tarlac filed with the Philippine Stock
Exchange its annual report for crop year ended June 30, 2006.

Central Azucarera's net loss narrowed by 84% to PHP87.48 million
in the fiscal year ended June 30, 2006, from the
PHP548.98-million incurred during the year ended June 30, 2005.

For fiscal 2005-2006, Central Azucarera's revenues grew 238% to
PHP450.85 million from the PHP133.44 million booked in the crop
year ended June 30, 2005.  The company attributed the rise in
revenues to "increment in production and improved market
prices."

Central Azucarera believes that the increased productivity and
improved market conditions also worked against the lingering
effects of labor strike that brought considerable hardships to
the company.

In November 2004, the company's milling operations were halted
due to a labor strike as a result of a collective bargaining
deadlock.  On Dec. 8, 2005, the labor dispute was finally
concluded and operations resumed.

With Central Azucarera restarting milling operations only in
December 2005, its operating expenses fell 26% to
PHP103.61 million.   The company's interest charges also dipped
from PHP139.45 million in FY2004-2005 to PHP98.74 million in
FY2005-2006.  The successful negotiations for the settlement of
some of the outstanding bank obligations resulted in the
reduction in interest, the company explains.

Bank loans aggregating PHP145.3 million in 2006 were settled
through "dacion en pago" of properties owned by related parties.  
The company was in the process of settling the remaining matured
loans of PHP804.7 million as of June 30, 2006, with creditor
banks also under the same arrangements.  Of that amount,
PHP306.9 million was settled in September 2006.

"The effects of the dead season, the resignation of a vast
number of officers and employees and the conscious efforts on
the part of everybody to minimize expenditures contributed to an
improved financial performance for the year," the company
states.

As of June 30, 2006, the company had total assets of
PHP1.741 billion, total liabilities of PHP1.681 million and
shareholders' equity of PHP60.76 million.

Belinda B. Fernando, CPA, partner at auditing firm Sycip Gorres
Velayo & Co., points out in an independent auditors report that
the company's ability to continue as a going concern depends on
the successful implementation of its planned initiatives to
increase revenue and reduce costs, the finalization of the
ongoing settlement with creditor banks and the settlement of
intercompany accounts with related parties.

A full-text copy of the company's annual financial results is
available for free at the Philippine Stock Exchange's Web site
at http://www.pse.com.ph/

As previously reported in the Troubled Company Reporter - Asia
Pacific, Central Azucarera will hold its Annual Meeting of
Stockholders on Mar. 27, at 11:00 a.m., at the Alto Pavilion,
San Miguel, in Tarlac City, Philippines.   Only stockholders of
record as of March 20 are entitled to vote during the Annual
Meeting.

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

The company incurred net losses for two consecutive fiscal years
-- PHP87.48 million in the fiscal year ended June 30, 2006, and
PHP548.98 million in the year ended June 30, 2005.


RIZAL COMMERCIAL: To List 250 Million Shares on March 29
--------------------------------------------------------
Rizal Commercial Banking Corp. will list 250,000,000 additional
common shares on March 29, the Manila Standard Today reports.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 12, the bank's board of directors approved the bank's
issuance of 250 million shares of new common stock through an
additional public offering.

In this regard, the bank will hold an international roadshow and
bookbuilding from March 5 to 15.

The bank tapped global financial brokerage firm CLSA Limited as
the bookrunner and international underwriter for the listing,
the Manila Standard relates.  RCBC Capital Corp. is the domestic
lead underwriter.

The additional public offering would consist of up to about 217
million new common shares to international investors and PSE
trading participants, the newspaper says citing the company's
regulatory filing as source.  An additional 32.6 million shares
have been earmarked for overallotment, the paper adds.

The new shares, the paper says, will have a par value of PHP10
each with the offer price to be based on the weighted average
from 10 to 30 days ending on March 15.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

The TCR-AP reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook for the bank's foreign currency
senior debt rating of Ba3, foreign currency Hybrid Tier 1 of B3,
and foreign currency long-term deposit rating of B1 to stable
from negative.  The outlook for the foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
E+ remains stable.

In October 2006 Standard & Poor's Ratings Services assigned its
'CCC' rating to RCBC's US$100 million non-cumulative step-up
callable perpetual capital securities.


LAND BANK: Net Income Up 17% to PHP3.53 Billion in 2006
-------------------------------------------------------
The Land Bank of the Philippines attained a net income of
PHP3.53 billion in 2006, up by 17% from the PHP3.02 billion
recorded in 2005.  The bank was able to surpass its
PHP3.3 billion year-end net income target by 7%.

"LANDBANK's stronger financial position in 2006 was due to a
combination of factors -- better asset and liability mix, a
healthier loan portfolio quality and effective management of
operating expenses," LANDBANK president and CEO Gilda E. Pico
said.  The record profits were achieved amid the sustained
trajectory of the Philippine economy, the drastic turnaround in
the fiscal position and the significant improvement of the
Philippine peso and interest rates.

The improvement in net income was triggered by the 7% growth in
revenues, from PHP22.6 billion to PHP24.3 billion on the back of
higher earnings from loans and investments.  Earnings from
foreign exchange trading amounted to PHP813 million.

The bank's net income translates to a 12.6% return-on-equity for
the Philippine government, the bank's sole stockholder.  ROE is
higher than the industry average of 10.1%D.

Pico added that LANDBANK was able to achieve a stronger balance
sheet compared to the previous year.  Total assets improved by
16% to PHP360.8 billion from PHP310.5 billion in 2005.  Deposits
recorded a 10% increase from PHP242.8 billion to PHP267.8
billion.  Capital grew by 6% from PHP24.7 billion to PHP33.7
billion.

The Land Bank of the Philippines -- http://www.landbank.com/--  
is a government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  This dual
function makes Land Bank unique.  The profits derived from its
commercial banking operations are used to finance the bank's
developmental programs and initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Land
Bank carries Fitch's 'D' Individual Rating and Moody's 'E+' bank
financial strength rating.


LAND BANK: Loans to Priority Sectors Reach PHP82.6 Bil. in 2006
---------------------------------------------------------------
The Land Bank of the Philippines has extended a total of
PHP82.6 billion in loans as of December 2006 to its priority
sectors, representing 68% of the bank's total loan portfolio of
PHP120.8 billion.

This is the highest amount of loans extended so far by the bank
in line with its strategic thrust to transform its loan
portfolio in favor of its priority sectors the small farmers and
fisherfolk, SMEs and microenteprises, agri-business, livelihood,
agri-infrastructure and environment-related projects.

The PHP82.6 billion represents a PHP2.4 billion increase from
the December 2005 level of PHP80.2 billion.  The bank has also
exceeded its 2006 target share of 65% loans to priority sectors,
reflecting the bank's intensified support for key sectors that
spur countryside economic growth.

"As a development oriented financial institution, we consider
this as one of our biggest accomplishments for the year. The
continued expansion of our agri-agra loan portfolio is a crucial
factor in our goal of achieving greater countryside development
impact," LANDBANK President and CEO Gilda E. Pico said.

Loans to microenterprises and SMEs garnered the largest share at
16% or PHP19 billion, followed by loans to small farmers and
fisherfolk at PHP17.4 billion.  Total loans for agribusiness,
agri-infrastructure and agri-related projects amounted to
PHP41.5 billion while loans for environment and other livelihood
projects reached PHP4.1 billion.

The Land Bank of the Philippines -- http://www.landbank.com/--  
is a government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining
financially viable.  This dual function makes Land Bank unique.  
The profits derived from its commercial banking operations are
used to finance the bank's developmental programs and
initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Land
Bank carries Fitch's 'D' Individual Rating and Moody's 'E+' bank
financial strength rating.


LAND O'LAKES: Saputo Agreement Prompts S&P's Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Arden
Hill, Minnesota-based Land O'Lakes Inc. to positive from stable,
and affirmed its 'BB-' corporate credit rating and other ratings
on the company.

"The outlook revision follows the company's recent announcement
that it had entered into an agreement with Saputo Cheese USA
Inc. to sell its Cheese & Protein International operations for
about US$216 million," said Standard & Poor's credit analyst
Jayne Ross.

Standard & Poor's expects the proceeds of the transaction will
be used to reduce debt in the near term.

"The outlook revision also reflects the continued improved
operating performance of Land O'Lakes and the related
improvement in its financial performance," added Ms. Ross.

The 'BB-' rating on Land O'Lakes reflects the inherent cyclical
nature and seasonality of many of the cooperative's
agricultural-based businesses, low margins, and a somewhat
leveraged financial profile.  These factors are somewhat
mitigated by the strength of many of the cooperative's brands,
its moderate discretionary cash flow, and an experienced
management team.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a   
national farmer-owned food and agricultural cooperative,
marketing dairy-based consumer, foodservice and food ingredient
products.  Land O' Lakes does business in all 50 states, as well
as more than 50 countries, including the Philippines.


LAND O'LAKES: Appoints Myron Voth & James Netto as Directors
------------------------------------------------------------
Land O'Lakes Inc. elected Myron Voth of Walton, Kansas, and
James Netto of Hanford, California, to its Board of Directors.

Mr. Voth was elected to represent Ag Region 3. Mr. Voth.  He is
also the Chair of Mid-Kansas Cooperative.  Mr. Voth, whose term
runs until February 2011, replaced former Director Richard
Epard.

Mr. Netto was elected to represent Dairy Region 80.  Mr. Netto
is the President of Netto Ag Inc.  He also oversees the
operations of Double "N" Dairy, a subsidiary of Netto Ag.  Mr.
Netto, whose term runs until February 2011, replaced former
Director Manuel Maciel.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a   
national farmer-owned food and agricultural cooperative,
marketing dairy-based consumer, foodservice and food ingredient
products.  Land O' Lakes does business in all 50 states, as well
as more than 50 countries, including the Philippines.

                           *     *     *

Standard & Poor's Ratings Services has affirmed Land O'Lakes'
BB- corporate credit rating.  The rating outlook is stable.

On Sept. 21, 2006, Moody's Investors Service assigned a Ba2
rating to Land O'Lakes' Senior Secured Debt and a Ba3 rating to
its Senior Unsecured Debt.

Standard & Poor's Ratings Services raised its corporate credit
rating on Land O'Lakes Inc. to 'BB-' from 'B+'.  The rating
outlook is stable.


MAGNUM HOLDINGS: Prepares MOA for Advances-Equity Conversion
------------------------------------------------------------
In reply to the Philippine Stock Exchange's request for
additional information regarding Magnum Holdings, Inc.'s plan to
convert advances of HDI Securities, Inc., and Jerry C. Angping
to equity shares, the company informs the PSE that no definitive
agreements have been executed with regards to the proposed
conversion.  A memorandum of agreement, however, is currently
being prepared, the company says.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 27, the company's board of directors has approved, among
others, the conversion of the advances of HDI Securities and Mr.
Angping totaling PHP4,699,465 into equity.  In that regard, the
board also approved the issuance of 4,699,465 shares from the
unissued portion of the company's authorized capital stock.

The purpose of the transaction is to fully settle Magnum
Holdings' debt obligations with HDI Securities and Mr. Angping,
the company explains.

The company plans to seek shareholders' approval of the
conversion on April 25.  Upon their approval, the company will
file with the Securities and Exchange Commission an application
to list the 4,699,465 common shares with the PSE.  The new
shares, which will have a par value of PHP1.00, will be divided
into 2,349,732 common shares to HDI and 2,349,733 shares to Mr.
Angping in exchange for the advances.

After the conversion, HDI and Mr. Angping will each have a 3%
stake in the company.

Magnum Holdings, Inc., formerly known as Summit Minerals, Inc.,
was originally organized to engage in mining exploration.  On
February 24, 1994, the Securities and Exchange Commission
approved the change in the Company's primary purpose to that of
a holding company and the change in its corporate name to Magnum
Holdings, Inc.

After auditing Magnum Holdings' financial report for the year
ended Dec. 31, 2005, A.S. Arellano and Co., raised significant
doubt on the company's ability to continue as a going concern.  
The Auditor cites these reasons:

   * The company incurred losses of PHP0.78 million,
     PHP0.69 million and PHP0.82 million for the years ending
     Dec. 31, 2005, 2004 and 2003.

     As of Dec. 31, 2005, the company's capital deficiency
     amounted to PHP89.1 million.

   * The company is dependent on the continuing support of its
     major stockholder, Sagarmatha, Inc.

     As of Dec. 31, 2005, the company's current liabilities
     exceeded its current assets by some PHP3.8 million.

   * The losses were attributed primarily to the poor trading
     conditions caused by financial turmoil affecting the region
     as well as representing the cost of maintaining and
     safeguarding the Company's assets and resources.


* Philippine Gov't. Confident of Exceeding 2007 Growth Targets
--------------------------------------------------------------
The Philippine Administration has expressed confidence that the
country would exceed its growth targets for this year because of
the continued strong performance of the economy.

Presidential Spokesperson and Press Secretary Ignacio Bunye said
the Government has already set in motion the country's stability
and investments scheme with the implementation of unpopular
fiscal reforms of the President that was supported by the
international financial and investor communities.

"We have seen the strong performance of the economy and we are
more than confident of achieving our goals beyond target because
of the market's agility and resiliency on the back of good
governance and strong popular enterprise," said Secretary Bunye.

The fruits of fiscal reforms, which included the imposition of
the 12% value-added tax, are now being felt by the public
through an increased spending on health, education, and other
social services and more jobs and infrastructure projects.

The Government's massive pump-priming program has jumpstart the
economy, he said.  The President's "super mega region program"
or dividing the Philippines into Northern Luzon, Metro Luzon,
Central Philippines, Mindanao and Cyber Corridor, would be the
vehicle to pump-up the economy, Secretary Bunye stressed.

The Budget department would release funds of PHP83.8-billion
worth of infrastructure projects including 3,251 kilometers of
roads and PHP12.4-billion worth of infrastructure geared to
jumpstart the economy.

The budget would also fund the hiring of 10,000 teachers and
3,000 policemen, establishment of 2,200 Botika sa Barangays or
small village drugstores and other pro-poor initiatives, Bunye
said.

                          *     *     *

On January 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
BB+/Stable/B) proposed US$1.0 billion global bond issue maturing
in 2032.

On January 10, 2007, Fitch Ratings assigned a Long-term foreign
currency rating of 'BB' to the Republic of the Philippines'
(rated foreign currency Issuer Default 'BB') US$1 billion global
bond maturing in 2032 and priced to yield 6.55%.

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

ADVANCED SYSTEMS: Director Takes Deemed Shares
----------------------------------------------
Michael Loh Soon Gnee, a director of Advanced Systems Automation
has acquired deemed shares in the company.

Mr. Gnee previously did not held any shares of the company.  
After the change, Mr. Gnee holds 634,100,000 deemed shares with
51.37% issued share capital.

               About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--   
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, auditors Ernst & Young reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and
SGD11.2 million respectively.  These matters described above
indicate the existence of a material uncertainty, which may cast
significant doubt about the group and company's ability to
continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


DAEWOO SINGAPORE: Pays First and Final Dividend
-----------------------------------------------
Daewoo Singapore Pte Ltd paid the first and final dividend to
its creditors on Feb. 21, 2007.

The company paid 0.58 cent in a dollar to all received claims.

The company's liquidator can be reached at:

         Tam Chee Chong
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


GERMAN DISTRICENTRE: Wind-Up Petition Hearing Slated on March 2
---------------------------------------------------------------
German Districentre Pte Ltd's judicial managers filed a petition
to wind up the company's operations on Feb. 2, 2007.

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

The judicial managers' solicitor can be reached at:

         Ng Lip Chih & Co
         8 Robinson Road
         #10-00 ASO Building
         Singapore 048544


OVERSEAS SHIPHOLDING: To Acquire Heidmar Lightering Business
------------------------------------------------------------
Overseas Shipholding Group, Inc. has entered into an agreement
in principle to acquire the Heidmar Lightering business from
Heidmar Inc., a subsidiary of Morgan Stanley Capital Group Inc.

The operation, a fleet of four International Flag Aframax
tankers and two U.S. Flag workboats, provides crude oil
lightering services to refiners, oil companies and trading
companies primarily in the U.S. Gulf.  The business manages a
portfolio of one-to-three year fixed rate cargo contracts.  
Under the agreement, OSG will acquire the lightering fleet,
which is time chartered-in to one of Heidmar Inc.'s
subsidiaries, including a 50% residual interest in two
specialized lightering Aframax tankers.

The agreement is subject to certain conditions, including
entering into definitive documentation.  The lightering
operation will add synergies and expand OSG's already
significant Aframax cargo and logistical system in the Atlantic
basin.  In addition, it provides opportunities to serve U.S.
West Coast customers with lightering service using OSG's Panamax
tankers.

Based in Houston, Texas, Heidmar Lightering has performed over
900 lighterings since beginning operations in November 2002.  

Jim Enright, 45, who has nearly 20 years of oil trading and
shipping industry experience, will continue to lead the team of
office staff and mooring masters out of Houston.  Mr. Enright
will report to Mats Berglund, Senior Vice President and Head of
OSG's Crude Tanker unit.

"Adding lightering to the OSG Aframax, Panamax and VLCC business
creates a very strong combination by enhancing service and on
time performance to our customers and bringing logistical
benefits to our fleet," stated Mats Berglund.  "After closing
this transaction, OSG will add West Coast and U.S. Gulf
Coast lightering operations to our already strong position in
Delaware Bay on the East Coast."  Berglund continued, "In line
with OSG's balanced growth strategy, lightering services
provides stable revenue from established contracts and
customers."

Lightering is the transfer of crude oil and petroleum products
at sea, typically between 40 and 60 miles offshore, from larger
vessels such as VLCCs or Suezmaxes, to smaller vessels known as
service vessels that are capable of entering shallow-draft
ports.  The lightering process consists of maneuvering a service
vessel alongside a larger ship to be lightered, generally with
both vessels underway.  For cargo and large ship owners and
operators, lightering cargo onto separate shallow draft vessels
enables the cargo owner

                   About Overseas Shipholding

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

                          *     *     *

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


PETROLEO BRASILEIRO: Ceara Plant Construction Starts in March
-------------------------------------------------------------
Brazilian state oil firm Petroleo Brasileiro SA expects that the
construction of a BRL76-million biodiesel plant in Ceara will
start in March, news daily Gazetta Mercantil reports.

Business News Americas relates that Petroleo Brasileiro hired
engineering firm Intecnial in 2006 to construct the plant and
two other plants:

          -- Candeias in Bahia, and
          -- Montes Claros in Minas Gerais.

According to BNamericas, Candeias and Montes Claros are already
being constructed.

BNamericas underscores that the Ceara plant will be situated in
Juatama in Quixada.

Petroleo Brasileiro project official Joa Augusto Araujo Paiva
told Business News Americas that the plant will start running in
January 2008.  It will have the capacity to produce almost 56
million liters per year of biodiesel.

Petroleo Brasileiro is preparing to meet the compulsory 2%
admixture of biodiesel into diesel from January 2008, BNamericas
states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, 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: Inks Oil & Gas Pact with Gazprom
-----------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and gas-company Russian
corporation Gazprom OAO signed a memorandum of understanding
seeking to identify cooperation opportunities for oil & gas
project deployment, on Feb. 23, 2006, at the Brazilian company's
main office building.  With the agreement, three initiatives
that may include cooperation possibilities have already been
identified in the LNG, natural gas storage, and natural gas
transportation system operation optimization areas.

Although the activity schedule will extend through next year,
Petrobras and Gazprom expect to materialize actual partnerships,
particularly in the LNG area, in 2007.  Potential improvements
to the Brazilian gas pipeline implementation processes,
incorporating Gazprom's experience in this field, were also
discussed during the meeting.

Petrobras' Gas & Energy Director, Ildo Sauer, and Gazprom's
International Business Director, Stanislav Tsygankov, signed the
agreement.  Petrobras' acting president and also Exploration &
Production Director, Guilherme Estrella, and the Russian
Federation's General Consul in Rio de Janeiro, Alexey Labetskiy
also attended the meeting.  This is the third meeting held
between the companies who, exactly a year ago, commenced
conversations to ripen a future agreement.

                  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: Mulls Biodiesel Plant Works in Bolivia
-----------------------------------------------------------
Petroleo Brasileiro SA is reportedly negotiating with Bolivian
authorities for a new investment in the Andean nation.

                      Biodiesel Plant

With a gas price agreement in place, state-owned oil firm
Petroleo Brasileiro is in talks to open a biodiesel plant in
Bolivia, the Associated Press reports.

The state oil firm's investments in Bolivia were put on hold
pending a resolution to the price dispute.

Bolivian authorities did not provide AP details of the upcoming
project, which is still in its early planning stage.

                      Gas Price Accord

Brazil agreed to pay a higher price for the natural gas it buys
from Bolivia, as well as the derivatives extracted from the
fuel.  Their old agreement allowed Brazil to pay for the gas and
its derivative a fixed price.

On Feb. 15, the two nations inked a deal that puts an 11% price
hike on natural gas that Brazil buys from Bolivia.

According to the Wall Street Journal, Bolivia will get an
additional US$144 million per year from Brazil.  Brazil bought
Bolivian fuel for approximately US$1.3 billion in 2006.

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.


READER'S DIGEST: Extends Tender Offer of Senior Notes to March 1
----------------------------------------------------------------
The Reader's Digest Association disclosed that it has extended
its previously announced tender offer for any and all of its
outstanding 6-1/2% senior notes due 2011.  The tender offer,
previously set to expire at 8:00 a.m., New York City time, on
February 23, 2007, will now expire at 8:00 a.m., New York City
time, on March 1, 2007, unless otherwise extended or earlier
terminated.

The tender offer is being extended to coordinate the closing of
the tender offer with the acquisition of RDA by an investor
group led by Ripplewood Holdings L.L.C. described in the Offer
to Purchase and Consent Solicitation Statement dated January 25,
2007.  Except for the above change, all terms and conditions of
the tender offer are unchanged and remain in full force and
effect.

The company received the requisite consents to adopt the
proposed amendments pursuant to the consent solicitation.

RDA also announced the determination of the consideration
payable in accordance with the terms of the offer to purchase
and consent solicitation statement for the Notes.

Holders who validly tendered and did not withdraw their Notes
and related consents before 5:00 p.m., New York City time, on
February 7, 2007, will receive, for each US$1,000 principal
amount of Notes tendered, total consideration equal to
US$1,039.95, which includes a US$30 consent payment.

Holders who tender their Notes and deliver their consents after
the Consent Date, but before 8:00 a.m., New York City time, on
March 1, 2007, will receive, for each US$1,000 principal amount
of Notes tendered, tender offer consideration equal to
US$1,009.95, which is the total consideration less the Consent
Payment.  Accrued and unpaid interest will be paid on all Notes
tendered and accepted for purchase.

In addition, RDA has been advised by the depositary of the
tender offer that, as of February 22, 2007, US$299,950,000
aggregate principal amount of the Notes, representing
approximately 99.98% of the aggregate principal amount of the
Notes outstanding, have been validly tendered.  Rights to
withdraw Notes tendered prior to the Consent Date have expired.

J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner &
Smith Incorporated are the dealer managers for the tender offer
and the consent solicitation.  

Questions or requests for assistance may be directed to J.P.
Morgan Securities Inc. at:

         Tel:(212) 270-3994 (call collect); or

Merrill Lynch, Pierce, Fenner & Smith Incorporated at:

         Tel:(888) 654-8637 (toll-free); or
             (212) 449-4914 (call collect)  

Requests for documentation may be directed to the information
agent, Global Bondholder Services Corporation, at:

         Tel:(866) 470-4300 (toll-free) or:
              (212) 430-3774 (banks and brokerage firms)

                      About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.
Reader's Digest has offices in Singapore, Korea, Malaysia,
Philippines, Thailand and India.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 14, 2007, Standard & Poor's Ratings Services lowered its
ratings on the company, including lowering the corporate
credit rating to 'B' from 'BB', reflecting the increase in
financial risk resulting from the leveraged acquisition, and
removed the ratings from CreditWatch, where they were placed
with negative implications on Aug. 15, 2006.  The outlook is
negative

The TCR-AP also noted that Moody's Investors Service downgraded
the company's family rating to B2 from Ba1, concluding the
review for downgrade initiated on Sept. 6, 2006 and continued on
Nov. 16, 2006 in connection with the proposed US$2.4 billion
acquisition by a consortium of investors led by Ripplewood
Holdings LLC.  The downgrade reflects the significant increase
in leverage that will occur as a result of the debt - financed
buyout and RDA's concurrent combination with Ripplewood
portfolio companies WRC Media Inc. and Direct Holdings U.S.
Corp.


SEA CONTAINERS: Posts US$7.3 Million Net Loss in December 2006
--------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of December 31, 2006

                            Assets

Current Assets
   Cash and cash equivalents                      US$54,196,789
   Trade receivables, less allowances
     for doubtful accounts                              508,115
   Due from related parties                             385,028
   Prepaid expenses and other current assets          4,465,332
                                                   ------------
      Total current assets                           59,555,264

Fixed assets, net                                             -

Long-term equipment sales receivable, net                     -
Investment in group companies                                 -
Intercompany receivables                                      -
Investment in equity ownership interests            204,331,424
Other assets                                          3,302,285
                                                   ------------
Total assets                                     US$267,188,973
                                                   ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                US$2,123,898
   Accrued expenses                                  30,796,263
   Current portion of long-term debt                 26,946,083
   Current portion of senior notes                  385,097,380
                                                   ------------
      Total current liabilities                     444,963,624

Total shareholders' equity                         (177,774,651)
                                                   ------------
Total liabilities and shareholders' equity       US$267,188,973
                                                   ============

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended December 31, 2006

Revenue
                                                     US$499,123
Costs and expenses:
   Operating costs                                      351,937
   Selling, general and
     administrative expenses                         (4,449,737)
   Reorganization Costs                                  (7,480)
   Charges to provide against
     intercompany accounts                            8,583,920
   Depreciation and amortization                        (58,677)
                                                   ------------
      Total costs and expenses                        4,419,963
                                                   ------------
Loss on sale of assets                                  (29,747)
                                                   ------------
Operating income (loss)                            [(3,950,587)]

Other income (expense)
   Interest income                                      248,766
   Foreign exchange gains (losses)                      (92,909)
   Interest expense, net                             (3,408,685)
                                                   ------------
Income (Loss) before taxes                         [(7,203,415)]
Income tax expense                                     (100,000)
                                                   ------------
Net Income (Loss)                               [(US$7,303,415)]
                                                  =============

The Debtors disclose that their financial statements represent
the internal accounting of Sea Containers, Ltd., and its
affiliates and subsidiaries, on an unaudited and uncertified
basis.  The certification and audit process may result in
adjustments to the stated entries.

As of Dec. 31, 2006, SCL has not filed its form 10-K report
for fiscal year ended Dec. 31, 2005, nor has it filed form
10-Q reports for the quarters ended March 31, 2006, June 30,
2006, and Sept. 30, 2006.

After discussions with the Office of the United States Trustee,
the Debtors are undergoing a reconciliation process of, among
other things, their inter-company claims, to ensure that their
financial reporting is as of their bankruptcy filing rather than
as of Sept. 30, 2006.

The reconciliation process will require extensive efforts from
the Debtors and will take time to complete.  However, in the
interest of maximum disclosure to all parties in their Chapter
11 cases, the Debtors have decided to file their December
Monthly Operating Report using information as of Sept. 30, 2006.  
The Debtors will amend their monthly operating reports upon
completion of the reconciliation.

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:

                http://researcharchives.com/t/s?1a37

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.  

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SCOTTISH RE: Facing Bankruptcy Absent MassMutual/Cerberus Deal
--------------------------------------------------------------
Scottish Re Group Ltd. has postponed until March 2 a
shareholders' meeting to vote on a US$600 million takeover bid
proposed by U.S. companies MassMutual Capital Partners LLC and
Cerberus Capital Management, L.P.

The meeting has been delayed to allow shareholders an
opportunity to consider an amendment that would indemnify
MassMutual/Cerberus by US$68.5 million should they be approved
the majority owners, the company's chief executive officer said
in a statement.

Institutional Shareholder Services and Glass Lewis & Co., both
independent proxy advisory firms, recommended to Scottish Re's
shareholders to accept the offer.  Company executives warned of
a possible bankruptcy filing once shareholders reject the
proposal, Scott Neil writes for the Royal Gazette.

The company's fourth quarter release doesn't bode well for its
future.  Its US$231.6 million quarter loss prompted a ratings
downgrade from Fitch.  The rating agency said in its release
that should the Cerberus/MassMutual deal goes down the drain,
the company's Insurer Financial Strength could suffer a further
downgrade to junk level from its BB+ rating.

In last week's conference call, Chief Executive Officer Paul
Goldean was quoted by the Royal Gazette as saying: "Without a
transaction such as MassMutual/Cerberus, further rating
downgrades are certain.  The rating agencies have also indicated
that simply raising additional capital will not result in an
increase in our ratings.  This was a significant consideration
in evaluating a potential rights offering.

"An increase in our ratings is critical not only in order to
write new business but more importantly for us to be able to
successfully to complete financing facilities in order to meet
our significant collateral.

"If the MassMutual/Cerebrus transaction or a similar transaction
is not completed in the very near term the company will have no
alternative but to seek protection under applicable bankruptcy
and insolvency laws almost immediately.

"2006 was a difficult year for all the stakeholders of
ScottishRe.  With the closing the MassMutual/Cerebrus
transaction we look forward to returning our full attention of
the company to our reinsurance business to regain our former
status as one of the industries leading participants."

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities

                        *     *     *

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt which is rated at Ba3 and preferred stock rated
at B2.

Standard & Poor's Ratings Services has also revised the
CreditWatch status of its ratings on Scottish Re Group Ltd.,
Scottish Re's operating companies, and dependent unwrapped
securitized deals to positive from negative.  Scottish Re has a
'CCC' counterparty credit rating, and Scottish Re's operating
companies have 'B+' counterparty credit and financial strength
ratings.  These ratings were placed on CreditWatch negative on
July 31, when Scottish Re announced poor second-quarter results
and that liquidity was tight.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement, which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% USUS$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


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

DAIMLERCHRYSLER: Chrysler's Bidding Process May Start This Week
---------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group's bidding process is likely
to start this week, The Detroit News reports.

J.P. Morgan Chase & Co. will hand out a detailed prospectus to a
limited number of potential buyers, which includes Cerberus
Capital, Apollo Management, the Carlyle Group, and the
Blackstone Group, The Detroit News adds.

                         OAO Gaz Group

One potential bidder is OAO Gaz Group, Russia's second largest
auto company, German weekly Focus magazine notes.  Chrysler
supplies four-cylinder engines for cars and mini-vans to Gaz.

                        General Motors

According to the Financial Times, if a deal between
DaimlerChrysler and General Motors Corp. for Chrysler will push
through, the German-based automaker will consider buying a
minority stake in the U.S.-based company.

                        Other Automakers

In a TCR story on Feb. 23, 2007, Volkswagen AG, Renault SA, and
Nissan Motor Co. say they are not currently interested in buying
Chrysler, various news agencies report.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Hyundai Denies Interest in Chrysler Purchase
----------------------------------------------------------------
Hyundai Motor squashed rumors about a possible Chrysler
acquisition from DaimlerChrysler AG, denying a report posted on
Feb. 19 by U.K.-based The Times on its Web site, the
Associated Press states.

The Times report claimed that Hyundai intends to join would-be
bidders because it was interested in Chrysler's dealerships
network in the U.S., the Associated Press relates.

"We are not considering to buy Chrysler because our hands are
full," Hyundai spokesman Jake Jang told AP.

According to AP, Mr. Jang went on to say that Hyundai has an
engine deal with Chrysler and Japan's Mitsubishi Motors Corp.,
which lets them produce engines based on the South Korean
automaker's design.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

                     About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Predicts Drop in 2007 Sales for Truck Arm
-------------------------------------------------------------
DaimlerChrysler AG projects a drop in sales for its truck
division in 2007, although it is expected to stay profitable as
the company anticipates a steady demand for trucks in Western
Europe and North America, the Wall Street Journal reports.

Truck division head Andreas Renschler revealed that Freightliner
LLC, part of the unit, would continue to be lucrative this year,
despite soaring fuel prices that could lead to a slump for the
industry, the Associated Press states.

According to published reports, Mr. Renschler said that the
market for middle to heavy trucks could decline by 25% to 27%,
with the Japanese market possibly shrinking 40% in 2007, but he
sees an increase in demand during the last quarter.

TCR-Europe reported on Feb. 15 that in 2006, the Truck Group
built on the very successful developments of the prior year,
increasing unit sales by 1% to a new record of 537,000 vehicles.

The Truck Group achieved an operating profit of EUR2.020 billion
in 2006, a significant increase from the previous year's result
of EUR1.606 billion.

                      About DaimlerChrysler

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

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

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

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

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


ITV PLC: SET Posts "SP" & "NP" Signs on Financial Issues
--------------------------------------------------------
The Stock Exchange of Thailand stated on Feb. 26, 2007, that iTV
Plc has submitted its audited financial statements for the year
ending Dec. 31, 2006, but that a disclaimer issued by the
company's auditor showed that the company's financial status and
operating income presented in the financial statements fail to
adequately or properly reflect the company's actual position.  
Due to these discrepancies, the Securities and Exchange
Commission is requiring the company to amend its financial
statements based on the issues raised by its auditor.

As a result, The SET has posted an "SP" (Suspension) sign to
suspend trading on the securities of iTV effective on the second
trading session of Feb. 26, 2007, to enable shareholders and
general investors to have sufficient time to scrutinize an
auditor's report on the review of its financial statements.

However, the SET will post an "NP" (Notice Pending) sign,
allowing the trading of iTV's security effective on the first
trading session of Feb. 27, 2007, until the company submits its
amended financial statements or if the SEC will conclude that it
will not be necessary to amend its financial statements.

                           About iTV

iTV PLC's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.


ITV PLC: SET Orders Halt on Securities Trading
----------------------------------------------
Due to a significant amount of information concerning the
possibility of a concession withdrawal if iTV Plc fails to pay
the concession fees and fines that might affect the trading of
the company's securities, the Stock Exchange of Thailand has
ordered the trading halt of iTV Plc, effective on the afternoon
trading session of Feb. 27, 2007, until such time the company
has clarified or disclosed material information regarding the
payment of the concession fees and fines with the SET.

                          About iTV

iTV PLC's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the Prime Minister's Office demanded a
concession fee payment and fines to the government from the
television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.
The original rate before the consent amounted to THB1 billion
per year.

On Dec. 15, 2006, the TCR-AP reported that the Supreme
Administrative Court upheld the Central Administrative Court's
verdict by voiding the arbitration ruling on concession fee
payments won by iTV in 2004.  The overdue concession payment and
fines that the broadcaster must pay reached THB100 billion.

The TCR-AP reported on Feb. 22, 2007 that the Central
Administrative Court denied iTV Plc's request for an urgent
hearing pertaining to its petition to temporarily block the
Prime Minister's Office from revoking its broadcast concession
if it fails to pay the THB100 billion fee and fine by March 6,
2007.


KASIKORNBANK: Cuts Deposit Rates By 25 To 50 Basis Points
---------------------------------------------------------
Kasikornbank said that it was cutting deposit rates by 25 to 50
basis points for its three-, 12- and 36-month fixed-term
accounts, but that it is leaving its lending rates unchanged,
The Nation reports.

The report says that the reductions took effect last week.  

The Nation notes that only TMB Bank and Bank of Ayudhya had
reduced rates on their three-month and longer-term deposit
accounts.

Kasikornbank's three-month rates are now 3.25% to 4.25% from
3.50% to 4.25%, respectively, and the deposit rate on its
THB3 million to THB5 million accounts is now set at the same
rate with THB1 million to THB3 million accounts, The Nation
relates.

The report adds that the bank's 6-month and 12-month rates are
now 3.5% and 4%, respectively, from 3.75% and 4.5%, while the
deposit rates of up to THB1 million is now the same as with
THB10-million accounts.  

The rate on 24-month and 36-month accounts is now 4%, from
4.25%, The Nation adds.

                     About Kasikornbank PCL

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai  
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Moody's Investors Service has upgraded
Kasikornbank Public Company Limited's bank financial strength
rating to D+ from D.

On October 24, 2006, the TCR-AP reported that Fitch Ratings
affirmed the ratings of Kasikornbank and removed them from
Rating Watch Negative on which they were placed on September 20,
2006, following the military coup.  The Outlook on their ratings
is now Stable.

After the rating action, Kasikorn's ratings are as follows:

    * Individual C;
    * Support 2;


SIAM CITY: Cuts Fixed Deposit Rates to 3.5% From 3.75%
------------------------------------------------------
Siam City Bank said that it was cutting deposit rates by 25 to
50 basis points for its three-, 12- and 36-month fixed-term
accounts, The Nation reports.

The Nation states that Siam City Bank is also revising its
fixed-deposit rates, cutting its six-month deposit rate from
3.75% to 3.5%, while the 12-month deposit rate is to fall from
4% to 3.75%.

The 24- and 36-month rate is to be reduced to 4.25% from 4.5%,
The Nation adds.

                    About Siam City Bank PCL

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services, which includes deposits, payments, credit cards,
consumer loans and e banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

On October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of 'BB';
    * Short-term foreign currency rating of 'B';
    * National long-term rating of 'A-(tha)'; and
    * National Short-term rating of 'F1(tha)'.

The Outlook on the ratings is Stable.  Fitch has also upgraded
the bank's Individual rating to 'D' from 'D/E' and affirmed its
Support rating at '4'.

The bank currently carries Moody's Bank financial strength
rating of D and foreign currency long-term/short-term deposit
ratings of Baa3/P-3.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org/

March 9, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Kuala Lumpur, Malaysia
        Telephone: +65 6336 6801
          e-mail: zuraidah.ramli@fitchratings.com

March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

March 14, 2007
  Turnaround Management Association
    The Great Debate
      Sydney, Australia
        Web site: http://www.turnaround.org/

March 16, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Taipei, Taiwan
        Telephone: +8862 2514 0580
          e-mail: kathy.chang@fitchratings.com

March 21, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Seoul, South Korea
        Telephone: +822 2076 8364
          e-mail: young.ha@fitchratings.com

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 26, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Hong Kong
        Telephone: +852 2263 9977
          e-mail: carey.kwan@fitchratings.com

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

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

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

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


                            *********


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

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