TCRAP_Public/070306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, March 6, 2007, Vol. 10, No. 46

                            Headlines

A U S T R A L I A

A1 TEL: Liquidator to Present Wind-Up Report
A.G. KERR: Members and Creditors to Receive Wind-Up Report
A.P. GLOVER: Creditors Must Prove Debts by March 8
ABF CARPETS: Commences Liquidation Proceedings
ADVANCED MARKETING: Inks Asset Purchase Pact with Baker & Taylor

AGENIX LIMITED: Sells Diagnostic Products for AU$3.9 Mil. to BBI
ALL FRESH: Members and Creditors to Meet on March 30
BELMORE CONSTRUCTIONS: To Declare Dividend on March 28
COMPARE NOMINEES: Members and Creditors to Hear Wind-Up Report
NAP ACOUSTICS: To Hold Final Meeting on March 30

PRIMELIFE CORPORATION: Posts AU$2-Mil. Loss for HY-Ended Dec. 31
PRIMELIFE CORPORATION: McKinnon Road Retains Claremont Ownership
SUNCORP-METWAY: Promina Shareholders Support Merger Proposal
SYNDAL WAY: Members Decide to Shut Down Operations
TRIANGLE FASHIONS: Placed Under Voluntary Wind-Up


C H I N A   &   H O N G  K O N G

BEIJING SHOUGANG: Parent to Invest CNY66.8 Billion in New Plant
CHAODA MODERN: Moody's Upgrades Ratings to Ba2
CHINA CONSTRUCTION: No Current Plans for Mainland Listing
FANJI FOUNDATION: Will Receive Proofs of Debt Until April 3
CHINA EASTERN: Eyes Membership with Oneworld Alliance

GOLD TRIUMPH: Members and Creditors to Meet on April 3
HARMONY DEVELOPMENT: Members' Final Meeting Set for April 3
IN-WORK INTERNATIONAL: Shareholders to Hear Wind-Up Report
INDUSTRIAL BANK: Profit in 2006 Up 51% on China's Growth
MOGU INTERNATIONAL: Members and Creditors to Meet on April 3

PARKSON RETAIL: Fiscal-Year 2006 Net Profit Up 86%
SUPER LUCK: Balance Sheet Upside Down by US$33,806 in 2006
TAK WO: Liquidator to Present Wind-Up Report
TREASURE PROPERTIES: Final Meeting Slated for April 3
XINAO GAS: Plans CNY1B Outlay to Increase Distribution Outlets

YONG XUN: Placed Under Creditors' Voluntary Wind-Up
ZION CRUADE: Liquidator Quits Post


I N D I A

AFFILIATED COMPUTER: Moody's Holds Ba2 Rating, Outlook Stable
GENERAL MOTORS: Reports Increase in U.S. Sales for February
RELIANCE INDUSTRIES: Fitch Afiirms BBB- Ratings, Outlook Stable
SYNDICATE BANK: Names K. Seetharamu as New Director
TATA MOTORS: February 2007 Sales Up 19% from Last Year

TATA POWER: 4th Quarter 2006 Net Profit Ups 23% to INR2.80 Bil.
TATA POWER: Gets Stake in Chemical Terminal Trombay and IEPL


I N D O N E S I A

ALCATEL-LUCENT: To Build Taiwan's First Universal WiMAX Network
ALCATEL-LUCENT: To Deploy France's First Urban WiFi Network
ALLIANCE ONE: To Sell US$150 Mil. in Unsecured Senior Notes
ALLIANCE ONE: Moody's Rates Proposed US$385-Mil. Sr. Loan at B1
AVNET INC: Increases Offering Size of Senior Notes to US$300-M

AVNET INC: Moody's Holds Ba1 Rating and Says Outlook is Positive
BANK NEGARA: Aims to Expand Outstanding Loans by 20%
FREEPORT-MCMORAN: Moody's Rates US$6 Billion Notes at B2
GENERAL NUTRITION: Launches US$365 Million Cash Tender Offering
NORTEL NETWORKS: To File 2006 Annual Reports mid March


J A P A N

DELPHI CORP: Court Approves Barclays Bank Settlement Agreement
FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
KOBE STEEL: Releases Earnings Forecast For Fiscal Year 2006
KOBE STEEL: Board of Directors Approves Share Buyback Program
NIKKO CORDIAL: To Finalize Talks With Citigroup Over Buyout Bid

SANYO ELECTRIC: To Liquidate 3 Subsidiaries in 2nd Half of 2007
SANYO ELECTRIC: KGS Investigates Company on Behalf of Investors
SANYO ELECTRIC: Lenovo Recalls Sanyo-Built Batteries
XM SATELLITE: Posts US$718.9 Million Loss in Year Ended Dec. 31


K O R E A

CURON INC: Enters Strategic Alliance with Celrun Co.
CURON INC: Signs KRW181-Million Contract with LG-CNS
CURON INC: Announces Adjusted Conversion Price of Second CB
KENERTEC CO: Amends Convertible Bonds Issue Requirements
KENERTEC CO: Signs KRW4-Billion Contract with STX Engine

LG TELECOM: Regulator Looks Into Competitors' Alleged Collusion
LG TELECOM: Adds 58,975 Subscribers in February 2007
PANTECH CO: Wins Koninklijke Philips Electronics Patent Suit
PUSAN BANK: Declares Dividends on 2.8% Rise in Profit For 2006
SK CORP: SK Trading (Beijing) Now a Wholly Owned Subsidiary

SK CORP: Sells Special Polymer Div. to Hyundai Eng'g Plastics
TEXCELL-NETCOM CO: Individual Investor Acquires 10.02% Stake
TEXCELL-NETCOM CO: Issues 11,072,779 New Shares on Feb. 28
TEXCELL-NETCOM CO: Enters Into KRW1.3-Billion Deals with 2 Banks
TONG YANG: Acquires Korea-Based Clothing Companies


M A L A Y S I A

AMSTEEL CORP: Posts MYR40.56MM Net Profit in Dec. '06 Quarter
ANTAH HOLDINGS: Unit Faces Wind-Up Petition from ECK Bhd
ANTAH HOLDINGS: Provides Updates on Restructuring Scheme
ARK RESOURCES: Updates on Default Status as of February 2007
ARK RESOURCES: Net Loss Almost at MYR30 Million in 4Q 2006

ARK RESOURCES: Unit Gets Notice of Demand from Concrete Engr.
ASIAN PAC: Earns MYR8.08 Million in Third Quarter 2006


N E W   Z E A L A N D

ALPHA 1 CONTRACTORS: Taps Brown and Rodewald as Liquidators
ESSIKA LTD: Commences Liquidation Proceedings
FAIRVIEW DEVELOPMENTS: Will Receive Claims Until March 12
HARRISON ENGINEERING: Appoints Kenneth Oliver as Liquidator
PAUL MEREDITH: Appoints Bruce Stormer as Liquidator

PERIMAC NEW ZEALAND: Creditors Must Prove Debts by March 30
SUPERIOR PRODUCTS: Creditors Must Prove Debts by April 30
WOOL EQUITIES: Shareholders Want to Remove Current Board


P H I L I P P I N E S

ATLAS CONSOLIDATED: Berong Unit in Full Commercial Production
CLIENTLOGIC: Expands Customer Service Pact with XM Satellite
DEL MONTE: Earns US$45.5 Million in Quarter Ended January 28
EPIXTAR CORP: Wants Plan Filing Period Extended to April 29
PHIL. LONG DISTANCE: Unit Sets Aside PHP5 Billion for Expansion

RIZAL COMMERCIAL: Revises Record Date of Stock Dividend


S I N G A P O R E

CHEMTURA CORP: Posts US$144.3 Mil. Net Loss in 2006 4th Quarter
LEVI STRAUSS: Debt Agreement Cues Fitch to Hold Low-B Ratings
STATS CHIPPAC: Offer Cues S&P to Put BB Rating on Watch Positive
STATS CHIPPAC: Temasek Launches US$1.9-Billion Takeover Bid


T H A I L A N D

BANK OF AYUDHYA: Donavanik Quits Business Mktg. & PR Post
DAIMLERCHRYSLER AG: Magna Interested in Chrysler's Future
FEDERAL-MOGUL: Wants Court Approval on Citigroup Exit Financing
KRUNG THAI: To Extend THB2BB in Loans for Environment Projects
TRUE CORP: Telekom Malaysia Expresses Interest in Partnership

TRUE MOVE: To Offer THB100,000 Insurance to Post-Paid Customers


* BOND PRICING: For the Week 26 February to 2 March 2007

     - - - - - - - -

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

A1 TEL: Liquidator to Present Wind-Up Report
--------------------------------------------
The members and creditors of A1 Tel Australia Pty Ltd will hold
a meeting on March 30, 2007, at 9:40 a.m.

At the meeting, Liquidators V. R. Dye and N. Giasoumi will
present the accounts of the company's wind-up proceedings and
property disposal.

The Troubled Company Reporter - Asia Pacific previously reported
that the company underwent liquidation on Dec. 21, 2006.

The company's Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                     About A1 Tel Australia

Located in Victoria, Australia, A1 Tel Australia Pty Ltd is a
special trade contractor.


A.G. KERR: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of A.G. Kerr & Son Proprietary Limited
will have their final meeting on March 30, 2007, at 9:20 a.m.,
to receive the liquidators' report regarding the company's wind-
up proceedings and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on May 1, 2006.

The company's liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                     About A.G. Kerr & Son

A.G. Kerr & Son Proprietary Limited -- also trading as Kerr &
Ronec Fabrics -- is a distributor of women's, children's, and
infants' clothing and accessories.  The company is located in
Victoria, Australia.


A.P. GLOVER: Creditors Must Prove Debts by March 8
--------------------------------------------------
A.P. Glover Pty. Ltd. will declare a first and final dividend
for its creditors on March 30, 2007.

Accordingly, creditors are asked to prove their debts by
March 8, 2007, to be included in the company's distribution of
dividend.

The company's liquidator can be reached at:

         V. R. Dye
         Dye & Co. Pty. Ltd.
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                        About A.P. Glover

A.P. Glover Pty Ltd is engaged with masonry and other stonework.
The company is located in Victoria, Australia.


ABF CARPETS: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary general meeting held on Feb. 12, 2007, the
members of ABF Carpets Pty Ltd resolved to liquidate the
company's business.

In this regard, Clyde Peter White and Philip Newman were
appointed as liquidators.

The company's Liquidators can be reached at:

         Clyde Peter White
         Philip Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia

                       About ABF Carpets

Located in Victoria, Australia, ABF Carpets Pty Ltd operates
floor-covering stores.


ADVANCED MARKETING: Inks Asset Purchase Pact with Baker & Taylor
----------------------------------------------------------------
Advanced Marketing Services Inc., and Baker & Taylor Inc.
entered into an Asset Purchase Agreement on Feb. 16, for the
sale of majority of the company's assets, Mark D. Collins, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware,
notified the Court.

Under the agreement, Baker & Taylor will acquire all of AMS'
right, title, and interest in certain of its assets including:

     (i) certain assigned contracts,

    (ii) certain tangible property owned or used by AMS in
         connection with the conduct of its business,

   (iii) all trade accounts receivable of AMS' business,
         including unbilled accounts receivable,

    (iv) an inventory of Advantage Publishers Group selected by
         Baker & Taylor,

     (v) the capital stock of Advanced Marketing Services
         Investments Inc.; Advanced Marketing S. de R.L, de
         C.V.; and Advanced Marketing (Europe) Ltd., and

    (vi) product prepayments with respect to APG.

Baker & Taylor will pay:

    (i) US$20,000,000;

   (ii) the Selected APG Inventory Price;

  (iii) the APG Product Prepayment Price; and

   (iv) the Accounts Receivable Price; plus or minus

    (v) the net proration of the Apportioned Obligations
       determined in accordance with the agreement.

Baker & Taylor will pay to AMS 50% of the Purchase Price on the
Closing Date; 25% no later than 60 days after the Closing Date;
and the remaining 25% no later than 90 days after the Closing
Date.

The Closing Date will occur on March 13.

A full-text copy of the agreement is available for free at:

   http://bankrupt.com/misc/AMSandB&TAPA.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.


AGENIX LIMITED: Sells Diagnostic Products for AU$3.9 Mil. to BBI
----------------------------------------------------------------
Agenix Limited has signed an agreement to sell the assets
related to its Simplify and SimpliRED (point-of-care) range of
Human Health D-dimer diagnostic products to BBI Holdings Plc of
Cardiff, United Kingdom, for AU$3.9 million.

The sale of the point-of-care products follows the previously
announced sale of the Human Health D-dimer laboratory-based
products to American Diagnostica Inc., closed on Feb. 28, 2007.

Agenix and BBI have a long-standing history of cooperation
through existing supplier agreements.

The agreement was both signed and completed on March 2 after the
market closed, with Agenix receiving an initial payment of
AU$2.7 million at settlement.  A further AU$1.2 million will be
received progressively over the next two years once
manufacturing transfer obligations are satisfied.  There are no
additional performance obligations related to this amount.

In addition, Agenix may also receive up to an additional
AU$1.0 million by way of cash or tradable shares plus a 5%
royalty on related product sales if BBI exercises an option to
acquire additional intellectual property related to the human
health products.  The option is exercisable solely at the
discretion of BBI.

Agenix is also expecting to generate a further AU$0.8 million in
cash through realization of working capital and a short-term
product manufacturing requirement.

Agenix CEO and Managing Director Neil Leggett, stated "this
transaction represents the continuing implementation of Agenix's
transformational strategy and we have now completed the
rationalization of the Animal Health and Human Health in vitro
diagnostic test businesses.  We will book profits on disposal of
AU$4.1 million in the second half year to June 30, 2007."

Mr. Legget also revealed that as of March 5, 2007, the company
has AU$7.5 million in the bank after having paid a
AU$1.3 million deposit for our proposed acquisition of Shanghai
Rui Guang Bio-Pharma Development Co., Ltd, Agenix's China bio-
pharmaceutical company acquisition.

"We also have cash receivable of up to a further AU$6.5 million,
or AU$7.5 million if the option on the point-of-care IP is
exercised, from transactions already announced.  Therefore, the
company has cash and cash receivable of approximately 7 cents
per share," Mr. Legget concluded.

                       Thromboview Trial

Agenix wholly owned subsidiary, Agen Biomedical, is focused on
the design of the proposed ThromboView(R) Phase II Pulmonary
Embolism trial.

"There has been market disappointment about the failure to
negotiate a ThromboView(R) licensing deal to date.  However, the
reality is that ThromboView(R) continues to deliver strong
clinical trial results," Mr. Leggett said.  Replication in this
coming Phase II PE trial of the image quality achieved already
in the Phase Ib PE trial would be a significant step forward.

"The proposed investment by Agenix in SHRG also has the
potential to generate significant shareholder returns and
shareholders will shortly be forwarded information outlining
what a great deal this is for them," Me. Leggett added.

                         About Agenix

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

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


ALL FRESH: Members and Creditors to Meet on March 30
----------------------------------------------------
A joint meeting will be held for the members and creditors of
All Fresh Produce Pty. Ltd on March 30, 2007, at 9:50 a.m.

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

In a report by the TCR-AP, the company was placed under
liquidation on Sept. 1, 2006.

The joint liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                        About All Fresh

Headquartered in Victoria, Australia, All Fresh Produce Pty Ltd
is a distributor of fresh fruits and vegetables.


BELMORE CONSTRUCTIONS: To Declare Dividend on March 28
------------------------------------------------------
Belmore Constructions Pty Ltd, which is subject to a deed of
company arrangement, will declare a first and final dividend on
March 28, 2007.

Accordingly, creditors are asked to prove their debts by
March 21, 2007, to be included in the company's distribution of
dividend.

The deed administrator can be reached at:

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

                  About Belmore Constructions

Belmore Constructions Pty Ltd is an operative builder.  The
company is located in Victoria, Australia.


COMPARE NOMINEES: Members and Creditors to Hear Wind-Up Report
--------------------------------------------------------------
The members and creditors of Compare Nominees Pty Ltd will hold
a meeting on March 30, 2007, at 10:40 a.m., to hear the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                     About Compare Nominees

Compare Nominees Pty Ltd operates household appliance stores.
The company is located in Victoria, Australia.


NAP ACOUSTICS: To Hold Final Meeting on March 30
------------------------------------------------
The members and creditors of Nap Acoustics Pty Ltd hold their
final meeting on March 30, 2007, at 10:00 a.m., to receive the
liquidator's report regarding the company's wind-up proceedings
and property disposal.

The company's liquidators can be reached at:

         B. N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills Victoria 3127
         Australia
         Telephone:(03) 9896 9000
         Facsimile:(03) 9896 9001

                       About Nap Acoustics

Located in Victoria, Australia, Nap Acoustics Pty Ltd provides
engineering services.


PRIMELIFE CORPORATION: Posts AU$2-Mil. Loss for HY-Ended Dec. 31
----------------------------------------------------------------
Improved performances by Primelife Corporation Limited's (ASX:
PLF) Retirement Living and Aged Care business in the six months
to Dec. 31, 2006, and the strong reservation pipeline for its
new broadacre developments, have set the company on course for a
strong second half with the company positioned to better the
2006 net result of AU$6.2 million in the full 2007 year,
according to Managing Director John Martin.

While the underlying businesses of Primelife showed improved
performance, the company was affected by a number of one-off
costs in relation to staff departures and the resolution of
several unregistered managed investment schemes, which resulted
in a net after tax loss of AU$2.2 million for the period.

However, Mr. Martin noted "these one-off costs are not
reflective of the improving underlying performance of
Primelife's operational divisions, including a 37% increase in
NTA "over the period reflecting a strengthening of Primelife's
balance sheet consistent with its strategy of being an owner of
assets."

Mr. Martin further noted that the company has not declared a
dividend.

As of Dec. 31, 2006, the company's balance sheet revealed
strained liquidity with AU$97,029,000 in total current assets
available to pay AU$237,489,000 of total current liabilities
coming due within the next 12 months.

Yet, in the Directors' Declaration, it was noted that there are
reasonable grounds to believe that Primelife will be able to pay
its debts as and when they become due and payable.

The company's Dec. 31, 2006 balance sheet also showed total
liabilities of AU$398,516,000 and total assets of
AU$483,588,000, resulting to total equity of AU$85,072.

                          Development

According to Mr. Martin, there has been a strong focus on sales
and execution of the developments with the introduction of new
sales initiatives and sales processes.

Primelife has focused on the quality of the reservation
pipeline, which resulted in reduced cancellation rates from 37%
to 25%.  Ongoing improvements are expected to achieve a targeted
20% cancellation rate, Mr. Martin said.

These various operational initiatives are expected to lead to
stronger sales in the second half of FY2007.

                Discussion with Babcock & Brown

Primelife continues to be in discussions with its major
shareholder Babcock & Brown Limited about its interest in
creating a specialized investment vehicle in the Retirement
Living and Aged Care sector, which would include Primelife and
PLT, an acquisition joint venture between Primelife, Babcock &
Brown, and MFS Limited.

Various acquisitions are being considered by the relevant
parties which may impact the structure and timing of the
finalization of any proposal although MTM Funds Management
Limited (ASX:MTM) has ceased to be part of the discussions.

          Settlement of Managed Investment Scheme Issues

In September 2004, the Australian Securities and Investments
Commission alleged breaches by Primelife and other defendants
relating to the involvement of Primelife and others in the
promotion and operation of managed investment schemes entered
into between 1998 and 2002.  The proceedings related to
investments schemes established to invest in the development and
management of 23 Primelife aged care and retirement facilities.

Primelife settled all ASIC proceedings on April 1, 2005.  Under
the terms of settlement, Primelife agreed to pay up to AU$1
million for the preparation of an Independent Accountant's
report into the winding-up of the schemes and has paid
AU$600,000 t defray ASIC's costs.  These amounts were brought to
account in the 2005 financial year.

Primelife will remain a party to the various proceedings as a
matter of record to assist ASIC in the ongoing resolution of the
proceedings with the non-Primelife defendant.

As at Feb. 15, 2007, the schemes yet to be in or agreed to be in
the winding up process relate to two Primelife facilities.  This
means that in relation to the balance of the schemes, 15 have
been wound up and six have agreed to or are currently in the
winding up process.  The Court appointed Independent Account
concluded in his various disclosure reports that each scheme
being wound up is solvent.

                             Outlook

In respect of the full year, Primelife anticipates that this
year's results will outperform the AU$6.2 million profit in the
previous year.  Primelife expects strong contributions from
growth in unit sales at Primelife's new broad acre developments,
strong earnings growth in the Retirement Living business,
increasing occupancy and further efficiencies in its Aged Care
business and running down costs associated with residual legacy
litigation and winding up the remaining unregistered investment
schemes.

Going forward, Primelife continues to reduce corporate costs and
is on track to achieve its normalized target of AU$13 million -
AU$14 million next financial year, Mr. Martin notes.

                        About Primelife

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

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

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

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

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


PRIMELIFE CORPORATION: McKinnon Road Retains Claremont Ownership
----------------------------------------------------------------
Primelife Corporation Limited's 50/50 joint venture with Ulter
Pty Ltd -- McKinnon Road Developments Pty Limited -- will retain
ownership of Claremont Terrace retirement and aged care
facility, after entering an agreement with the liquidator
appointed to wind up the managed investment schemes formed to
invest in the development of the facility.

The liquidator of the schemes has agreed to terminate the
contractual arrangements relating to the incomplete sale,
development, and management of Claremont Terrace for a total
consideration of AU$3 million.  It is expected that settlement
will occur in mid April 2007.

Claremont Terrace is a high quality integrated retirement and
aged care facility managed by Primelife comprising 79 serviced
apartments coupled with a 56 low care bed hostel located in
McKinnon in Melbourne.

Primelife Managing Director, John Martin, said "Primelife is
pleased to have resolved the outstanding contractual issues
relating to the facility and looks forward to managing the
facility and creating further value for the joint venture."

                        About Primelife

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

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

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

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

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


SUNCORP-METWAY: Promina Shareholders Support Merger Proposal
------------------------------------------------------------
Shareholders of insurer, Promina Group, have approved an
AU$8-billion merger with Suncorp-Metway, the Sydney Morning
Herald reports, citing the Australian Associated Press.

According to Promina Chairman Leo Tutt, Promina had not received
a superior offer, the paper relates.

The report notes that there have been 707.3 million proxy votes
for the deal and 1.64 million against.

In a statement posted at its Web site, 94.21% of the Promina
shareholders who voted a scheme meeting held on March 5, 2007,
supported Suncorp-Metway Limited's merger proposal.  This
represented 99.76% of the shares that were voted, significantly
above the minimum required to approve the scheme of arrangement.

On Jan. 30, 2007, the Troubled Company Reporter - Asia Pacific
reported that Suncorp'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.

Suncorp Chairman John Story said the merger would benefit
customers, shareholders and employees of both companies.

Suncorp is offering 0.2618 Suncorp shares and AU$1.80 cash for
each Promina share, the AAP relates.

The next step in the merger process is for the Federal Court of
Australia's second hearing on the scheme of arrangement, which
is scheduled to take place on March 12, 2007.

If approval is given at that hearing, the effective date of the
scheme will be March 13 with the implementation date on March
20. Suncorp shares issued under the scheme are expected to begin
trading on the Australian Stock Exchange on March 16 on deferred
settlement basis.

Suncorp chief executive John Mulcahy said his immediate
priorities after completion of the merger would be the
appointment of the executive team and the development of a
business model designed to capture the best of both
organizations.  "We will be undergoing a rigorous process to
identify the strongest possible management team."

Promina Group's chief executive officer Mike Wilkins has brushed
aside criticism that the insurer's merger with rival Suncorp-
Metway Ltd will be too expensive and too difficult to implement,
AAP relates.

It is appropriate that Suncorp has not yet announced the
composition of the management team of the merged entity because,
up until the merger is approved, the companies are still
competing organizations, AAP cites Mr. Wilkins, as saying.

                      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.


SYNDAL WAY: Members Decide to Shut Down Operations
--------------------------------------------------
On Feb. 16, 2007, the members of Syndal Way Pty Ltd held a
general meeting and agreed to shut down the company's
operations.

The company's liquidator can be reached at:

         Robert W. Morton
         Mortons Accountants
         5th Floor, 347 Flinders Lane
         Melbourne
         Australia

                         About Syndal Way

Located in New South Wales, Australia, Syndal Way Pty Ltd is an
investor relation company.


TRIANGLE FASHIONS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Feb. 8, 2007, the members of Triangle Fashions Pty Ltd held a
general meeting and resolved to close the company's business.

Accordingly, Stephen Robert Dixon and Laurence Andrew Fitzgerald
were appointed as the joint and several liquidators.

The Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Horwath BRI (Victoria) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Triangle Fashions

Located in Victoria, Australia, Triangle Fashions Pty Ltd
operates miscellaneous apparel and accessory stores.


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

BEIJING SHOUGANG: Parent to Invest CNY66.8 Billion in New Plant
---------------------------------------------------------------
Shougang Corp will inject the assets of its new planned plant
into its Shenzhen-listed arm, Beijing Shougang Co Ltd, to enable
it to list in its entirety, Jongo News says, citing China Daily.

Jongo relates that the parent company, Shougang and Tangshan
Iron & Steel Corp, will start building the new plant this month
in Caofeidian, Bohai Bay, with a total investment of CNY66.8
billion.

According to Jongo, Zhu Jimin, the group's chairman, told China
Daily that the new plant will be put into Beijing Shougang "when
construction reaches a certain stage".  Mr. Zhu, however, did
not provide a specific timeframe, the paper notes.

Shougang Corp will hold a 51% stake in the plant due to be
completed by 2010, with an annual production capacity of 9.7
million tons.  The plant will make car and home appliance plates
and other high value-added products, Jongo says.

                          *     *     *

Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in  
the iron and steel industry.  The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag.  The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries. As of December 31,
2005, the Company had three major subsidiaries and three major
associates.

Xinhua Far East China Ratings gave Beijing Shougang a BB+ issuer
credit rating.


CHAODA MODERN: Moody's Upgrades Ratings to Ba2
----------------------------------------------
Moody's Investors Service on March 1, 2007, has upgraded Chaoda
Modern Agriculture (Holdings) Ltd's corporate family rating and
its foreign currency debt rating to Ba2 from Ba3.  This
concludes the review for possible upgrade, which began on Dec.
11, 2006.  The outlook for both ratings is stable.

"Moody's acknowledges the ongoing positive developments in
Chaoda's operational performance and a clean opinion for its
financial statements from the company's auditors since listed in
HK -- as the reliability of the company's financial reporting
has been an area of uncertainty in the past," notes Ken Chan,
Moody's lead analyst for the company.

Moreover, Moody's expects Chaoda's management to be prudent in
its cash management and financial discipline, with future
investments focusing on the company's core agriculture-related
businesses.  This is especially crucial given the ample cash
reserves on hand and large planned capex ahead.

Chaoda has a vertically integrated business model with a strong
R&D capacity as well as large-scale and diversified production
bases and distribution network.  These factors continue to
support the company's strong growth momentum and high margin,
thereby also supporting the higher ratings.

On the other hand, the ratings also take into account the
company's aggressive expansion plan and projected negative free
cash flow position over the next few years -- the result of its
aggressive expansion plan to double its cultivation area by
FY2008.  Should the company continue with its heavy capex going
forward, Moody's expects there will be potential funding needs
in FY2009.

When compared with the rated Ba credits in the region, Chaoda
has a stronger financial profile.  However, its rating is
constrained by ongoing material related-party transactions for
purchasing fertilizer.  Even though the company has obtained a
waiver from the stock exchange, these transactions have raised
concerns over its corporate governance and potential cash
leakage to fund group companies.

Upward rating pressure would occur if the company demonstrates
the ability to manage and execute its expansion plans over the
next 2-3 years while maintaining its sound EBIT margin.  Credit
metrics that Moody's would consider for an upgrade are:

    * retained cash flow/adjusted debt of above 35-40%,

    * adjusted EBIT/interest of over 8-10x, and

    * positive free cash flow on a sustainable basis.

An improvement in its corporate governance structure and
demonstration of strong financial discipline in pursuing its
growth strategy would also be positive for the rating.

On the other hand, downward rating pressure would emerge if:

   * there is evidence of cash leakage to fund related
     companies,

   *  the company pursues a more aggressive debt-funded
      expansion plan, and/or

   * there is significant margin erosion and deterioration of
     Chaoda's financial profile as the business expands, such
     that adjusted EBIT margin lowers to 35-40% and retained
     cash flow/adjusted debt decreases to 20-25%.

Any further evidence of increased investment in non-core
businesses or deviation from Chaoda's stated cash management
policy would also have a negative impact on the ratings.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically
integrated agricultural company. It produces and distributes
fruit and vegetables in China. It is also involved in livestock
breeding and sales.


CHINA CONSTRUCTION: No Current Plans for Mainland Listing
---------------------------------------------------------
China Construction Bank Corp has no current specific plans to
list in the mainland or make any overseas acquisitions, Dow
Jones reports, citing Guo Shuqing, the chairman of the bank.

Mr. Guo made the remarks on the sidelines of the annual meeting
of the Chinese People's Political Consultative Conference, an
advisory body to the Chinese government, Dow Jones relates.

                          *     *     *

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

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


FANJI FOUNDATION: Will Receive Proofs of Debt Until April 3
-----------------------------------------------------------
On Feb. 6, 2007, the members of Fanji Foundation Limited
resolved to liquidate the company's business.

Accordingly, Liquidator Poon Cho Yiu, Ronald requires the
company's creditors to prove their debts by April 3, 2007, to be
included in the company's distribution of dividend.

The company's Liquidator can be reached at:

         Poon Cho Yiu, Ronald
         1/F., 99 Caine Road
         Hong Kong


CHINA EASTERN: Eyes Membership with Oneworld Alliance
-----------------------------------------------------
China Eastern Airlines is in talks with the oneworld airline
alliance to become a member carrier, various reports say, citing
alliance Managing Partner John McCulloch during a briefing with
reporters.

According to Der Mobilitaets Manager, oneworld alliance, led by
American Airlines and British Airways, hopes to expand its
network in the growing Chinese market by recruiting an airline
on the mainland.  Hong Kong's Cathay Pacific Airways is a
member.

Der Mobilitaets relates that Japan Airlines, Royal Jordanian,
and Hungary's Malev will join the alliance from April.

                          *     *     *

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.


GOLD TRIUMPH: Members and Creditors to Meet on April 3
------------------------------------------------------
A final meeting will be held for the members and creditors of
Gold Triumph Development on April 3, 2007, at 3:30 p.m. and 4:00
p.m., respectively, at 17/F, Shing Lee Commercial Building, 6-12
Wing Kut Street in Central, Hong Kong.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Nov. 8, 2006.

The Liquidator can be reached at:

         Chin Kwok Keung
         Tsang & Ng
         Certified Public Accountants
         17/F, Shing Lee Commercial Building
         6-12 Wing Kut Street, Central
         Hong Kong


HARMONY DEVELOPMENT: Members' Final Meeting Set for April 3
-----------------------------------------------------------
The members of Harmony Development (H.K.) Company Ltd will hold
their final meeting on April 3, 2007, at 3:30 p.m., at Room
1103, 11/F., C C Wu Building, 302-308 Hennessy Road in Wanchai,
Hong Kong.

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

In report by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on Oct. 3, 2006.

The liquidator can be reached at:

         Pang Siu Kei
         Room 1103, 11/F., C. C. Wu Building
         302-308 Hennessy Road, Wanchai
         Hong Kong


IN-WORK INTERNATIONAL: Shareholders to Hear Wind-Up Report
----------------------------------------------------------
The shareholders of In-Work International (2003) Limited will
meet for their general meeting on April 19, 2007, at 11:00 a.m.,
at Rooms 2107-8, 21/F., Kai Tak Commercial Bldg., in 317-319 Des
Voeux Road Central, Hong Kong.

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


INDUSTRIAL BANK: Profit in 2006 Up 51% on China's Growth
--------------------------------------------------------
Industrial Bank's profit growth accelerated to 51% in 2006 as
China's economic expansion raised loans and services demand,
Bloomberg News reports, citing a statement from the bank.

A preliminary earning statement filed by the bank with the
Shanghai Stock Exchange, revealed that the bank's net income
climbed to CNY3.72 billion while its operating profit, including
net interest and fee income as well as charges against bad debt,
climbed 42% to CNY5 billion.

"A rising tide lifts all boats," Bloomberg cites Qiu Zhicheng, a
banking analyst at Haitong Securities in Shanghai, referring to
China's fast growing economy.  "Industrial Bank is no
exception."

                          *     *     *

Headquartered in southeastern China's Fujian province, The
Industrial Bank Co Ltd, is partly owned by Hang Seng Bank.

The bank recorded a capital adequacy ratio of 7.17%, below the
minimum regulatory requirement of 8% as of June 30, 2006.

On Sept. 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the Individual D/E and
support 4 ratings of Industrial Bank.  The ratings outlook is
stable.


MOGU INTERNATIONAL: Members and Creditors to Meet on April 3
------------------------------------------------------------
The members and creditors of Mogu International Limited will
meet on April 3, 2007, at 10:00 a.m., at the offices of Ferrier
Hodgson Limited, 14th Floor, Hong Kong Club Building, 3A Chater
Road in Central, Hong Kong.

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


PARKSON RETAIL: Fiscal-Year 2006 Net Profit Up 86%
--------------------------------------------------
Parkson Retail Group Ltd's 2006 net profit climbed 86% on strong
same-store-sales growth, the Wall Street Journal reports, adding
that the company plans to open five stores this year to cash in
on China's booming consumer demand.

In a disclosure, Parkson Retail said its net profit rose to
CNY460.8 million yuan, from CNY248 million in 2005, while
revenue rose to CNY1.94 billion from CNY1.13 billion in 2005.

Wall Street, citing the company's disclosure, notes that sales
at stores open for at least a year rose 17% last year.  

Meanwhile, Chief Financial Officer Clarence Wong was cited by
the paper as saying that Parkson plans to spend between
CNY125 million and CNY150 million to open new stores this year
in Beijing, Shanghai, Chengdu, Xian, and Hangzhou.  In addition,
the company will earmark between CNY60 million and CNY80 million
each year for renovating existing stores.

                          *     *     *

Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.  
For the year end-2005, revenues were CNY1.2 billion while net
income was CNY248 million.

On Dec. 4, 2006, Moody's Investors Service has affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating has had its provisional status removed.  The rating
outlook is stable.

On Nov. 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.


SUPER LUCK: Balance Sheet Upside Down by US$33,806 in 2006
----------------------------------------------------------
Super Luck, Inc.'s balance sheet went upside down in the
financial year ended Nov. 30, 2006, with total assets of
US$94,807 and total liabilities of US$119,496, resulting to a
stockholders' deficit of US$33,806.

The company posted a net loss of US$29,788 for the year ended
November 2006 compared to a net loss of US$4,018 from Aug. 10,
2005 (Date of inception) to Nov. 30, 2005.

PKF, an independent public accounting firm based in Hong Kong,
noted that the company's financial statement have been prepared
assuming that Super Luck will continue as a going concern.  

After reviewing the company's annual financial statement, PKF
noted that Super Luck is a development stage company and has an
accumulated deficit as of Nov. 30, 2006.  These factors, PKF
said, raise substantial doubt about the company's ability to
continue as a going concern.

                          *     *     *

Super Luck, Inc., a development stage company, was incorporated
under the laws of the State of Delaware on August 10, 2005.  It
markets, sell and support financial software products.  The
company's executive office is located at Room 1901-02, Lucky
Building, 39 Wellington Street, Central, Hong Kong.


TAK WO: Liquidator to Present Wind-Up Report
--------------------------------------------
The members and creditors of Tak Wo Metal Industries Limited
will meet on March 21, 2007, at 3:00 p.m. and 3:30 p.m.,
respectively, at Room 1601-2, 16th Floor, One Hysan Avenue in
Causeway Bay, Hong Kong.

During the meeting, the members and creditors will hear the
liquidator's report about the company's wind-up proceedings and
property disposal.


TREASURE PROPERTIES: Final Meeting Slated for April 3
-----------------------------------------------------
The members and creditors of Treasure Properties Limited will
hold a final meeting on April 3, 2007, at 11:00 a.m., at the
offices of Ferrier Hodgson Limited, 14th Floor, Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong.

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

The company's liquidator can be reached at:

         Desmond Chiong
         c/o Ferrier Hodgson Limited
         14/F., Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


XINAO GAS: Plans CNY1B Outlay to Increase Distribution Outlets
--------------------------------------------------------------
Xinao Gas Holdings will invest CNY1 billion to widen its piped-
gas distribution network in the mainland, Zoom China says,
citing a report from the Xscoal.

The company's finance director Yu Jianchao said the investment
will increase the number of compressed natural gas refueling
stations to 200 by next year, expanding its pipe network.  

Mr. Yu told Xscoal that the refueling stations will account for
20% of piped-gas sales in the next three to five years.

The company currently has 60 refueling stations, Zoom China
notes.

Zoom China relates that in the first half of last year, Xinao's
sales of piped-gas soared 109% to CNY696 million.

According to Mr.Yu, Xinao has set a total sales target of CNY1.5
billion for this year, doubling the revenue last year.

                          *     *     *

Xinao Gas -- www.xinaogroup.com/ -- principal activities are
investment in gas pipeline infrastructure and provision of piped
gas.  Other activities include distribution of bottled liquefied
petroleum gas, manufacture of stored value card gas meter and
sourcing of compressed pipeline gas.  The Group also provides
after sale services such as repairs and maintenance in
connection with gas supply.  Operations are carried out in Hong
Kong, the British Virgin Islands and the People's Republic of
China.

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that a lower than expected financial performance and
deteriorating credit metrics for Xinao Gas led Moody's Investors
Service to change its Ba1 corporate family rating and senior
unsecured bond rating to negative from stable.  A rating upgrade
is unlikely in the next 12 months, Moody's said.


YONG XUN: Placed Under Creditors' Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on Feb. 16, 2007, the
creditors of Yong Xun International Trading Limited resolved to
voluntarily wind up the company's operations.

In this regard, Lo Wing Hung was appointed as the company's
liquidator.

Mr. Lo can be reached at:

         Lo Wing Hung
         Room 401, 4th Floor
         China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


ZION CRUADE: Liquidator Quits Post
----------------------------------
Kwan Yiu Chung ceased to act as the liquidator of Zion Cruade
Association Limited on Feb. 23, 2007.

As reported by the TCR-AP, Mr. Kwan presented his final accounts
of the company's wind-up report on Nov. 19, 2006.

The company's former Liquidator can be reached at:

         Kwan Yiu Chung
         Unit 1305, Tai Tung Building
         8 Fleming Road, Wanchai
         Hong Kong


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

AFFILIATED COMPUTER: Moody's Holds Ba2 Rating, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has confirmed Affiliated Computer
Services' Ba2 corporate family rating and assigned a stable
rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current SEC financial reporting.  

This rating confirmation concludes a review for possible
downgrade initiated on Oct. 2, 2006, which was prompted by the
company's internal options granting investigation and a related
delay in filing its SEC financial statements.

ACS' Ba2 rating is supported by the company's size and
profitability as measured by its pretax income of US$450 million
and net profit returns on assets adjusted for pensions and
leases of about 4% for LTM December 2006.  

In addition, the company's business profile, as measured
collectively by its geographic, business line, and client
diversity, is estimated by Moody's to be greater than certain of
its I/T services peers.  The rating is constrained by
management's aggressive growth goal to achieve US$10 billion
total revenues for 2010, the company's sluggish internal/organic
revenue growth rate, declining commercial operating margins, a
legal overhang related to prior improper stock options granting
practices, and sizable capital expenditures as a percentage of
EBITDA.

Moody's believes the company's financial leverage and interest
coverage as measured by debt to EBITDA and free cash flow to
debt, respectively, may deteriorate as the company pursues
further acquisitions and possibly conducts further share
repurchases.  However, the Ba2 rating assumes that the company's
leverage will not exceed 7.2x and that its EBIT to interest
ratio will not decline to less than 2x.

The stable outlook reflects the company's relatively steady
internal revenue growth and healthy operating margins, which are
supported by its competitively positioned and well diversified
BPO business portfolio.  The company's equity value as well as
new business award signings has been negatively affected by the
stock option backdating investigations and late financial
statement filings.  The stable outlook assumes that the
company's market value and asset book value will converge and
that its new business awards will improve over the next twelve
months.

The ratings could experience upward pressure if the company is
able to exhibit continued internal revenue growth, consistent
client retention rates, growth of new business signings, and
operating margin stability and if its ratio of debt to EBITDA
less capital expenditures were to remain below 5.5x.

The rating could experience downward pressure if internal
revenues and new business signings were to decline or debt to
EBITDA less capital expenditures were to increase to over 7.2x,
possibly due to realized material legal exposure related to
shareholder activity along with acquisition spending and share
repurchases.

Ratings confirmed include:

   * Ba2 Corporate Family Rating

   * US$500 million Senior Secured Notes due 2010 and 2015, Ba2

   * US$3800 million Senior Secured Term Loan facility due 2013,
     Ba2

   * US$1000 million Senior Secured Revolving Credit Facility,
     Ba2

Headquartered in Dallas, Texas, Affiliated Computer Services,
with US$5.5 billion LTM December 2006 revenues, is a leading
provider of business process outsourcing and I/T outsourcing to
commercial clients as well as state and local governments.

Dallas-based Affiliated Computer Services Inc. has operations in
India, Brazil, China, Dominican Republic, Guatemala, Ireland,
Philippines, Poland and Singapore.


GENERAL MOTORS: Reports Increase in U.S. Sales for February
-----------------------------------------------------------
Despite an expected decline in U.S. industry sales, General
Motors Corp. reported a 3.4% total sales increase, compared with
February 2006.  The sales gain was due to an 11% retail sales
increase.

Retail and fleet sales by GM dealers in the United States
totaled 311,763 vehicles, compared with sales of 301,545 in
February 2006.  Fleet sales were down 18% due to a planned 25%
reduction in daily rental sales.

"Our pickup, SUV and crossover business was terrific across the
board," Mark LaNeve, vice president, GM North American Sales,
Service and Marketing, said.  "Our customers are telling us that
we have the winning formula -- the best products, industry-
leading fuel economy and the best value."

February's performance was led by the new GMC Sierra and the
North American Truck of the Year Chevrolet Silverado full-size
pickups.  Silverado had its best February sales month in five
years, total full-size pickup sales were up 29% and total truck
sales were up more than 7% compared with last February.  The
critically acclaimed new GMC Acadia and Saturn Outlook drove a
97% retail increase in the mid-crossover segment.

"With GM offering the best coverage in our 5 year/100,000 mile
power train limited warranty with roadside assistance and
courtesy transportation, we believe customers see our vehicles
as having outstanding value and quality that is better than the
competition," Mr. LaNeve added.  "With a less than stellar
industry performance, our February sales results stand out."

The Chevrolet, GMC, Saturn and Pontiac divisions all saw retail
increases in February.

Retail truck sales were up 16% compared with February 2006 and
total truck sales were up 7%. Leading the retail sales gains
were full-size pickups, up 36% compared with February 2006, with
positive showings by Chevrolet Avalanche, up 110% and Silverado,
up 34%.  GMC Sierra retail sales volume was up 27% compared with
last February.

Retail increases by the Cadillac Escalade ESV and Escalade EXT,
compared with February 2006, pushed GM's large luxury utilities
segment up 7% compared with last February.

Driven by an increase in Chevrolet Aveo retail sales, GM's
economy car segment retail volume was up 17% compared with
February 2006.  A 45% retail increase in Pontiac G6 and a 65%
increase in Chevrolet Impala retail sales, compared with the
same month a year ago, pushed GM's mid-car segment retail volume
up 25%.

In February, GM's mix of total fleet to retail sales continued
to improve significantly. Retail sales were 78.5% of total
sales, compared with 73% last February; fleet sales were 21.5%,
compared with 27% last year.

GM February sales reflected the continuing strength of the new
product portfolio with competitive incentive spending, balanced
with ongoing reductions in daily rental fleet sales.

                     Certified Used Vehicles

February 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles and HUMMER Certified Pre-Owned Vehicles, were 42,855
units, up nearly 6% from last February.  Year-to-date sales for
all certified GM brands are up nearly 8% from the same period
last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted February sales of
37,840 units, up nearly 7% from February 2006.  Year-to-date
sales are 75,390 units, up 8%.

Cadillac Certified Pre-Owned Vehicles posted February sales of
3,111 units, comparable to last February.  Saturn Certified Pre-
Owned Vehicles sold 1,262 units in February, down 11%.  Saab
Certified Pre-Owned Vehicles sold 540 units, up 7%, and HUMMER
Certified Pre-Owned Vehicles sold 102 units, up 183%.

                    About General Motors Corp.

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

                          *     *     *

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

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

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


RELIANCE INDUSTRIES: Fitch Afiirms BBB- Ratings, Outlook Stable
---------------------------------------------------------------
Fitch Ratings, on March 2, affirmed the 'BBB-' Long-term foreign
currency and local currency Issuer Default ratings as well as
the 'AAA(ind)' National Long-term issuer rating of India-based
Reliance Industries Limited.  Fitch has also affirmed the
'AAA(ind)' rating of RIL's INR130 billion non-convertible
debenture programme.  The Outlook on the ratings is Stable.

The ratings reflect RIL's dominant position in the domestic
petrochemicals sector, its efficient refining operations, its
scale of operations in key product lines and its comfortable
capital structure, which is supported by robust cash generation
from its core businesses.

RIL's international ratings are constrained by a maximum of one
notch by India's country ceiling of 'BBB-'.  The Stable Outlook
reflects Fitch's expectation that RIL's petrochemical and
refining margins will remain strong despite some volatility.
Also, debt protection measures are likely to remain consistent
with the rating assigned, even after taking into consideration
the substantial capital expenditures underway.

Although refining margins tend to be volatile, RIL has been able
to consistently maintain its margins above global benchmarks due
to the high complexity of its refinery; this has enabled it to
process heavier and sourer crude oil while achieving a
relatively higher yield of light and middle distillates.  RIL
has been helped by higher than historical average refining
margins globally over the last few years along with increased
light-heavy crude oil differentials and an increased demand for
light distillates -- all factors which have made complex
refineries more profitable.  A favorable demand-supply scenario
in the domestic petrochemicals market coupled with RIL's
dominant domestic position and global scale of operations have
aided the high profitability of the company.

Given the commodity nature of its business, RIL is exposed to
cyclicality, but "through the cycle" (FY02 to FY06) credit
metrics are comfortable with average Funds-from-operation,
adjusted net leverage at 2.04x, adjusted net debt/ EBITDA at
1.88x and total adjusted debt/total adjusted capitalisation at
37.8%.  The effect of RIL's substantial investment plans
including those for its retailing, special economic zone, new
refinery and petrochemical units are moderated by its strong
cash flows and equity infusion plans, which are expected to keep
the credit profile consistent with the rating assigned.

RIL has recently announced the setting up of a new
petrochemicals unit (cost US$3 billion), investment details of
which have yet to be finalized; issue of equity warrants worth
approximately US$3.74 billion on exercise, is expected to
cushion impact on credit ratios.

RIL is the largest private sector company in India with FY06
revenues equivalent to 2.8% of India's GDP and exports
accounting for 8% of the country's exports.  RIL is primarily an
oil refining and petrochemicals company, which is gradually
integrating its operations upstream and downstream into
exploration and production and retailing of petroleum products
respectively.  The company is also diversifying into new areas,
through different subsidiaries, such as retailing and
development of an SEZ.  The company is also executing a project
for near-doubling of its refining capacity through another
subsidiary, Reliance Petroleum Limited.

In FY06, RIL recorded revenues of INR812 billion (approximately
US$18bn) and a net income of INR91 billion (approximately
US$2bn).

                          *     *     *

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


SYNDICATE BANK: Names K. Seetharamu as New Director
---------------------------------------------------
Syndicate Bank Ltd. has named K. Seetharamu as director on its
board, replacing Salim Gangadharan with immediate effect and
until further orders.

The Indian Government nominated Mr. Seetharamu for the director
post by notice dated Feb. 27, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 7, the Government has recently named Shobha Oza as part-
time non-official director on the board.

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

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


TATA MOTORS: February 2007 Sales Up 19% from Last Year
------------------------------------------------------
Tata Motors reported a total sale of 53,707 vehicles (including
exports) for the month of February 2007, a growth of 19% over
45,113 vehicles sold in February last year.  Cumulative sales
for the company at 5,16,599 units are growing by 30%.

                        Commercial Vehicles

The company's sales of commercial vehicles in February 2007 in
the domestic market were 27,859 units, an increase of 22% over
22,885 vehicles sold in February last year.  Medium and Heavy
Commercial Vehicle sales stood at 16,306 units, a growth of 19%
over February 2006, while Light Commercial Vehicle sales were
11,553 units, a growth of 25% over February 2006.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,68,453 units, an increase of 43% over last
year.  Cumulative M&HCV sales stood at 1,55,708 units, an
increase of 40% over last year, while LCV sales for the fiscal
were 1,12,745 units, an increase of 48% over last year.

                        Passenger Vehicles

The passenger vehicle business reported total sales of 21,322
vehicles in the domestic market in February 2007, an increase of
19% over February 2006.  The Indica reported sales of 12,580
units, a growth of 19% over February 2006.  The Indigo family
registered sales of 3,436 units, a decline of 6% over February
2006, but an increase of 7% over January 2007 (last month) due
to the growing units of the new Indigo XL which has been
received well in the market.

The Sumo and Safari accounted for sales of 5,306 units, a growth
of 41% over February 2006, with Utility Vehicles reporting their
highest ever sales for any month.  Safari sales at 2009 units
grew by 258% over last February.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 2,01,133 units, an increase of 21% over the
previous year.  The Company therefore has crossed last fiscal's
total sales of 188,856 in the 11th month of this fiscal.  
Cumulative sales of the Indica at 129,407 units registered a
growth of 31% over the previous year, while cumulative sales of
the Indigo family at 29,942 units registered a decline of 14%
over last year, but lesser than the decline of the entry mid-
size segment.  Cumulative sales of Sumo and Safari were 41,784
units, a growth of 27% over last year.  Safari sales at 13666
units have been growing by 241% this fiscal.

                              Exports

The company's sales from exports were 4,526 vehicles in February
2007 as compared to 4,257 vehicles in February 2006, an increase
of 6%.  The cumulative sales from exports in the current period
at 47,013 units have recorded a 7% growth over the corresponding
figures for the previous

                        About Tata Motors

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

                          *     *     *

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

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


TATA POWER: 4th Quarter 2006 Net Profit Ups 23% to INR2.80 Bil.
---------------------------------------------------------------
Despite decreased revenues, Tata Power Company Ltd posted higher
net profit in the quarter ended Dec. 31, 2006 --
INR2.80 billion, a 23% increase from the INR2.28 billion gained
in the corresponding quarter in 2005.

Tata Power's income for the fourth quarter of 2006 totaled
INR12.46 billion, 11% lower than the INR14.08 booked in the
December 2005 quarter.  Operating expenses also went dwon from
the INR10.35 billion incurred in the quarter ended Dec. 31,
2005, to INR9.90 billion recorded in the December 2006 quarter.

Interest charges, however, soared 20% from INR424.2 million in
the December 2005 quarter to INR510.3 million in the quarter
under review.

The higher net profit figure in the quarter under review was
brought about by the turnaround in tax provisions -- (INR321.3)
million in the December 2005 quarter compared to INR1.48 billion
in the December 2006 quarter.

A copy of Tata Power's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?198b

Tata Power Company Ltd. is a licensee engaged in generation and
supply power to bulk consumers in the Mumbai metropolitan area.
The company operates four thermal plants with a combined
capacity of 1,350 MW, and three hydroelectric plants aggregating
447 MW; all of these supply power to the Mumbai licence area.
The company also has a plant that supplies power to Tata Steel.
In addition, Tata Power has an 81 MW independent power project
at Belgaum that sells power to Karnataka Power Transmission
Corporation Limited.

                          *     *     *

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER: Gets Stake in Chemical Terminal Trombay and IEPL
------------------------------------------------------------
Tata Power Company Ltd has acquired 59,136 equity shares of
Chemical Terminal Trombay Ltd of INR100 each and 7,400 equity
shares of Industrial Energy Pvt Ltd of INR10 each, a filing with
the Bombay Stock Exchange reveals.

The acquired interest in Chemical Terminal represents 28% of the
paid-up share capital of CTTL while those of IEPL represents 74%
paid-up share capital.

With the acquired stakes, the two companies have become wholly
owned subsidiaries of Tata Power.

Tata Power Company Ltd. is a licensee engaged in generation and
supply power to bulk consumers in the Mumbai metropolitan area.
The company operates four thermal plants with a combined
capacity of 1,350 MW, and three hydroelectric plants aggregating
447 MW; all of these supply power to the Mumbai licence area.
The company also has a plant that supplies power to Tata Steel.
In addition, Tata Power has an 81 MW independent power project
at Belgaum that sells power to Karnataka Power Transmission
Corporation Limited.

                          *     *     *

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


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

ALCATEL-LUCENT: To Build Taiwan's First Universal WiMAX Network
---------------------------------------------------------------
Alcatel-Lucent was selected by Taiwan's largest
telecommunications provider, Chunghwa Telecom, to deploy
Taiwan's first Universal WiMAX network.  The new wireless
broadband network will enable Chunghwa Telecom customers in the
central commercial district of the densely populated
metropolitan area of Taoyuan county to access applications such
as high-speed Internet, video streaming and Voice over IP using
their laptops, computers, modems or wireless handheld terminals.

It is expected that the deployment of this WiMAX network will
play a role in accelerating the realization of the Mobile Taiwan
project, whose goal is to bring local government and private
sector partners together to create the infrastructure necessary
to make wireless broadband service available across the island.  
In the future, Chunghwa Telecom and the Taoyuan county
government plan to develop and introduce applications such as
remotemedical services and e-learning for use by county
residents.

"Alcatel-Lucent is a leading proponent of Universal WiMAX
technology and committed early to developing it," said Frederic
Rose, President Alcatel-Lucent Asia Pacific region.  "The
experience we have acquired along the way has enabled us to
develop a solution that is stable, scalable and offers a clear
migration path to future applications.  Customers such as
Chunghwa Telecom are confident in our solution and are
partnering with us to provide their users with access to high-
speed wireless applications."

To stimulate the rapid adoption of Universal WiMAX in Taiwan,
Alcatel-Lucent will work closely with local manufacturers to
help develop requisite customer premise equipment, and is
establishing a WiMAX interoperability testing center to enhance
the global exposure and competitiveness of Taiwan's CPE
industry.

Chunghwa Telecom's Universal WiMAX network will fully comply
with the IEEE 802.16e-2005 standard for fixed, nomadic and
mobile usage.  Under the terms of the contract, Alcatel-Lucent
will provide its end-to-end WiMAX solution, including 2X2
multiple input/multiple output technology, which can help
increase capacity and coverage.  Alcatel-Lucent will also be
providing Chunghwa Telecom multi-vendor network integration,
engineering and installation support.

This agreement follows Alcatel-Lucent's commercial WiMAX
802.16e-2005 contracts announced in Latin America and the
Caribbean.   Alcatel-Lucent is among the world's leading WiMAX
vendors, with more than 40 operators worldwide deploying its
WiMAX equipment.

                      About Univeral WiMAX

WiMAX stands for Worldwide Interoperability for Microwave
Access.  Universal WiMAX enables voice and broadband
connectivity for fixed, nomadic or mobile use in urban, suburban
and rural areas.

                     About Chunghwa Telecom

Chunghwa Telecom -- http://www.cht.com.tw-- operates both  
domestic and international telecom businesses.  It also invests
in related businesses, and other ventures as authorized by the
Ministry of Transportation and Communications.

                     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: To Deploy France's First Urban WiFi Network
-----------------------------------------------------------
Alcatel-Lucent revealed that the city of Paris has jointly
awarded Alcatel-Lucent and SFR, the second largest mobile
telecommunications operator in France, a contract to supply and
integrate the first urban WiFi network in France.  Alcatel-
Lucent will integrate and deploy the turnkey WiFi network.  SFR,
with Alcatel-Lucent as its WiFi technological partner for the
past three years, will be responsible for the operation,
monitoring and maintenance of the WiFi network, as well as the
customer service and the Web portal.  The launch of this network
will take place in the third quarter of 2007.

The WiFi network enables the city of Paris to offer broadband
wireless access to Internet in 400 new access points.  Citizens
and visitors will benefit from access to WiFi services, free of
charge.

"We are very pleased to have been selected for this unique
initiative.  Our success confirms Alcatel-Lucent's leading
position as turnkey provider of broadband access solutions to
Cities and Regions, and as the leading network integrator
worldwide."  said Olivier Picard, President of Alcatel-Lucent's
Europe and South activities.

                      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


ALLIANCE ONE: To Sell US$150 Mil. in Unsecured Senior Notes
-----------------------------------------------------------
Alliance One International, Inc., proposes to make a private
offering of US$150.0 million in aggregate principal amount of
unsecured senior notes due 2012.  Alliance One intends to use
the proceeds of the proposed offering to repay outstanding
borrowings under its existing senior secured term loans.  The
offering of the notes is subject to certain customary closing
conditions.

The senior notes proposed to be offered have not been and will
not be registered under the Securities Act of 1933 and may not
be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of
the Securities Act and applicable state securities laws.  No
assurance can be given that the proposed offering can be
completed on acceptable terms.

                       About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.
The company has worldwide operations, including those in
Indonesia, Argentina, Brazil, Bulgaria, Canada, China, France,
India, Philippines, Malaysia, and Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 29, 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 US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting noteholders
will experience a 37% loss in the event of a default.


ALLIANCE ONE: Moody's Rates Proposed US$385-Mil. Sr. Loan at B1
---------------------------------------------------------------
Moody's Investors Service affirmed Alliance One International,
Inc.'s long-term debt ratings, including the company's B2
corporate family rating and revised the outlook to stable from
negative.

Moody's also assigned a B1 rating to the company's proposed
US$385 million senior secured revolving credit and term loan
facilities and a B2 rating to the company's US$150 million
senior notes offering.

The stable outlook reflects:

   1) the significant improvement in profitability and credit
      metrics over the last twelve months,

   2) the successful completion and achievement of merger
      lated synergies, and

   3) the prospective benefits to the company from the proposed
      refinancing including the extension of the maturity dates
      for its bank facilities and the elimination of sizable
      amortization payments.

Final ratings are subject to review of final documentation.
Ratings on the company's existing bank facilities will be
withdrawn upon closing.

AOI's B2 corporate family rating and stable outlook reflect the
company's financial metrics and the potential for volatility in
sales and earnings as a result of its commodity orientation and
its difficult position between tobacco growers and strong
cigarette manufacturers.  This position has been challenged over
the last several years due to the structural change away from
the auction markets to "contracted" markets, which shifts
inventory risk to AOI.

AOI's ratings are supported by its leading market share position
in the leaf tobacco trading and processing industry, its well
established relationships with large cigarette companies, and
global procurement and processing network that provides a
significant defense to new competitors.

However, AOI faces the ongoing challenge of ensuring high
quality and a diverse supply of leaf tobacco for its customers
by often pre-funding farmer activity, guaranteeing loans for its
suppliers, committing to purchase entire crops within a price
range while funding significant capital requirements of its own
to process the leaf tobacco.  Despite these measures, AOI's
customers often dictate the timing and pricing of their
purchases, which may result in large working capital
investments, weak cash flow, and higher debt levels.  

Nevertheless, Moody's notes that recent support in the form of
customer advances have been significant from AOI's significant
customers which is indicative of the close and long-standing
relationships AOI maintains with its key customers.

Ratings assigned:

   * Alliance One International, Inc.

      -- US$250 million senior secured revolving credit facility
         due 2010 at B1, LGD3, 35%;

      -- US$150 million senior notes due 2012 at B2, LGD4, 50%
         Intabex Netherlands, B.V.

      -- US$135 million senior secured term loan B due 2011 at
         B1, LGD3, 35%;

Ratings affirmed:

   * Alliance One International, Inc.

      -- Corporate family rating of B2

      -- Probability of default rating of B2

      -- US$315 million 11% senior notes due 2012 at B2, LGD4,
         50%

      -- US$100 million 12 _% senior subordinated notes due 2012
         at Caa1, LGD6, 95%

                      About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.  The company has worldwide operations,
including those in  Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France,  India, Philippines, Malaysia, and
Singapore.


AVNET INC: Increases Offering Size of Senior Notes to US$300-M
--------------------------------------------------------------
Avnet, Inc. revealed the pricing of its offering of US$300
million aggregate principal amount of 5-7/8% Notes due 2014 in a
registered offering.  Upon pricing, the offering size was
increased from the US$250 million aggregate principal amount,
which was offered on March 2, 2007.  The offering is expected to
close on March 7, 2007, subject to customary closing conditions.

Avnet intends to use all of the net proceeds to repay amounts
outstanding under its revolving credit facility and/ or its
accounts receivable securitization program.  The offering is
lead-managed by Banc of America Securities LLC and Credit Suisse
Securities LLC.

                        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%


AVNET INC: Moody's Holds Ba1 Rating and Says Outlook is Positive
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.

"The positive outlook reflects our expectation that Avnet's
operating performance will continue to benefit from the secular
outsourcing trend underway in the semiconductor space, improved
product mix, an expanded line card from recent acquisitions and
increasing geographic diversity that collectively support
operating margins at or above the 4% level," according to
Moody's Vice President & Senior Analyst Gregory Fraser, CFA.

The positive outlook considers the solid execution and realized
operating efficiency improvements that have exceeded
expectations resulting in operating margin and ROA expansion,
improved credit protection measures, higher gross cash flow
levels and an enhanced business model that has the propensity to
deliver consistent levels of positive free cash flow especially
during periods of industry weakness.

"We expect Avnet to maintain a focus on balance sheet
deleveraging via either free cash flow generation targeted
towards debt reduction and/or higher operating cash flow,"
Fraser added.

The outlook revision also recognizes the company's enhanced
market position as the leading distributor for Sun Microsystems'
full line of computing solutions following the Access
Distribution acquisition.  The US$412.5 million acquisition was
funded through a combination of debt and cash-on-hand.  Although
debt has increased, the purchase is not expected to materially
weaken credit protection measures and internal liquidity given
Avnet's higher operating cash flow levels plus the additive cash
flow generated by Access.

Moody's expects pro forma debt to EBITDA to increase modestly to
2.5x on a Moody's adjusted basis compared to 2.2x as of LTM
Dec. 30, 2006.  With approximately US$2 billion in revenues,
Access is expected to deepen Avnet's existing Sun relationship,
adding complementary product lines and expanding the Technology
Solution Group's geographic coverage.  In addition to improved
scale, US$15 million of anticipated cost synergies and immediate
accretion to earnings, the acquisition is expected to generate
sales synergies via cross-selling opportunities into the
customer bases of both Access and Avnet.

Ratings affirmed:

   * Corporate Family Rating, Ba1

   * Senior Unsecured Notes with various maturities,  Ba1, LGD3,
     49%

   * Senior/Subordinated shelf ratings, Ba1 / Ba2

The outlook is positive.

                        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.


BANK NEGARA: Aims to Expand Outstanding Loans by 20%
----------------------------------------------------
PT Bank Negara Indonesia Tbk is aiming to expand its outstanding
loans by 20% this year, Reuters News reports, citing Bank
Director Ahmad Baiquini.

According to the report, Mr. Baiquini said that the state bank's
outstanding loans reached IDR66.4 trillion and most of the loans
were expected to help finance palm oil and rubber plantations.

The report notes that the bank also plans to lend more to back
the country's infrastructure projects.

Mr. Baiquini told reporters that over the next five years, the
bank will allocate IDR21 trillion of loans for infrastructure
financing and in 2007 they are setting aside between IDR4.5 to
IDR5 trillion, the report relates.

The report adds that Indonesian banks, hit by high lending rates
last year, are expected to achieve higher loan growth and lower
their bad debt ratios this year as interest rates gradually
decline from three-year highs.

                        About Bank Negara

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 Rates US$6 Billion Notes at B2
--------------------------------------------------------
Moody's Investors Service assigned a B2, LGD5, 88% senior
unsecured rating to Freeport-McMoRan Copper & Gold Inc.'s
US$6 billion notes issue.  The notes will be unsecured and
unguaranteed obligations of Freeport.  

Moody's also affirmed Freeport's Ba3 corporate family rating and
its other ratings:

   -- the Baa3, LGD1, 1.0% senior secured rating on Freeport's
      US$500 million secured revolver;

   -- the Ba2, LGD2, 29% senior secured ratings on each of
      Freeport's $1 billion secured revolver, US$2.5 billion
      secured Term Loan A, and US$7.5 billion secured Term Loan
      B; and,

   -- the Ba2, LGD2, 29% rating on Freeport's existing 6.875%,
      10.125% and 7.20% senior unsecured notes.

Moody's also affirmed the B1, LGD4, 63% rating on Phelps Dodge's
Cyprus Amax notes and on Phelps Dodge's other existing senior
unsecured notes.

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,
LGD4, 50%.  The ratings outlook for both Freeport and Phelps
Dodge is stable.

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.

Rating assigned:

   * Freeport-McMoRan Copper & Gold Inc.

      -- Senior Unsecured Notes: B2, LGD5, 88%

Ratings affirmed:

   * Freeport-McMoRan Copper & Gold Inc.

      -- Corporate Family Rating: Ba3

      -- Probability of Default Rating: Ba3

      -- $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%

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

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

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

   * Cyprus Amax Minerals Company

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

   * Phelps Dodge Corporation

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

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

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

      -- US$193.8 million 9.50% Senior Notes due 2031, B1, LGD4,
         63%

                     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.


GENERAL NUTRITION: Launches US$365 Million Cash Tender Offering
---------------------------------------------------------------
General Nutrition Center Inc. has commenced a cash tender offers
to purchase any and all of each of its outstanding 8-5/8% Senior
Notes due 2011 and 8-1/2% Senior Subordinated Notes due 2010.  
The aggregate principal amount of the outstanding Centers Senior
Notes is US$150,000,000, and the aggregate principal amount of
the outstanding Centers Senior Sub Notes is US$215,000,000.

In conjunction with these tender offers, General Nutrition
Centers is soliciting noteholder consents to effect certain
amendments to the indentures governing the respective General
Nutrition Centers Notes similar to those sought by Parent in
connection with the GNC Parent Notes.

In addition, GNC Parent Corporation, the parent company of
General Nutrition, has commenced a cash tender offer to purchase
any and all of its outstanding Floating Rate Senior PIK Notes
due 2011.  The aggregate principal amount at maturity of the
outstanding GNC Parent Notes is US$425,000,000.

In conjunction with the tender offer, the GNC Parent is
soliciting noteholder consents to effect certain amendments to
the indenture governing the Notes to eliminate substantially all
of the restrictive covenants as well as certain events of
default.

The tender offers for each of the GNC Parent Notes and the
General Nutrition Centers Notes are scheduled to expire at 12:00
midnight, New York City time, on March 15, 2007, unless extended
or earlier terminated.

Holders of each of the Notes who tender on or before 5:00 p.m.,
New York City time, on March 1, 2007, will receive the total
consideration described above in connection with the respective
Notes; holders of the General Nutrition Centers Notes will
receive a US$30 consent payment per US$1,000 principal amount of
Notes.  Holders of the General Nutrition Centers Notes who
tender after the Consent Payment Deadline and on or prior to the
Expiration Date will receive the total consideration minus the
US$30 consent payment.

In either case, holders whose Notes are validly tendered and
accepted for purchase will be paid accrued and unpaid interest
up to, but not including, the payment date.  Payments are
expected to be made promptly on or after the Expiration Date.

The GNC Parent said that it has retained J.P. Morgan Securities
Inc. and Goldman, Sachs & Co. to serve as the Dealer Managers
for each of the tender offers and Solicitation Agents for each
of the consent solicitations.

                     About General Nutrition

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.


NORTEL NETWORKS: To File 2006 Annual Reports mid March
------------------------------------------------------
Nortel Networks Corporation is delaying the filing with the U.S.
Securities and Exchange Commission of its annual report on Form
10-K for the year ended December 31, 2006, and its corresponding
filings under Canadian securities laws.

The Company has identified certain errors primarily through
discussions with Nortel's North American pension and post-
retirement plan actuaries and through Nortel's ongoing
remediation efforts with respect to its previously reported
internal control deficiencies.  As a result, Nortel and its
principal operating subsidiary Nortel Networks Limited will
restate their financial results for 2004, 2005 and the first
nine months of 2006, and will make adjustments to periods prior
to 2004.

"This restatement has no material impact to our fourth quarter
2006 operating expectations or performance.  During 2006, we
have implemented significant remedial measures and other actions
to address our internal control weaknesses.  This has resulted
in a substantial reduction of control weaknesses as at year end
and represents a major milestone in our journey toward
consistent, reliable and timely financial reporting," said Peter
Currie, Nortel executive vice president and CFO.  "We will
conclude the restatement and complete our regulatory filings
within the timely filer period."

"Nortel made tremendous progress advancing its business
transformation plan in 2006, and the revelation does not slow
our progress or divert our focus," said Mike Zafirovski, Nortel
president and CEO.  "Our expected fourth quarter results show
measurable operating and financial improvements.  We are a
stronger, more competitive company today and we will continue to
drive our progress into 2007 and beyond."

The restatement will primarily correct third party actuarial
calculation errors embedded in Nortel's North American pension
and post-retirement plans and revenue incorrectly recognized in
prior periods that should have been deferred to later periods.
These matters have been fully discussed with the Staff of the
SEC including as part of the Company's responses to Staff
comments on Nortel's periodic filings with the SEC.

The Company currently expects revisions to its previously
reported 2006 nine month results resulting in increases in
revenues and improvements in net earnings of approximately US$24
million and US$15 million, respectively, as well as revisions to
its previously reported 2005 and 2004 financial results
reflecting reductions in revenue of approximately US$28 million
and US$33 million and increases in net loss of approximately
US$87 million and US$42 million, respectively.  With respect to
financial results prior to 2004, the Company currently expects
revisions reflecting negative impacts on revenue of
approximately US$27 million and negative impacts on net earnings
of approximately US$5 million, in the aggregate.

The Company expects to file its and NNL's 2006 Form 10-K by no
later than March 16, 2007.  The Company will therefore file with
the SEC a Form 12b-25 Notification of Late Filing relating to
the delay in filing its 2006 Form 10-K and indicating that the
filings will be made within the permitted 15-day period.  The
Company has notified the New York Stock Exchange and the Toronto
Stock Exchange of the delay in filing the 2006 Form 10-Ks. The
Company expects to report and host an investor call on its
operating and financial performance for the fourth quarter and
full year 2006 in conjunction with the filing of its 2006 Form
10-K.

    Updated Preliminary Results for 4Q Operating Performance

Fourth quarter 2006 revenues are expected to be approximately
US$3.32 billion, up 10.2% from US$3.01 billion for the same
period in 2005.  Gross margin in the quarter is expected to be
at slightly above 40% of revenue, with a strong contribution
from the LG joint venture and CDMA, up from 38.8% in the fourth
quarter of 2005.  Spending for the fourth quarter of 2006 is
expected to be approximately US$1.18 billion.

Cash as at December 31, 2006 was approximately US$3.50 billion,
up about US$900 million from September 30, 2006.  This includes
approximately US$300 million of gross proceeds from the sale of
certain assets and liabilities of the UMTS Access business to
Alcatel-Lucent.

The results set forth in this press release, including expected
restatement impacts, are preliminary and unaudited and reflect
known restatement adjustments.  These results are subject to
change as a result of any adjustments arising from the
restatement process, subsequent events and the completion of the
audit of the financial statements by Nortel's independent
auditors.

                        Internal Controls

As noted above, many of the errors that are being corrected have
come to light as a result of management having implemented
remedial measures and other actions to significantly improve
Nortel's internal control over financial reporting, which Nortel
believes individually and in the aggregate have addressed most
of the internal control issues with respect to the previously
reported five material weaknesses.  As at December 31, 2006,
Nortel expects to eliminate the majority of these five material
weaknesses, although it continues to have a material weakness in
the area of revenue recognition.

                           Restatement

As a result of the previously announced pension plan changes,
third party actuarial firms retained by the Company performed
re-measurements of the U.S. and Canadian pension and post-
retirement plans in the third quarter of 2006, at which time one
of these firms discovered potential errors in the historical
actuarial calculations they had originally performed on the U.S.
pension plan assets.  Throughout the fourth quarter of 2006 and
into 2007, the Company investigated these potential errors,
including a review by the Company and its third party actuaries
of each of the Company's significant pension and post-retirement
benefit plans.  As a result of this review, the Company
determined that it had understated its historical pension
expense with respect to the U.S. and Canadian plans by
approximately US$104 million across several years and currently
expects a negative impact to its previously reported 2006 nine
months pension expense and net earnings of approximately US$18
million and revisions to its previously reported financial
results for 2005 and 2004 reflecting an increased pension
expense and increases in net loss of approximately US$48 million
and US$40 million, respectively.  For periods prior to 2004,
these errors are expected to positively impact pension expense
and net earnings by approximately US$2 million, in the
aggregate.

As a result of the significant ongoing remedial efforts to
address Nortel's internal control material weaknesses and other
deficiencies, the Company also expects to correct for
additional, individually immaterial errors identified throughout
2006.  These errors related mainly to revenue recognition errors
with revenue having generally been recognized prematurely in
prior years when it should have been deferred and recognized in
later periods.  The Company expects revisions to its previously
reported 2006 nine months results reflecting positive impacts on
revenue of approximately US$24 million and a reduction of net
loss of approximately US$33 million, and revisions to its
previously reported 2005 and 2004 financial results reflecting
negative impacts on revenue of approximately US$28 million and
US$33 million, and on net loss of approximately US$39 and US$2,
respectively.  For periods prior to 2004, these errors are
expected to negatively impact revenue by approximately US$27
million and net earnings by approximately US$7 million, each in
the aggregate.

                        Restatement Impact

As a result of the breach or anticipated breach of certain
provisions of NNL's US$750 million support facility with Export
Development Canada related to the required restatement by NNL of
certain of its prior period results, absent a waiver, EDC will
have the right to refuse to issue additional support and to
terminate its commitments under the Support Facility, subject to
a 30 day cure period with respect to certain provisions.  As at
February 28, 2007, there was approximately US$144 million of
outstanding support under the Support Facility.  NNL will
request a waiver from EDC to permit continued access to the
Support Facility.  There can be no assurance that NNL will
receive such a waiver.  As noted above, the Company expects to
file its and NNL's 2006 Form 10-Ks within the cure period.

As the Company expects to file its 2006 Form 10-K within the 15-
day period permitted by Rule 12b-25, and NNL expects to file its
2006 Form 10-K by the applicable March 31, 2007 deadline, it is
anticipated that the delay announced will not result in a breach
or anticipated breach of provisions with respect to Nortel's
outstanding indebtedness and related indentures.

Further, the delay does not impact upon the previously announced
timing of the Company's Annual Shareholders' Meeting scheduled
for May 2, 2007.

                      About Nortel Networks

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

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

                          *     *     *

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

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

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


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

DELPHI CORP: Court Approves Barclays Bank Settlement Agreement
--------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York approved a
settlement agreement between Barclays Bank PLC and Delphi
Corporation and its debtor-affiliates.

As reported in the Troubled Company Reporter on Feb. 6, 2007,
Delphi Corporation entered into a master swap agreement with
Barclays Bank PLC on Nov. 23, 2001.

In October 2005, Barclays executed an early termination of the
Agreement and was then required, under the Master Agreement, to
make a termination payment to Delphi.

Barclays Bank subsequently represented that it owed Delphi
US$10,178,261 as the termination payment provided for by the
Master Agreement.  Barclays Bank later recalculated the
Termination Payment to equal US$9,044,399.

When Delphi made proper demands on Barclays for the payment and
delivery of the Termination Payment, Barclays asserted that it
had a right to withhold payment of all or part of the
Termination Payment to protect its alleged setoff rights on
account of any indemnification payment obligations that may be
owed to it by Delphi pursuant to, and in connection with:

   -- the indemnity provisions of the Master Agreement;

   -- the prepetition issuance of certain Delphi bonds by
      Barclays Capital Inc; an affiliate of Barclays Bank; and

   -- claims that have been asserted against Barclays Capital in
      a class action filed in the Southern District of New York.

Delphi contended that it does not owe any indemnification
obligation to Barclays Bank because, inter alia, the Bank was
neither an issuer of the Bonds nor was it named as a defendant
in the Litigation.   Moreover, the issuance of the Bonds by
Barclays Capital was wholly unrelated to the Master Agreement
and the parties' rights and obligations under the Master
Agreement.

To resolve their dispute, the parties engaged in arm's-length
negotiations and have agreed to enter into a settlement.

The parties' Settlement Agreement provides that Barclays will
pay Delphi US$9,044,399 as Termination Payment in full and final
satisfaction of any and all claims Delphi may have against
Barclays for the return of the Termination Payment.  

In exchange, Delphi will release and waive any claims, charges,
causes of action and avoidance actions it may assert or may have
been able to assert against Barclays, its affiliates, employees,
and agents regarding the Termination Payment.

The Settlement Agreement:

   -- eliminates a material risk of an unfavorable litigation
      outcome;

   -- avoids significant costs, uncertainties and delays
      attendant to any litigation and possible resulting
      judgment; and

   -- provides for a waiver of all claims Barclays may possess
      against the Debtors in relation to the Termination
      Payment, except for those concerning Barclays' rights
      pursuant to the Final DIP Order and the DIP Refinancing
      Order.

                    About Delphi Corporation

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

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


FORD MOTOR: Estimates US$11.18 Billion in Restructuring Costs
-------------------------------------------------------------
Ford Motor Company disclosed Wednesday in a regulatory filing
with the Securities and Exchange Commission its estimated life-
time costs for restructuring actions:

   Jobs Bank Benefits and
   personnel-reduction programs      US$5,960 million

   Pension curtailment charges       US$2,741 million
  
   Fixed asset impairment charges    US$2,200 million
  
   U.S. plant idlings
   (primarily fixed-asset
   write-offs)                         US$281 million

   ---------------------------------------------------
   Total                           US$$11,182 million

Of the total $11,182 million of estimated costs, Ford says that
US$9,982 million has been accrued in 2006 and the balance, which
is primarily related to salaried personnel-reduction programs,
is expected to be accrued in the first quarter of 2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
Job Bank Benefits and personnel-reduction programs also
constitute cash expenditure estimates.

The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

As reported in the Troubled Company Reporter on Feb. 21, 2007,
Ford expected to miss some points in its "Way Forward"
restructuring plan, according to an internal report titled
"Report Card: Ford North America."

Reports said that although Ford hit the $400 million material
cost savings in January, the company would likely miss its
target for February and March.  Also, Ford missed its
U.S. retail sales goal in January for Focus by 10,600 vehicles.  

                          2006 Results

Ford incurred a US$12,613 million net loss on US$160,123 million
of total sales and revenues for the year ended Dec. 31, 2006,
compared to a US$1,440 million net income on US$176,896 million
of total sales and revenues for the year ended Dec. 31, 2005.

Ford's balance sheet at Dec. 31, 2006, showed total assets of
US$278,554 million and total liabilities of US$280,860 million
resulting in a total stockholders' deficit of US$3,465 million.

The company had US$13,442 million in total stockholders' equity
at Dec. 31, 2005.

                Continued Decline in Market Share

Ford says its overall market share in the United States has
declined in each of the past five years, from 21.1% in 2002 to
17.1% in 2006.  The decline in overall market share primarily
reflects a decline in the company's retail market share, which
excludes fleet sales, during the past five years from 16.3% in
2002 to 11.8% in 2006.

                       Stockholders' Equity

The US$16.9 billion decrease in Ford's stockholders' equity at
Dec. 31, 2006, primarily reflected 2006 net losses and
recognition of previously unamortized changes in the funded
status of the company's defined benefit postretirement plans as
required by the implementation of Statement of Financial
Accounting Standards No. 158, offset partially by foreign
currency translation adjustments.

                       Automotive Sector

The weighted-average maturity of Ford's total automotive debt is
approximately 17 years, and is measured based on the maturity
dates of its debt or the first date of any put option available
to the owners of its debt.  About US$3 billion of debt matures
by Dec. 31, 2011, and about US$15 billion matures or has a put
option by Dec. 31, 2016.

At Dec. 31, 2006, Ford had $13 billion of contractually-
committed credit facilities with financial institutions,
including US$11.5 billion pursuant to a senior secured credit
facility established in December 2006, US$1.1 billion of global
Automotive unsecured credit facilities, and US$400 million of
local credit facilities available to foreign affiliates.  
At Dec. 31, 2006, US$12.5 billion of the facilities were
available for use.

             Financial Services Sector -- Ford Credit

Ford Credit's total debt plus securitized off-balance sheet
funding was US$150.9 billion at Dec. 31, 2006, about
US$900 million higher compared with a year ago.  
At Dec. 31, 2006, Ford Credit's cash, cash equivalents and
marketable securities totaled US$21.8 billion (including
US$3.7 billion to be used only to support on-balance sheet
securitizations), compared with US$17.9 billion at year-end
2005.  

Ford Credit obtains short-term funding, among others, from sale
of floating rate demand notes under its Ford Interest Advantage
program.  At Dec. 31, 2006, the principal amount outstanding of
such notes was US$5.6 billion.  

For additional funding and to maintain liquidity,
at Dec. 31, 2006, Ford Credit and its majority owned
subsidiaries had US$3.8 billion of contractually committed
unsecured credit facilities with financial institutions, of
which US$2.6 billion were available for use.

In addition, at Dec. 31, 2006, banks provided US$18.9 billion of
contractually-committed liquidity facilities exclusively to
support Ford Credit's two on-balance sheet asset-backed
commercial paper programs.

Ford Credit also has entered into agreements with a number of
bank-sponsored asset-backed commercial paper conduits and other
financial institutions pursuant to which the parties are
contractually committed, at Ford Credit's option, to purchase
from Ford Credit eligible retail or wholesale assets or to make
advances under asset-backed securities backed by wholesale
assets for proceeds of up to approximately $29.1 billion.  
At Dec. 31, 2006, $9.7 billion of the commitments were in use.  

Furthermore, Ford Credit has a multi-year committed liquidity
program for the purchase of up to $6 billion of unrated asset-
backed securities that at its option can be supported with
various retail, wholesale, or leased assets.  Ford Credit's
ability to obtain funding under this program is subject to
having a sufficient amount of assets available to issue the
securities.

A full-text copy of the financial report is available for free
at http://researcharchives.com/t/s?1a95

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

The company also has operations in Japan.

                          *     *     *

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

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

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


KOBE STEEL: Releases Earnings Forecast For Fiscal Year 2006
-----------------------------------------------------------
Kobe Steel disclosed its earnings forecast for fiscal 2006,
ending Mar. 31, 2007.

1. Consolidated Forecast:

Japan's economy continues to gradually expand in fiscal 2006.
With corporate earnings remaining at high levels, private-sector
capital investment has been increasing.  Workers' incomes have
steadily been rising, and personal consumption continues to show
underlying strength.  In overseas markets, China and other Asian
economies continue to expand.

Under these conditions, in Kobe Steel's Iron & Steel segment,
domestic demand continues to be strong in the automotive,
shipbuilding and other manufacturing industries, and overseas
demand from Japanese transplants is also robust.  In addition,
domestic inventories have been steadily decreasing.  However,
higher steel production in China, rising inventories in the
United States, and other factors are areas of concern regarding
the future demand and supply of steel products.  These trends
necessitate the need for careful monitoring.

Trends in the steel market have not changed greatly from the
previous forecast in October last year.  Operating results in
the Iron & Steel segment are expected to be in line with the
previous forecast.  In the Machinery segment, capital
investments in the petrochemical and energy fields continue to
be active throughout the world, particularly in the Middle East
and China, contributing to strong orders and an anticipated
increase in profit, in comparison to the previous forecast.
In the Electronic Materials & Other Businesses segment,
operating results are projected to decrease in comparison to the
previous forecast, as demand for target material has gone down
primarily due to inventory adjustments of LCD panels.

As a result, fiscal 2006 consolidated sales for the entire
fiscal year are anticipated to reach JPY1.9 trillion, with
ordinary income of JPY170 billion and net income of
JPY100 billion, unchanged from the previous forecast.

   Consolidated Forecast for Fiscal 2006 (in JPY billions)

                                    Previous Forecast
                 Current Forecast       10/31/2006      FY2005
                 ----------------   -----------------   ------
   Net sales          1,900.0            1,900.0       1,667.3
   Ordinary income      170.0              170.0         176.9
   Net income           100.0              100.0          84.5

2. Non-consolidated Forecast:

Non-consolidated sales for fiscal 2006 are anticipated to reach
JPY1,150 billion, unchanged from the previous forecast on
October 31, 2006.  Ordinary income is forecast to be
JPY110 billion, with net income to remain at JPY70 billion, both
unchanged from the previous forecast.

   Non-consolidated Forecast for Fiscal 2006 (in JPY billions)

                                    Previous Forecast
                 Current Forecast       10/31/2006      FY2005
                 ----------------   -----------------   ------
   Net sales          1.150.0            1,150.0       1,034.7
   Ordinary income      110.0              110.0         110.6
   Net income            70.0               70.0          49.1

Dividend:

Kobe Steel has decided to pay a dividend of JPY4 per share for
the second half of the fiscal year.

(Combined with the JPY3 interim dividend, the full-year dividend
will be JPY7 per share.)

A complete copy of the press release and the tables for
forecasted figures are available for free at:

http://www.kobelco.co.jp/ICSFiles/afieldfile/2007/03/01/FY06EF0703.pdf

                      About Kobe Steel

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

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

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


KOBE STEEL: Board of Directors Approves Share Buyback Program
-------------------------------------------------------------
Kobe Steel, Ltd.'s Board of Directors approved the buyback of
shares under Article 459.1 of the Corporation Law of Japan and
the company's Articles of Incorporation.

     1. Reason for Share Buyback

     To implement a more flexible capital policy.

     2. Details of the Program

      (1) Class of shares to
             be purchased          : Common stock

      (2) Number of shares
             to be purchased       : Up to 120 million shares
                              (3.85% of total issued
                                     shares)

      (3) Total purchase price  : Up to JPY50 billion

      (4) Purchase period       : From Mar. 2, 2007, to
                                     Apr. 18, 2007

   Note: Treasury shareholdings as of September 30, 2006
   
            Total number of
            issued shares
            (excluding treasury shares):    3,112,373,707 shares

         Total number of
            treasury shares            :        2,687,393 shares

                       About Kobe Steel

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

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

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


NIKKO CORDIAL: To Finalize Talks With Citigroup Over Buyout Bid  
---------------------------------------------------------------
Nikko Cordial Corp. and Citigroup Inc. have entered the final
leg of negotiations pertaining to capital and operational
alliances, The Asahi Shimbun reports.

The report says that Nikko Cordial aims to speed up talks with
Citigroup to raise its creditworthiness due to the growing
likelihood that the company will be delisted from the
Tokyo Stock Exchange.

As reported in the Troubled Company Reporter - Asia Pacific on
March 1, 2007, Moody's Investors Services considers a
significant tie-up with a large bank as the smoothest way for
Nikko Cordial to regain market confidence.  According to the
TCR-AP, the rating agency thinks that such a tie-up will likely
have a positive effect on Nikko Cordial's ratings, depending on
the rating of the bank concerned and the level of the
shareholding.

An earlier TCR-AP report on Feb. 27, 2007, indicated that
Citigroup wants to increase its stake in Nikko Cordial 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.

The Asahi Shimbun notes that Citigroup Chief Operating Officer
Robert Druskin visited Japan to hold talks with Nikko Cordial
President Shoji Kuwashima in February.  Moreover, the report
relays that two executives of Citigroup's investment banking arm
will visit Japan this month to discuss an operational alliance
between Nikko Cordial Securities Inc. and Citibank N.A.

                        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.


SANYO ELECTRIC: To Liquidate 3 Subsidiaries in 2nd Half of 2007
---------------------------------------------------------------
Sanyo Electric Co. will liquidate three subsidiaries -- Sanyo
Haier Co., Ltd.; Tottori Sanyo Electric (Shenzhen) Co., Ltd.;
and Sanyo Educations Co., Ltd. within the second half of the
year, Tech-On reports.

The report states that Sanyo Haier, which markets Chinese
leading home appliances manufacturer Haier Co. Ltd's products in
the Japanese market, will be liquidated in August, while Tottori
Sanyo, which manufactures semiconductor lasers and light-
emitting diodes in China, will be liquidated in October.  Sanyo
Educations, which engages in human resource education, will be
liquidated in July.

Employees at these three Sanyo subsidiaries are slated to
transfer to other Sanyo group companies, the report says.

According to Tech-On, Haier Sanyo Co. -- another joint venture
between Sanyo and Haier which develops and manufactures
refrigerators -- will survive.  Sanyo's LED business, Tottori
Sanyo Electric (Hong Kong) Ltd. -- the parent company of Tottori
Sanyo (Shenzhen) -- will also continue the business.

Sanyo said that the impact of liquidating its three units to its
group earnings is minimal, Tech-On relates.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading           
manufacturers of consumer electronics products.  The company has
operations in Brazil, Germany, India, Ireland, Spain, the United
States and the United Kingdom, among others.

Sanyo, according to press reports, has struggled after an
earthquake damaged a key chip-making plant in Niigata, central
Japan in October 2004.  Operating losses in the unit mounted to
JPY17.7 billion in the year to March 2005 and JPY35.1 billion
the following year.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 26, 2007, that the Securities and Exchange Commission
commenced an investigation on whether Sanyo Electric failed to
fully disclose its losses.  According to press reports, Sanyo
allegedly underestimated valuation losses on its holdings in
struggling subsidiaries and affiliates in reporting earnings for
fiscal 2003.

The probe, media reports said, is a blow to Sanyo at a time when
it has been struggling to turn around its business, trimming
thousands of jobs, reducing factory space and dropping some
businesses since announcing a restructuring plan in 2004.

The company got a much-needed capital boost in January 2006 from
a group of investors led by Goldman Sachs Group Inc., which
became the company's top shareholders and took over the board,
putting new management in place.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 27, 2007, that Fitch Ratings has placed Sanyo Electric Co.,
Ltd.'s 'BB+' Long-term foreign and local currency Issuer Default
and senior unsecured ratings on Rating Watch Negative.  The TCR-
AP stated that the rating action was triggered by the ongoing
investigation into Sanyo by Japan's Securities and Exchange
Surveillance Commission.

The TCR-AP also reported on Dec. 20, 2006, that Standard &
Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term
corporate credit rating on Sanyo Electric.  At the same time,
Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings
on Sanyo Electric's senior unsecured debt.  The outlook on the
long-term credit rating is negative.  The ratings were removed
from CreditWatch, where they were placed on Nov. 22, 2006.


SANYO ELECTRIC: KGS Investigates Company on Behalf of Investors
---------------------------------------------------------------
Kahn Gauthier Swick, LLC, has commenced an investigation into
Sanyo Electric Co. to determine whether it has violated federal
securities laws by issuing false and misleading statements to
its shareholders.

Sanyo lost nearly a quarter of its market value on Friday,
February 23, after the company said it was being investigated by
Japan's securities watchdog, the latest blow to the consumer
electronics maker.  According to a Reuters report, the Japanese
equivalent of the U.S. SEC, the Securities and Exchange
Surveillance Commission, is conducting an investigation into the
Osaka-based company's past earnings involving its bookings of
losses at subsidiaries.  Japan's Asahi newspaper has reported
that Sanyo may have falsified its fiscal 2003 earnings report to
conceal JPY140 billion (US$1.16 billion) in losses at
subsidiaries.


SANYO ELECTRIC: Lenovo Recalls Sanyo-Built Batteries
----------------------------------------------------
Computer maker Lenovo Inc. last week recalled about 100,000
lithium-ion batteries used in its ThinkPad laptops after
receiving four reports of the batteries overheating, The
Canadian Press recounts.  The batteries were manufactured by
Sanyo Electric Co.

InfoWorld relates that Sanyo Electric and the Lenovo Group are
discussing how to pay for the recall, but have agreed to share
the burden.

The Japan Times cites Sanyo as saying that the recall of its
laptop-computer battery packs in the United States and other
areas overseas was due to problems resulting from external
impacts to the batteries and not the batteries themselves.

Both companies have determined that the battery packs suffer
from a faulty design but are not immediately dangerous unless
they have been dropped or otherwise damaged, the InfoWorld
report says.

The Chinese PC maker, according to Canadian Press, advised its
consumers to stop using the batteries immediately.  The
batteries can overheat and pose a fire hazard if the laptop is
dropped, Lenovo said.

Akihiko Oiwa, a spokesman for Sanyo, declined to comment on how
much the latest recall might cost Sanyo or Lenovo, InfoWorld
notes.

                        About Lenovo Inc.

Headquartered in Purchase, New York, Lenovo --
http://www.lenovo.com/-- is an innovative, international  
technology company formed as a result of the acquisition by the
Lenovo Group of the IBM Personal Computing Division.  As a
global leader in the PC market, the company develops,
manufactures and markets cutting-edge, reliable, high-quality PC
products and value-added professional services that provide
customers around the world with smarter ways to be productive
and competitive.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
operations in Brazil, Germany, India, Ireland, Spain, the United
States and the United Kingdom, among others.

Sanyo, according to press reports, has struggled after an
earthquake damaged a key chip-making plant in Niigata, central
Japan in October 2004.  Operating losses in the unit mounted to
JPY17.7 billion in the year to March 2005 and JPY35.1 billion
the following year.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 26, 2007, that the Securities and Exchange Commission
commenced an investigation on whether Sanyo Electric failed to
fully disclose its losses.  According to press reports, Sanyo
allegedly underestimated valuation losses on its holdings in
struggling subsidiaries and affiliates in reporting earnings for
fiscal 2003.

The probe, media reports said, is a blow to Sanyo at a time when
it has been struggling to turn around its business, trimming
thousands of jobs, reducing factory space and dropping some
businesses since announcing a restructuring plan in 2004.

The company got a much-needed capital boost in January 2006 from
a group of investors led by Goldman Sachs Group Inc., which
became the company's top shareholders and took over the board,
putting new management in place.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 27, 2007, that Fitch Ratings has placed Sanyo Electric Co.,
Ltd.'s 'BB+' Long-term foreign and local currency Issuer Default
and senior unsecured ratings on Rating Watch Negative.  The TCR-
AP stated that the rating action was triggered by the ongoing
investigation into Sanyo by Japan's Securities and Exchange
Surveillance Commission.

The TCR-AP also reported on Dec. 20, 2006, that Standard &
Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term
corporate credit rating on Sanyo Electric.  At the same time,
Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings
on Sanyo Electric's senior unsecured debt.  The outlook on the
long-term credit rating is negative.  The ratings were removed
from CreditWatch, where they were placed on Nov. 22, 2006.


XM SATELLITE: Posts US$718.9 Million Loss in Year Ended Dec. 31
---------------------------------------------------------------
XM Satellite Radio Holdings Inc. reported financial and
operating results for the fourth quarter and full year ended
Dec. 31, 2006.

XM said that 2006 revenue increased year over year by 67% to
US$933 million.  XM added 1.696 million new net subscribers in
2006 for a total of 7.629 million subscribers, and XM achieved
positive cash flow from operations in the fourth quarter.

"2006 was a pivotal year for XM," said Hugh Panero, XM CEO.  
"The automobile market is emerging as a key catalyst for
satellite radio's future growth, and XM is well-positioned
through its relationships with the nation's largest and fastest-
growing automakers.  Our financial metrics are heading in the
right direction as marketing costs have declined and our
revenues have increased."

For the fourth quarter of 2006, XM reported quarterly total
revenue of US$257.1 million, an increase of 45% over the
US$177.1 million total revenue reported in fourth quarter of
2005.

XM's full year 2006 total revenue was US$933.4 million, an
increase of 67% over the US$558.3 million total revenue recorded
in 2005.

Net loss for the fourth quarter of 2006 was US$256.7 million,
which included non-cash items totaling US$79.0 million of the
net loss.  XM's net loss for the fourth quarter of 2005 was
US$268.3 million which included charges of US$25.3 million from
the balance sheet restructuring.

Full year net loss was US$718.9 million, which included non-cash
items totaling US$198.8 million of the net loss.  XM's net loss
for the full year 2005 was US$666.7 million which included
charges of US$27.6 million from the balance sheet restructuring.

At Dec. 31, 2006, XM's balance sheet showed total assets of
US$1,840,618,000 and total liabilities of US$2,238,498,000,
resulting in a stockholders' deficit of US$397,880,000.

                   Balance Sheet Restructuring

In 2006, the company successfully completed a major
recapitalization by leveraging its improving credit profile to
transition to a largely unsecured capital structure, reducing
interest expense by refinancing the debt issued earlier in the
company's development, extending debt maturities and enhancing
its liquidity position.  In conjunction with the refinancing,
the company established a secured US$250 million revolving
credit facility maturing in 2009 with a syndicate of blue chip
banks and increased the size of the credit facility with GM by
US$50 million to US$150 million.

Also in 2006, to further simplify the balance sheet, XM redeemed
all outstanding shares of Series B Convertible Preferred Stock,
converted all of its Series C Convertible Preferred Stock into
14.5 million Class A common shares, and incentivized the
conversion of US$146.6 million aggregate fully accreted face
amount of 10% Senior Secured Discount Convertible notes by
issuing 48.8 million shares of common stock.

In February 2007, the company entered into a sale-leaseback of
the transponders on the XM-4 satellite whereby the company
received US$288.5 million of net proceeds of which US$44 million
was used to retire outstanding mortgages.

                    Long-Term Agreements

2006 marked the first year that XM added more net new customers
through auto dealerships than at retail.  XM's recent ten-year
contract extensions with Toyota and Honda add to the momentum
that XM has in the new car market.

General Motors, the leading automotive provider of XM radios,
announced its plan to build more than 1.8 million vehicles with
factory-installed XM in 2007.  American Honda plans to equip
more than 650,000 vehicles with factory XM radios this year and
Toyota expects to produce more than one million vehicles with
factory XM radios annually by 2010.

                    New Satellite System

In December 2006, XM began broadcasting through its XM-4
satellite manufactured by Boeing Satellite Systems
International, Inc.  The combination of "Rhythm," the XM-3
satellite launched in February 2005, and "Blues" provides a
solid foundation to deliver a full complement of digital
broadcasts for at least the next 15 years.  "Rhythm" and "Blues"
replace XM's original satellites "Rock" and "Roll," which were
launched in 2001 and will serve as in-orbit spares for the near-
term.

                      XM and Sirius Merger

XM Satellite Radio and Sirius Satellite Radio entered into a
definitive agreement, under which the companies will be combined
in a tax-free, all-stock merger of equals with a combined
enterprise value of approximately US$13 billion, which includes
net debt of approximately US$1.6 billion.  Under the terms of
the agreement, XM shareholders will receive a fixed exchange
ratio of 4.6 shares of Sirius common stock for each share of XM
they own.  XM and Sirius shareholders will each own
approximately 50 percent of the combined company.  
The combination creates a nationwide audio entertainment
provider with combined 2006 revenues of approximately US$1.5
billion based on analysts' consensus estimates.  The transaction
is subject to approval by both companies' shareholders, the
satisfaction of customary closing conditions and regulatory
review and approvals, including antitrust agencies and the FCC.  
Pending regulatory approval, the companies expect the
transaction to be completed by the end of 2007.

A full-text copy of the companies Form 10-K for the year ended
Dec. 31, 2006, is available for free at:

               http://ResearchArchives.com/t/s?1a9a

                       About XM Satellite

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

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

The Troubled Company Reporter - Asia Pacific reported on Feb 23,
2007 that Moody's Investors Service affirmed the existing debt
ratings of XM Satellite Radio Holdings, Inc. and its subsidiary
XM Satellite Radio, Inc. and changed the outlook to developing
from stable in connection with the company's
Feb. 19, 2007 report that XM and SIRIUS Satellite Radio, Inc.
have entered into a definitive merger agreement.


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

CURON INC: Enters Strategic Alliance with Celrun Co.
----------------------------------------------------
Curon Inc. has entered into a strategic alliance with Celrun
Co., Ltd., for cooperation in Internet protocol television
(IPTV) business areas, Reuters Key Development reports.

The report says that the agreement is valid from March 2, 2007
to March 1, 2008.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- is engaged  
in the provision of diaphragms, vaporizers and Video On Demand
(VOD) servers.  The company provides three main products:
diaphragms and vaporizers, which are used in gas meters,
speakers, automobiles, medical applications, heavy machinery,
industrial valves and pumps; VOD servers such as StreamXpert,
which supply High Definition Television (HDTV) multimedia
content; and Telematics, which are used in entertainment, games,
digital multimedia players, traffic information, satellites,
digital versatile discs (DVDs), TVs and radios.

Korea Ratings gave Curon Inc.'s US$10-million convertible bond a
B- rating with a stable outlook on Feb. 22, 2007.


CURON INC: Signs KRW181-Million Contract with LG-CNS
----------------------------------------------------
Curon Inc. has signed a contract worth KRW181 million with LG-
CNS to supply Stream Xpert servers to LG-CNS during the period
from February 27 to December 31, 2007, Reuters Key Development
reports.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- is engaged  
in the provision of diaphragms, vaporizers and Video On Demand
(VOD) servers.  The company provides three main products:
diaphragms and vaporizers, which are used in gas meters,
speakers, automobiles, medical applications, heavy machinery,
industrial valves and pumps; VOD servers such as StreamXpert,
which supply High Definition Television (HDTV) multimedia
content; and Telematics, which are used in entertainment, games,
digital multimedia players, traffic information, satellites,
digital versatile discs (DVDs), TVs and radios.

Korea Ratings gave Curon Inc.'s US$10-million convertible bond a
B- rating with a stable outlook on Feb. 22, 2007.


CURON INC: Announces Adjusted Conversion Price of Second CB
-----------------------------------------------------------
Curon Inc. has adjusted the conversion price of its second
convertible bond to KRW1,250 from KRW1,290, effective Feb. 26,
2007, according to Reuters Key Development.

The company, says Reuters, first announced its second
unregistered/unsecured overseas convertible bonds issuance of
US$10 million in the Euro market, through a public offering.  

The report lists the details regarding the bonds issuance:

   * maturity on March 6, 2010,

   * yield to maturity 4%, 100% conversion rate of bonds to
     common shares, and

   * the subscription period for conversion from April 6, 2007,
     to Feb. 6, 2010.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- is engaged  
in the provision of diaphragms, vaporizers and Video On Demand
(VOD) servers.  The company provides three main products:
diaphragms and vaporizers, which are used in gas meters,
speakers, automobiles, medical applications, heavy machinery,
industrial valves and pumps; VOD servers such as StreamXpert,
which supply High Definition Television (HDTV) multimedia
content; and Telematics, which are used in entertainment, games,
digital multimedia players, traffic information, satellites,
digital versatile discs (DVDs), TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on Feb. 22, 2007.


KENERTEC CO: Amends Convertible Bonds Issue Requirements
--------------------------------------------------------
Kenertec Co., Ltd., has made amendments to the details of its
third overseas convertible bonds issuance, Reuters Key
Development says.

The details of the amendments are:

   * bonds issuance of KRW14,114,500,000,

   * 100% conversion rate of bonds to common shares at KRW10,815
     (instead of the earlier announced KRW10,835),

   * maturity on February 12, 2010,

   * yield to maturity 3%,

   * lump-sum redemption of principal on maturity date, and

   * subscription period for conversion from March 12, 2007 to
     January 12, 2010.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
Jan. 30, 2007.


KENERTEC CO: Signs KRW4-Billion Contract with STX Engine
--------------------------------------------------------
Kenertec Co., Ltd. has signed a contract worth KRW4,085,400,000
with STX Engine Co, Ltd., to supply SNSR construction service
for a power plant in Gyeonggi Province, Korea, Reuters Key
Development reports.

The contract period is from Dec. 8, 2006, to Oct. 14, 2007.

Headquartered in Gyeongsangbuk Province, Korea, Kenertec Co.,
Ltd. -- http://www.kenertec.co.kr/-- is provides industrial  
burners and energy-related equipment.  The company operates two
main divisions: Furnace division, which provides regenerative
combustion systems, including regenerative combustion industrial
furnace burners, regenerative combustion radiant tube burners,
regenerative combustion raddle burners, radiant combustion
devices, direct heat-treatment burners, flat flame burners,
turndish-heating burners, high-spray burners, low-nitrogen-oxide
radiant tube burners, oxygen burners, flare stack burners and
rotary kiln burners, and Energy division, which provides
cogeneration systems, community energy systems and energy
diagnosis equipment.

Korea Ratings gave the company's convertible bond a BB rating on
January 30, 2007.


LG TELECOM: Regulator Looks Into Competitors' Alleged Collusion
---------------------------------------------------------------
Korea's leading wireless operators, SK Telecom and KTF, are
suspected of having colluded to launch a two-pronged attack on
the country's smallest player, LG Telecom, The Korea Times
reports.

According to The Times, LG Telecom alleged that SK Telecom and
KTF had prevented their users from moving to LG Telecom via the
number portability system.  LG Telecom spokesman Lee Jung-hwan
said that the two larger players had deactivated computer
networks to bar their users from transferring to LG Telecom in
mid-February.  LG also said that both SK Telecom and KTF offered
very high subsidies to lure LG customers, the report notes.

The Times explains that the number portability system, which was
introduced in 2004 on a phased basis, enables mobile customers
to shift wireless operators without having to change their
numbers.

Both SK Telecom and KTF had admitted the wrongdoings to some
extent, but also said that such steps were taken by sales
outlets without the knowledge of company head offices, The Times
says.  LG Telecom responded by pointing out that it was
impossible for all outlets to do the same thing at the same time
without instructions from headquarters.

The Times says that the Korea Communications Commission, which
is in charge of overseeing the domestic telecom markets, is
starting an investigation into the issue regarding the alleged
collusion and possible damages.   

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'


LG TELECOM: Adds 58,975 Subscribers in February 2007
----------------------------------------------------
LG Telecom added 58,975 subscribers in February 2007 -- 7.3%
lower than the 63,650 new subscribers in January 2007 -- the
company said in its monthly fact sheet.

The company had 292,829 activations in Feb. 2007 and 233,854
deactivations, bringing the total number of subscribers to
7,134,908 and bringing down the monthly churn rate to 3.3% from
January's 3.9%.

Customer churn is a measure of the number of customers who
stopped using LG Telecom's services, the Troubled Company
Reporter - Asia Pacific explained in an Aug. 3, 2006 report.

The company also posted an average revenue per user, or ARPU, of
KRW39,907 for January 2007.

                          2006 Results

The company had 7,012,283 subscribers at the end of 2006, giving
it a 17.4% market share, behind both KTF's 32.1% and SK
Telecom's 50.4% market share.

Monthly churn rate for the full year of 2006 was 3.1%, while
ARPU averaged KRW39,873 monthly.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom Ltd's foreign
currency Issuer Default rating to 'BB+' from 'BB.'


PANTECH CO: Wins Koninklijke Philips Electronics Patent Suit
------------------------------------------------------------
Pantech Co. Ltd. did not infringe on the patent of Koninklijke
Philips Electronics N.V., according to Reuters Key Development.

The suit was filed against the company demanding KRW500 million
in compensation for the infringement of a patent owned by
Koninklijke Philips.  No other details were provided.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.   
Pantech's   products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.

Korea Ratings, on December 11, 2006, downgraded Pantech Co.,
Ltd.'s and Pantech & Curitel Communications Inc.'s bond and
commercial paper ratings to 'CCC' and 'C', respectively.


PUSAN BANK: Declares Dividends on 2.8% Rise in Profit For 2006
--------------------------------------------------------------
Pusan Bank has announced that its net profit rose 2.8% for 2006
due to increased interest income, Yonhap News reports.

According to the report, net profit amounted to a record
KRW184 billion last year, compared with KRW179 billion the
previous year, the bank said in a regulatory filing.  Operating
income surged 20% to KRW280 billion on revenues of
KRW1.48 trillion, also up 13.1%, the lender said.

The report adds that the lender's capital adequacy ratio stood
at 11.06% at the end of last year with its bad-loan ratio coming
in at 0.83%.

Reuters Key Development, on the other hand, reports that the
bank expects full year 2007 revenue to record KRW1.68 trillion.  
According to Reuters Estimates, analysts on average expect the
company to report approximately KRW796.49 billion.

Reuters adds that the company also expects full year 2007
operating profit to record KRW 324.2 billion.

                      Dividends Announced

According to Reuters, Pusan Bank's board of directors have also
declared an annual cash dividend of KRW420 per common share, or
approximately KRW62 billion in aggregate, payable to
shareholders of record as of December 31, 2006.

                        About Pusan Bank

Pusan Bank -- http://www.pusanbank.co.kr/-- provides retail  
banking services including telephone banking, savings deposits,
personal and business loans, credit card financing, foreign
currency exchanges, and wire transfer services.  The bank mainly
serves Pusan metropolitan area through its network of branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2007, that Moody's Investors Service maintained a D
bank financial strength rating with a positive outlook.


SK CORP: SK Trading (Beijing) Now a Wholly Owned Subsidiary
-----------------------------------------------------------
SK Corporation has invested approximately KRW281 million into SK
Trading (Beijing) Co., Ltd., making it a wholly owned subsidiary
of the company, Reuters Key Development reports.

Headquartered in Seoul, South Korea, SK Corp. --
http://eng.skcorp.com/-- is an energy and petrochemical company   
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations,
including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.


SK CORP: Sells Special Polymer Div. to Hyundai Eng'g Plastics
-------------------------------------------------------------
Hyundai Engineering Plastics Co., Ltd., on February 7, 2007,
signed a memorandum of understanding with SK Corporation, for
the acquisition of SK's special polymer business division,
Reuters Key Development reports.

Headquartered in Seoul, South Korea, SK Corp. --
http://eng.skcorp.com/-- is an energy and petrochemical company   
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations,
including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.


TEXCELL-NETCOM CO: Individual Investor Acquires 10.02% Stake
------------------------------------------------------------
Song Hong Geun, an individual investor of Texcell-Netcom Co.,
Ltd., has acquired 3,065,134 shares of the company, Reuters Key
Development reports.

Reuters adds that the shares represents a 10.02% equity stake in
the company, making Mr. Song its largest shareholder.

With headquarters in Seoul, Korea Texcell-Netcom Co., Ltd. --
http://www.texcell-netcom.co.kr/eng/-- provides network  
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


TEXCELL-NETCOM CO: Issues 11,072,779 New Shares on Feb. 28
----------------------------------------------------------
Texcell-Netcom Co., Ltd., changed the prospected listing date of
the new shares to be issued under the company's common stock on
preferential basis from Feb. 21 to Feb. 28, 2007.

The company, according to Reuters, had earlier announced that it
will issue 11,072,779 shares of common stock on preferential
basis, raising approximately KRW 14.5 billion, at a price per
share of KRW1,305.

With headquarters in Seoul, Korea Texcell-Netcom Co., Ltd. --
http://www.texcell-netcom.co.kr/eng/-- provides network  
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


TEXCELL-NETCOM CO: Enters Into KRW1.3-Billion Deals with 2 Banks
----------------------------------------------------------------
Texcell-Netcom Co., Ltd., has signed a contract with Hana Bank,
for the supply and installation service of network equipments,
from Jan. 15 to Feb. 28, 2007, Reuters Key Development reports.

According to Reuters, the contract amount is worth approximately
KRW388 million.

The company had earlier announced that it had also signed a
contract with Korea Exchange Bank, for the supply and
installation of instruments for network infrastructure
improvement, from Jan. 12 to Feb. 23, 2007.  The contract is
worth KRW930 million.

With headquarters in Seoul, Korea Texcell-Netcom Co., Ltd. --
http://www.texcell-netcom.co.kr/eng/-- provides network  
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


TONG YANG: Acquires Korea-Based Clothing Companies
--------------------------------------------------
Tong Yang Major Corporation has invested into a Korea-based
company, which is engaged in the sale of clothes, making it a
wholly owned subsidiary of Tong Yang, Reuters Key Development
says.

The Korea-based company's capital is worth approximately
KRW10 billion.

Tong Yang, according to Reuters, had earlier purchased 2,003,413
shares of common stock worth approximately KRW100 billion in
another Korea-based clothing company, again making it a wholly
owned subsidiary of the Tong Yang.

Headquartered in Seoul, Korea, Tong Yang Major Corporation --
http://www.tongyangmajor.com/-- provides construction services  
and allied materials.  The company also builds apartment
complexes, commercial buildings, industrial plants and highways,
and offers remodeling and renovation services.

Korea Investors Services placed a BB- rating on the company's
senior unsecured debt on Jan. 5, 2006.

The company has been experiencing net losses of KRW7.45 billion
in 2005, KRW47.66 billion in 2004, KRW64.89 billion in 2003 and
KRW361.49 billion in 2002.

As of Dec. 31, 2005, the company had a shareholders' equity
deficit of KRW87.82 billion.


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

AMSTEEL CORP: Posts MYR40.56MM Net Profit in Dec. '06 Quarter
-------------------------------------------------------------
Amsteel Corp Bhd posted a net profit of MYR40.56 million on
MYR79.76 million of revenues in the second quarter ended
Dec. 31, 2006, as compared with a net loss of MYR4.16 million on
MYR86.54 million of revenues in the same quarter of 2005.

As of end-December 2006, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR1.19 billion
available to pay current liabilities of MYR1.97 billion.

Amsteel's total assets as of Dec. 31, 2006, amounted to
MYR3.4 billion and its total liabilities aggregated to
MYR3.14 billion, resulting to a shareholders' equity of
MYR256.81 million.

A full-text copy of the company's financial statement for the
quarter ended Dec. 31, 2006, can be viewed for free at:

   http://bankrupt.com/misc/amsteel-2q-results.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Amsteel Corporation Berhad was classified under
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.   The Company was identified as an affected listed
issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


ANTAH HOLDINGS: Unit Faces Wind-Up Petition from ECK Bhd
--------------------------------------------------------
Antah Holdings Bhd's wholly owned subsidiary, Kaseh Lebuhraya
Sdn Bhd, is facing a wind-up petition from ECK Construction Sdn
Bhd.

The petition had been presented at the Penang High Court on
Feb. 16, 2007, and was served on Kaseh on Feb. 27, Antah told
the Bursa Malaysia Securities Bhd.

The hearing on the petition is set for June 12, 2007.

According to the company's disclosure with the bourse, ECK
Construction asserts a MYR19,800,000 claim against by Kaseh on
account of a settlement agreement reached between both parties
in relation to the construction of the Lebuhraya Kajang-Seremban
Project.  No interest was claimed on the principal amount, Antah
told the bourse.

The company said that the petition will not have a significant
impact on the Group's operations.  However, Antah expects to
incur losses due to the legal costs of the petition.

                          *     *     *

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

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

Antah Holdings' total assets as of Dec. 31, 2006, reached
MYR691.69 million and total liabilities reached MYR1.06 billion.  
Shareholders' deficit in the company reached MYR376.51 million.


ANTAH HOLDINGS: Provides Updates on Restructuring Scheme
--------------------------------------------------------
Antah Holdings Bhd updated the Bursa Malaysia Securities Bhd on
the progress of its restructuring scheme.

According to Antah, on March 1, 2007, the High Court of Malaya
sanctioned proposals relating to:

   * the Scheme of Arrangement with Shareholders;

   * the Scheme of Arrangement with Creditors; and

   * Capital Reduction.

In addition, Bank Negara Malaysia also granted permission to
these proposals under Antah's Proposed Restructuring Scheme:

   * the equity investment of MYR800 million to be made by Sino
     Hua-An International Berhad to acquire the 100% equity
     interest in PIPO Overseas Limited.

   * the foreign currency credit facility to be granted by Hua-
     An to Linyi Yehua Coking Co., Ltd, amounting to MYR165.0
     million pursuant to the proposed utilization of proceeds
     from the Proposed Issuance of Hua-An Shares.

                          *     *     *

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

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

Antah Holdings' total assets as of Dec. 31, 2006, reached
MYR691.69 million and total liabilities reached MYR1.06 billion.  
Shareholders' deficit in the company reached MYR376.51 million.


ARK RESOURCES: Updates on Default Status as of February 2007
------------------------------------------------------------
Ark Resources Bhd and its subsidiaries disclosed before the
Bursa Malaysia Securities Bhd its status on default payments to
several lenders as of Feb. 28, 2007:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  Bank Simpanan Nasional   ARK Resources Bhd          MYR72,160

  Bumiputra Commerce       Lankhorst Pancabumi       10,974,496
  Bank Berhad              Contractors S/B           23,052,316
                                                      3,474,192
                                                      1,723,719
                                                     22,797,719

  Danaharta Urus           Lankhorst Pancabumi       452,005.12
  Sdn Bhd                  Contractors S/B

  Southern Bank Bhd        Lankhorst Pancabumi        2,580,170
                           Contractors S/B

  Malayan Banking Bhd      Lankhorst Pancabumi       13,366,474
                           Contractors S/B

  Danaharta Urus           Port Dickson Sepang       11,118,722
  Sdn Bhd                  Quarry S/B

  Southern Bank Bhd        Port Dickson Sepang          197,939
                           Quarry S/B

  Affin-ACF Finance Bhd    Lankhorst M&E S/B            136,115

Ark and it subsidiaries maintain that they have been granted an
extension of the Restraining Order by the Kuala Lumpur High
Court up to May, 3, 2007:

In addition, Ark said that its debts will be addressed under a
Proposed Corporate Restructuring to be undertaken by the
company.

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting to a shareholders' deficit of
MYR200.53 million.


ARK RESOURCES: Net Loss Almost at MYR30 Million in 4Q 2006
----------------------------------------------------------
Ark Resources Bhd incurred a net loss of MYR29.990 million on
MYR2.65 million of revenues in the fourth quarter ended Dec. 31,
2006, as compared with a MYR885,000 net loss on MYR2.9 million
of revenues in the same quarter in 2005.

The company's unaudited balance sheet as of end-December 2006,
showed liquidity problems with current assets of
MYR21.06 million and current liabilities of MYR236.36 million.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and its total liabilities aggregated to
MYR232.91 million, resulting to a shareholders' deficit of
MYR200.53 million.

A full text-copy of the company's financial statement as of end-
December 2006, can be viewed for free at:

          http://bankrupt.com/misc/ark-4q-results.doc

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting to a shareholders' deficit of
MYR200.53 million.


ARK RESOURCES: Unit Gets Notice of Demand from Concrete Engr.
------------------------------------------------------------
Ark Resources Bhd said in a disclosure statement with the Bursa
Malaysia Securities Bhd that its wholly owned subsidiary, Cardon
(M) Sdn Bhd, had been served with a Statutory Notice of Demand
by Concrete Engineering Products Bhd.

According to the disclosure, Concrete Engineering is seeking
payment of MYR294,123.45 for goods sold and delivered and
pursuant to a judgment obtained on July 11, 2003.

Ark's total cost of investment in Cardon is MYR1,000,000.

Meanwhile, Ark pointed out that based on its Proposed Corporate
Restructuring, it stated that all non-scheme companies,
including Cardon will be liquidated.  As such, it is not the
intention for Cardon to remain as a subsidiary of the company
pursuant to the said PCR, Ark Resources said in the statement.

Ark does not expect any material financial or operational impact
on the company brought by the wind-up petition.

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting to a shareholders' deficit of
MYR200.53 million.


ASIAN PAC: Earns MYR8.08 Million in Third Quarter 2006
------------------------------------------------------
Asian Pac Holdings Bhd posted MYR8.086 million of net profit on
MYR74.28 million of revenues in the third quarter ended Dec. 31,
2006, as compared with MYR15.73 million of net profit on
MYR71.11 million of revenues in the same quarter last year.

As of end-December 2006, the company's unaudited balance sheet
showed current assets of MYR286.84 million and current
liabilities of MYR119.33 million.

Asian Pac's total assets as of Dec. 31, amounted to
MYR684.25 million and total liabilities aggregated to
MYR448.86 million.  Shareholders' equity reached
MYR235.38 million.

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

        http://bankrupt.com/misc/asianpac-3q-results.xls

                          *     *     *

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in  
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.  
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.

The company's long-term debt carries Rating Agency Malaysia's
BB3 rating.  BB Ratings means inadequate safety for timely
payment of interest and principal, and future cannot be
considered as well-assured.  


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

ALPHA 1 CONTRACTORS: Taps Brown and Rodewald as Liquidators
-----------------------------------------------------------
On Feb. 7, 2007, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as the joint and several liquidators of Alpha 1
Contractors Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Rotorua heard the liquidation petition against the
company on the same day.  The Commissioner of Inland Revenue
filed the petition.

The company's Liquidators can be reached at:

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


ESSIKA LTD: Commences Liquidation Proceedings
---------------------------------------------
The shareholders of Essika Ltd met on Feb. 9, 2007, and resolved
to liquidate the company's business.

In this regard, Nigel Andrew Milton was appointed as the
company's liquidator.

Mr. Milton can be reached at:

         Nigel Milton
         c/o John Schollum
         BDO Spicers, PO Box 51563
         Pakuranga, Auckland
         New Zealand
         Telephone:(09) 274 9340
         Facsimile:(09) 274 0863
         Nigel Andrew Milton


FAIRVIEW DEVELOPMENTS: Will Receive Claims Until March 12
---------------------------------------------------------
On Feb. 13, 2007, the shareholders of Fairview Developments Ltd.
resolved to liquidate the company's business.

In this regard, the company's creditors are required to file
their proofs of debt by March 12, 2007, to be included in the
company's distribution of dividend.

The company's liquidators can be reached at:

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


HARRISON ENGINEERING: Appoints Kenneth Oliver as Liquidator
-----------------------------------------------------------
On Feb. 12, 2007, Harrison Engineering Contractors Ltd.
appointed Kenneth Charles Oliver as the company's liquidator.

The company's Liquidator can be reached at:

         Kenneth Charles Oliver, M.B.A.
         Contract Management Limited,
         46A Tanner Street (PO Box 8253)
         Havelock North
         New Zealand
         Telephone:(06) 877 7561
         Facsimile:(06) 877 7562


PAUL MEREDITH: Appoints Bruce Stormer as Liquidator
---------------------------------------------------
Paul Meredith Ltd entered liquidation proceedings on Feb. 6,
2007.

Accordingly, Bruce Stormer was appointed as the company's
liquidator.

The Liquidator can be reached at:

         Bruce Stormer
         Level 2, 354 Lambton Quay
         Wellington
         New Zealand
         Telephone:(04) 472 4815
         Facsimile:(04) 473 7011


PERIMAC NEW ZEALAND: Creditors Must Prove Debts by March 30
-----------------------------------------------------------
On Feb. 12, 2007, the shareholders of Perimac New Zealand Ltd.
decided to liquidate the company's business.

Accordingly, Liquidators Boris van Delden and Peri Micaela
Finnigan require the company's creditors to file their proofs of
debt by March 30, 2007.

The company's Liquidators can be reached at:

         Boris van Delden
         Peri Micaela Finnigan
         McDonald Vague, PO Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz


SUPERIOR PRODUCTS: Creditors Must Prove Debts by April 30
---------------------------------------------------------
On Feb. 12, 2007, the High Court of New Zealand appointed
Stephen John Tubbs and Warren Michael Johnstone as the joint
liquidators of Superior Products Ltd.

Accordingly, the company's creditors are required to file their
proofs of debt by April 30, 2007, to be included in the
company's distribution of dividend.

The company's Liquidators can be reached at:

         Stephen John Tubbs
         Warren Michael Johnstone
         c/o Jim Barber, BDO Spicers
         Level 6, Spicer House
         148 Victoria Street, Christchurch
         PO Box 246, Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: jim.barber@chc.bdospicers.com


WOOL EQUITIES: Shareholders Want to Remove Current Board
--------------------------------------------------------
On March 5, 2007, a group of disgruntled Wool Equities
shareholders was pressing ahead with plans to force a special
company meeting aimed at removing the current board of
directors, Stephen Ward writes for the New Zealand Herald.

As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007, the Securities Commission has completed a review
of trading in the shares of Wool Equities.  The New Zealand
Stock Exchange referred the matter to the Commission on Nov. 22,
2006, after a complaint by some shareholders.

The TCR-AP noted that the Commission was not taking any further
action in this matter.

The NZ Herald recounts that in January, NZX Regulation found
there was a prima facie case that the company had breached
continuous disclosure obligations and expressed disapproval.  
But noted that it was not serious enough to warrant disciplinary
action.

Two other complaints, related to claims that the company
breached listing rules by failing to get shareholder approval
for various moves, were not upheld, the paper says.

According to the group spokesman John Shirtcliff, the group has
appealed against the NZX Regulation decision, but the commission
is not yet prepared to disclose further details about its
decision, the NZ Herald relates.

The commission's ruling would not affect the group's
determination to remove current directors, Mr. Shirtcliff noted.

But Wool Equities Chairman Andy Pearce said, Mr. Shirtcliff's
group may propose some other ways of resolving their issues
rather than an "expensive" special meeting.  Mr. Pearce said he
will wait to see what they were before he could assess their
merits, NZ Herald relates.

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment  
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$3,571,000 and NZ$7,996,000
for the years ended June 30, 2006, and 2005, respectively
(parent: NZ$2,852,000 and NZ$5,942,000).


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

ATLAS CONSOLIDATED: Berong Unit in Full Commercial Production
-------------------------------------------------------------
The Berong Nickel Project in Palawan is now in full commercial
production, Atlas Consolidated Mining & Development Corp.
discloses in a filing with the Philippine Stock Exchange.

The Berong Nickel Project is a joint venture among Atlas
Consolidated, UK-based Toledo Mining Corporation plc and
Investika Limited of Australia.

Atlas' directors inform the PSE that on March 2, Berong Nickel's
second shipment of laterite ore, approximately 51,000 tonnes,
departed the Berong anchorage for the Chinese market.  Today,
March 6, a third ship is scheduled to commence loading around
50,000 tonnes while a fourth ship of similar capacity is planned
around the 20th of March.

"Demand for laterite ore of the quality and grade produced at
Berong exceeds supply by a large margin," the Atlas says.

According to Atlas, Berong Nickel is rapidly expanding
production and building additional stockpiling facilities to
meet the huge demand.  Daily mine production is expected to
increase to 3,000 to 4,000 wet metric tones per day.

"To date, mine production has come from the lower grade area
referred to as the 'bulk metallurgical sample area,'" Atlas
relates.  "However, future production will come from the
'commercial' mining area where grades will be higher.  The
access road to this area has been completed and bench formation
commenced.  This area will supply the majority ore for the
current year."

"We are pleased that initial teething problems on production and
shipping are now under control and that full commercial
operations are now underway," Atlas President and Chairman
Alfredo Ramos commented.  "Our Berong project has a potential
resource of 275 million dry tones with an average grade of 1.3%
nickel and thus is classified as the 4th largest nickel laterite
resource worldwide."

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

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

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

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


CLIENTLOGIC: Expands Customer Service Pact with XM Satellite
------------------------------------------------------------
ClientLogic announced the expansion of its partnership with XM
Satellite Radio to continue providing customer service,
technical support and customer retention services for XM's 7.6
million subscribers in the U.S. and Canada.  ClientLogic
currently services XM Satellite Radio from contact centers in
three near shore and offshore locations.  The expansion will
call for the hiring of approximately 150 associates in a fourth
ClientLogic facility located in Huntington, West Virginia.

"At XM Satellite Radio, we want to ensure that our customers'
needs are met quickly and efficiently so we can seamlessly
provide access to the widest selection of programming and
content through a user-friendly environment," said Joe Zarella,
EVP of Business Operations at XM Satellite Radio.  "Our
relationship with ClientLogic has been extremely successful and
we are looking forward to expanding to a fourth facility staffed
by ClientLogic's talented and professional customer care
associates."

XM Satellite Radio features more than 170 digital channels
consisting of commercial-free music channels and a variety of
sports, talk, comedy, children's and entertainment programming.  
XM reaches more than 7.6 million subscribers in the U.S. and
Canada, broadcasting from studios in Washington, D.C., New York,
Nashville, Tenn., Toronto and Montreal.  XM Satellite Radio
originally partnered with ClientLogic because of its expertise
in the consumer entertainment and telecommunications industries
and its commitment to providing quality customer care.

"For companies in the competitive consumer entertainment
industry, there is nothing more important than creating brand
loyalty through quality products and customer service," said
Julie Casteel, chief global sales and marketing officer at
ClientLogic.  "We have enjoyed working side by side with XM
Satellite Radio to develop and implement a customer care
strategy tailored to the unique needs of its diverse customer
base.  We are thrilled to be expanding with XM Satellite Radio
once again and look forward to growing our partnership in the
months and years ahead."

                  About XM Satellite Radio

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned  
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2007 lineup includes more than 170 digital channels of choice
from coast to coast: commercial-free music channels, premier
sports, news, talk, comedy, children's and entertainment
programming; and the most advanced traffic and weather
information.  XM has broadcast facilities in New York and
Nashville, and additional offices in Boca Raton, Fla.;
Southfield, Mich.; and Yokohama, Japan.

        About the Newly Combined ClientLogic and SITEL

The new company is a global Business Process Outsourcing leader.  
Formed by the merger of ClientLogic and SITEL in January 2007,
the new company meets clients' customer care and transaction
processing needs through 65,000 associates in 28 countries,
including Philippines, Argentina, Austria, Canada, Denmark,
France, Germany, India, Ireland, Mexico, Morocco, Netherlands,
Panama, United Kingdom and the United States.  The new company
provides world-class solutions from on-shore, near shore and
offshore locations across 145+ facilities throughout North
America, South America, EMEA and Asia Pacific.  The new
company's award-winning services provide clients with the
strategic insight, scale and diversity of offerings to ensure
the best return on their customer investment.  The company is
privately held and majority owned by Canadian diversified
company, Onex Corporation.

                          *     *     *

On Jan. 11, 2007, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service upgraded ClientLogic
Corp.'s corporate family rating to B2 from B3.  The rating
outlook is stable.

The TCR-AP also reported that Standard & Poor's Rating Services
upgraded its corporate credit rating on ClientLogic to 'B+' from
'B', and removed the ratings from CreditWatch with positive
implications where they were placed on Oct. 20, 2006.  The
outlook is stable.


DEL MONTE: Earns US$45.5 Million in Quarter Ended January 28
------------------------------------------------------------
Del Monte Foods Company reported net income for the quarter
ended Jan. 28, 2007 of US$45.5 million, compared to US$51.9
million last year.

The company disclosed net sales for the third quarter of fiscal
2007 of US$907.2 million compared to US$789.6 million last year,
an increase of 14.9%.

"This quarter's solid financial results were driven by the
ongoing successful execution against our strategic initiatives
as we continue to strengthen the foundation of Del Monte,"
Richard G. Wolford, Chairman and CEO of Del Monte Foods, said.  
"The strength of our recently acquired pet businesses, growth
from new products and the heightened impact of pricing actions
we took earlier this year drove both the top and bottom line.  
These drivers, coupled with continued aggressive cost-reduction
programs, helped the company mitigate ongoing inflationary cost
pressures and are enhancing the long-term earnings performance
potential of our company."

The 14.9% increase in net sales was driven by the acquisitions
of Meow Mix and Milk-Bone.  Growth from new products and net
pricing also contributed to the increase in net sales.  These
gains were partially offset by volume declines, primarily in
Consumer Products.

             Nine Months Ended Jan. 28, 2007 Results

The company reported net sales for the first nine months of
fiscal 2007 of US$2.4 billion compared to US$2.1 billion last
year, an increase of 12.5%.  Income from continuing operations
was US$76.2 million, compared to US$95.3 million, in the
previous year.

The 12.5% increase in net sales was driven by the acquisitions
of Meow Mix and Milk-Bone.  Increased growth from new products
and net pricing also contributed to the increase in net sales.  
These gains were partially offset by a volume decline, driven by
many of the same factors, which impacted the third quarter
fiscal 2007 results.

                             Outlook

For the fiscal 2007 fourth quarter, the company expects to
deliver sales growth of approximately 13% to 15% over net sales
of US$799.2 million in the fourth quarter of fiscal 2006.

For fiscal 2007, the company continues to expect sales growth of
12% to 15% over fiscal 2006 net sales of US$2.9 billion.  Fiscal
2007 net sales growth is expected to be driven primarily by the
Meow Mix and Milk-Bone acquisitions.

                      About Del Monte Foods

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and   
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.  Del
Monte has presence in the Philippines and India.

                          *     *     *

Standard & Poor's assigned 'BB-' Long-term Foreign and Local
Issuer Credit rating to Del Monte Foods Company.

Fitch Ratings rates Del Monte Foods Company's Issuer default
rating at 'BB-'.


EPIXTAR CORP: Wants Plan Filing Period Extended to April 29
-----------------------------------------------------------
Epixtar Corp. and its debtor-affiliates ask the U.S Bankruptcy
Court for the Southern District of Florida to extend, until
April 29, 2007, their exclusive period to file a Chapter 11 plan
of reorganization.  The Debtors also ask the Court to extend
their  exclusive period to solicit acceptances of that plan
until June 28, 2007.

The Debtors believe that the extension is warranted citing that
it will provide them the necessary time to negotiate, prepare
and file a viable plan of reorganization.  The Debtors also say
that the size and complexity of their cases warrant extension of
their exclusive periods.

The Debtors remind the Court they are in negotiations with the
Official Committee of Unsecured Creditors regarding treatment
that could be afforded to the Committee under a proposed plan of
reorganization.  In addition, the Debtors' affiliate in the
Philippines is in the process of filing the equivalent of a plan
of reorganization.

                         About Epixtar

Based in Miami, Florida, Epixtar Corp. fdba Global Assets
Holding Inc. -- http://www.epixtar.com/-- acquires or  
establishes companies specialized in mass-market communication
products.  Epixtar operates through its subsidiaries, National
Online Services Inc. and One World Public.  Epixtar currently
maintains two contact centers in Manila, Philippines, with
developmental plans to expand to additional centers over the
next 24 months.  The company and its debtor-affiliates filed for
Chapter 11 protection on October 6, 2005 (Bank. S.D. Fla. Case
No. 05-42040).  Michael D. Seese, Esq., at Kluger, Peretz,
Kaplan & Berlin, P.L., represents the Debtors in their
restructuring efforts.  Glenn D. Moses, Esq., at Genovese
Joblove & Battista, P.A., represents the company's Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed total assets of
US$30,376,521 and total debts of US$39,158,724.


PHIL. LONG DISTANCE: Unit Sets Aside PHP5 Billion for Expansion
---------------------------------------------------------------
SPi has earmarked a significant capital outlay of PHP5 billion
to pursue its 2007 acquisition and expansion plans.

Ernest Cu, President and CEO, commented, "Our acquisition and
expansion plans are geared towards accelerating growth and
strengthening our position as the premier provider of
global [Business Process Outsourcing] solutions."

Cu went on to say, "The significant capital outlay that has been
allocated for expansion will allow us to broaden our
capabilities, enter new markets, and further migrate from more
commodity based activities to higher value services.  Because
BPO is such a fast-moving industry, we need to be able to
continue to evolve in order to stay ahead of the market and to
maintain our point of difference as being one of the only true
full-service vendors in the BPO market."

Currently, SPi has significant penetration in the legal,
publishing and healthcare sectors.  In the markets that SPi
dominates, SPi is recognized as the largest litigation support
coding provider in the world, one of the Top 10 Electronic
Discovery firms, the number 1 vendor in the publishing
outsourcing space, and the third largest medical transcription
provider in the US.

In 2006, SPi's strategic growth and operational expansion
included the acquisition of CyMed, Inc.  This acquisition
enabled SPi to further strengthen its US delivery capability
through the addition of 650 medical language specialists.  SPi
now has the most diversified healthcare delivery platform in the
industry with operating centers across the US, Philippines, and
India.

For 2007, the acquisition program is even broader -- in addition
to its continued interest in Healthcare, SPi will seek business
line extensions for its Publishing and Legal groups, as well as
a platform acquisition to get a solid foothold in the Finance
and Accounting industries.

Ray Espinosa, President of ePLDT, mentioned that, "While M&A is
an important part of our strategy, SPi's organic growth is also
an integral part of the overall revenue mix.  What's
particularly encouraging is that our customers are increasingly
requesting higher value-added services from us.  Better known in
the industry as Knowledge Process Outsourcing, the new work we
are winning involves greater analysis and judgment from our
staff.  As an example, we have an engagement now where we're
using Filipino lawyers to assist in analyzing and editing US
court cases.  This niche business is exciting in and of itself
but is more so because of all of the excitement lately about yet
another segment of BPO called Legal Process Outsourcing."

To accommodate its growth, SPi is opening two new facilities.
Both are expected to be operational by mid 2007 and include a
300 seat facility in Chennai, India and a 450 seat in Hanoi,
Vietnam.  The Chennai center will house both Healthcare and
Publishing operations, and the Hanoi center will initially cater
to Publishing operations.

Further, in the US, investments in systems and infrastructure
are being focused on the New York, Virginia, Texas and Tennessee
locations.  The Philippines remains the major delivery hub for
SPi with 4,600 employees working in different locations in
Manila, Laguna, Cebu and Dumaguete.

                            About SPi

SPi, 100% owned by ePLDT is a full-service BPO provider with
offices and facilities across North America, Europe, and Asia.  
Together with ePLDT's Ventus Group, the company has 11,000
employees delivering on a wide range of call center and
knowledge-based outsourcing solutions to diversified markets,
including financial services, healthcare, legal and publishing.
SPi consistently improves operating efficiency, lowers costs and
helps to strengthen the competitive position of more than 500
customers.  ePLDT, Inc. is a wholly-owned subsidiary or the
Philippine Long Distance Telephone Company.

                           About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading     
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

On Nov. 3, 2006, Moody's Investors Service affirmed PLDT's Ba2
senior unsecured foreign currency rating and changed its outlook
to stable from negative.   The Ba2/stable rating is above the
Philippines' foreign currency country ceiling of Ba3/stable,
Moody's notes.  According to the agency, the foreign currency
senior unsecured debt rating incorporates convertibility risk,
which is the likelihood of the government declaring a debt
moratorium to counter a foreign currency crisis.

Moody's views foreign currency bonds subject to international
law as less likely to be subject to a debt moratorium than
foreign currency obligations subject to local law.  Therefore, a
differential exists between PLDT's foreign currency bond rating
and the sovereign rating.

As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default (implied by the Ba3 foreign
currency ceiling) and, if it did, the chances that it would
exempt a company such as PLDT.


RIZAL COMMERCIAL: Revises Record Date of Stock Dividend
-------------------------------------------------------
Rizal Commercial Banking Corp. revised the record date of the
15% stock dividend declared by its board on the 10th calendar
date from receipt of the approval of the Bangko Sentral ng
Pilipinas and Securities and Exchange Commission instead of 15th
trading date from receipt of the approval of the BSP and SEC.

As stated in the prior reports of the Troubled Company Reporter
- Asia Pacific, the bank's board declared on Dec. 4, 2006, the
15% stock dividend to holders of common and preferred shares, in
order to support the bank's increase in the authorized capital
stock from PHP9.0 billion to PHP13.0 billion.

The BSP in its letter dated Jan. 26, 2007, approved the
declaration of the stock dividend.

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.


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

CHEMTURA CORP: Posts US$144.3 Mil. Net Loss in 2006 4th Quarter
---------------------------------------------------------------
Chemtura Corp. reported a net loss of US$144.3 million on net
sales of US$873.6 million for the fourth quarter ended Dec. 31,
2006, compared with a net loss of US$71.5 million on net sales
of US$876.1 million for the comparable period in 2005.

The company's 2006 full-year net loss was US$170.6 million on
net sales of US$3.7 billion, as compared with a net loss of
US$186.6 million on net sales of US$2.9 billion for 2005.

Loss from continuing operations for the fourth quarter of 2006
and 2005, were US$145.9 million and US$92.9 million,
respectively.  Loss from continuing operations for years 2006
and 2005, were US$218.1 million and $US184.8 million,
respectively.

At Dec. 31, 2006, the company's balance sheet showed $4.37
billion in total assets, US$2.65 billion in total liabilities,
and US$1.72 billion in total stockholders' equity.

                      Fourth Quarter Results

The company's fourth quarter net sales of US$873.6 million were
less than one percent below fourth quarter 2005 net sales of
US$876.1 million.  The decrease is primarily due to lower sales
of US$10.4 million related to the sale of the company's
Industrial Water Additives business in May 2006 and an US$18.1
million decrease in sales volume.  The decrease, however, were
mostly offset by increased selling prices of US$16.1 million and
favorable foreign currency translation of US$12 million.

The operating loss for the fourth quarter of 2006 was
US$15.6 million, as compared with an operating loss USof
US$400,000 for the fourth quarter of 2005.  

Fourth quarter earnings reflect a charge of $US123 million to
establish a deferred tax liability related to this repatriation
strategy.  

During the fourth quarter of 2006, the company recorded a gain
on sale of discontinued operations of US$1.6 million, net of
taxes of US$200,000, related to the sale of the OrganoSilicones
business to General Electric Co. in July 2003.  The gain
represents the reversal of reserves for certain contingencies
that the company no longer expects to incur.

                         Full-year Results

Net sales for the year ended Dec. 31, 2006, of US$3,722.7
million were US$736.1 million above net sales for the comparable
period of 2005 of US$2,986.6 million.

The increase was primarily due to US$855.6 million in additional
sales resulting from the merger with Great Lakes Chemical Corp.,
a US$62.8 million increase in selling prices and US$5 million
due to favorable foreign currency translation that was partially
offset by a US$108.3 million decrease in sales volume, the
absence of US$48.3 million of sales due to the deconsolidation
of the company's Polymer Processing Equipment business in April
2005, US$21.5 million due to the divestiture of the IWA business
in May 2006, and US$9.1 million due to the net effect of other
acquisitions and divestitures.

At Dec. 31, 2006, the company's balance sheet showed $4.37
billion in total assets, US$2.65 billion in total liabilities,
and US$1.72 billion in total stockholders' equity.

                        About Chemtura Corp.

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately
6,400employees around the world and sells its products in more
than 100 countries.  In the Asia Pacific, Chemtura has
facilities in Singapore, Australia, China, Hong Kong, India,
Japan, South Korea, Taiwan and Thailand.

                          *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


LEVI STRAUSS: Debt Agreement Cues Fitch to Hold Low-B Ratings
-------------------------------------------------------------
Fitch affirms the ratings on Levi Strauss & Co. as:

   -- Issuer Default Rating 'B';
   -- US$650 million asset-based loan 'BB/RR1'; and
   -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

The rating actions follows Levi's report that it has entered
into a binding agreement for a new 7-year, US$325 million senior
unsecured term loan facility with Banc of America Securities and
Goldman Sachs Credit Partners L.P.  The proceeds from the new
term loan, combined with cash on hand of approximately US$69
million, will be used to redeem its US$380 million floating rate
notes due 2012 and pay related fees.  The floating rate notes
become callable on April 1, 2007 at a price of 102% of par, and
the company intends to issue a redemption notice to redeem the
notes.  This transaction reduces Levi's debt maturities in 2012
and is expected to reduce the company's annual interest expense.  
Pro forma debt as of Nov. 26, 2006 and corresponding adjusted
leverage, measured by total adjusted debt to EBITDAR, will
remain near current levels.

The ratings reflect Levi's strengthened credit profile,
resulting from improvements made to streamline its business and
focus on product mix and a more premium offering across its
operating segments.  Also considered is Levi's well known brand
name, geographic diversity, and good liquidity position, offset
by high debt balances and the competitive operating environment
of the denim and casual bottoms market.  Fitch expects that
further rating improvement is possible if positive sales trends
continue, and this is reflected in the Positive Rating Outlook.

Fitch derives recovery values and recovery ratings from an
analysis and valuation of Levi's operations.  The 'RR1' recovery
rating assigned to Levi's US$550 million secured asset-based
bank facility, which is secured by a first priority lien on
domestic receivables and inventory, is based on Fitch's
expectation that this piece of debt would receive full recovery
in a distressed scenario.  Availability under this facility is
dependent upon the level of Levi's domestic accounts receivable,
inventory, and cash and cash equivalents.  The recovery for the
senior unsecured debt would be good at 71-90%, and therefore
Fitch has assigned a 'RR2' rating to this class of debt.

                       About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a  
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco, and Brussels.


STATS CHIPPAC: Offer Cues S&P to Put BB Rating on Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' foreign
and local currency corporate credit ratings on STATS ChipPAC
Ltd. on CreditWatch with positive implication, following Temasek
Holdings Pte. Ltd's (AAA/Stable/--) subsidiary, Singapore
technologies Semiconductors Pte. Ltd. announcement of a
voluntary conditional cash offer for the remaining shares in
TATS ChipPAC and its US$115 million convertible notes due 2008
and US$150 million 2.5% convertible notes due 2008.

This action factors in expected further shareholder support from
Temasek.  STS already has about 35.6% equity stake in STATS
ChipPAC and the offer is conditional upon STS acquiring more
than 50% of the shares of STATS ChipPAC.

In resolving the CreditWatch on STATS ChipPAC, Standard & Poor's
will assess Temasek's final equity holding on STATS ChipPAC and
also, any changes in the business and financial risk profile of
the company.  Standard & Poor's will also assess Temasek's
investment and business plans for STATS ChipPAC in the medium to
long term if it becomes a majority or wholly owned subsidiary of
Temasek.

STATS ChipPAC, a leading independent semiconductor test and
advanced packaging service provider, reported a 40% increase in
revenue to US$1.6 billion for the fiscal year ended Dec. 31,
2006, with a net profit of US$76.8 million, compared with a net
loss of US$26.3 million for fiscal 2005.

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd.
-- http://www.statschippac.com/-- provides semiconductor test  
and assembly services.  The company assembles leaded and
laminate packages and provides related services such as package
design and leadframe and substrate designs.  The company
provides these tests and assembly services to semiconductor
companies, which do not have their own manufacturing facilities.
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.


STATS CHIPPAC: Temasek Launches US$1.9-Billion Takeover Bid
-----------------------------------------------------------
Temasek Holdings has launched a SGD2.85 billion takeover bid for
STATS ChipPAC Ltd., Antara News reports.

According to the report, Tamsek Holdings is building on its
35.6% stake in STATS ChiPAC.

The report notes that Tamsek Holding's subsidiary Singapore
Technologies Semiconductors Pte Ltd is offering SGD1.75 in cash
for each Stats share and SGD17.50 for each of the company's
American Depositary Shares.

Temasek explained that the offer will only go ahead on condition
that STS will be able to acquire at least 50% of Stats ChipPac's
outstanding shares, the report relates out.

                       About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd.
--http://www.statschippac.com/-- provides semiconductor test  
and assembly services.  The company assembles leaded and
laminate packages and provides related services such as package
design and leadframe and substrate designs.  The company
provides these tests and assembly services to semiconductor
companies, which do not have their own manufacturing facilities.  
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.

                          *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on Oct. 21, 2004, and
the company's Senior Unsecured Debt a 'Ba2' rating on
Oct. 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on Oct. 7, 2004.


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

BANK OF AYUDHYA: Donavanik Quits Business Mktg. & PR Post
---------------------------------------------------------
In a disclosure with the Stock Exchange of Thailand, Bank of
Ayudhya PCL announced the resignation of Charlotte Donavanik as
its Chief Business Marketing & PR Officer.  Ms. Donavanik's
resignation is effective on Mar. 31, 2007.

                About The Bank of Ayudhya PCL

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

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

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

    * Short-term foreign currency to F3 from B;

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

    * Individual rating to C/D from D.

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

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


DAIMLERCHRYSLER AG: Magna Interested in Chrysler's Future
---------------------------------------------------------
Magna International Inc. indicated that it has a role in
DaimlerChrysler AG's Chrysler Group's future, Bernard Simon and
John Reed write for the Financial Times.

According to reports, DaimlerChrysler is Magna's biggest
customer, contributing about 26% of total sales.

The discussions between the two companies are all about
"protecting Magna's franchise," Greg Keenan writes for Globe and
Mail, citing an industry source in Detroit.

However, KeyBanc analyst Brett Hoselton told investors that his
sources said Magna is seriously considering a purchase of
Chrysler, the Associated Press says.

Mr. Hoselton said Magna officers received Chrysler's financial
information, visited Chrysler facilities, and met with United
Auto Workers representative, the AP report adds.

                    About DaimlerChrysler

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

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

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

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

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


FEDERAL-MOGUL: Wants Court Approval on Citigroup Exit Financing
---------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates have began
investigating prospects of obtaining new exit financing in
connection with the preparation of their Fourth Amended Joint
Plan of Reorganization, Scotta E. McFarland, Esq., at Pachulski
Stang Ziehl Young Jones & Weintraub LLP, in Wilmington,
Delaware, relates.

After an exhaustive process, the Debtors have decided that the
package offered by Citicorp USA, Inc., and JPMorgan Chase Bank,
N.A., and a syndicate of banks, financial institutions and other
entities contained the most attractive terms for their exit
financing needs.  The subject financing facility is arranged by
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

On February 23, 2007, the Debtors, Citigroup and JPMorgan
entered into a commitment letter and fee letter.

The Financing Commitment Documents contemplate that the Exit
Lenders will provide the Debtors with:

   (1) a US$540,000,000 five-year senior secured asset-based
       revolving credit facility; and

   (2) a US$2,960,000,000 senior secured term loan facility,
       consisting of:

         (i) an US$878,000,000 senior secured term loan facility
             to be made available in a single draw upon the
             closing of the Exit Facilities, with a
             US$50,000,000 synthetic letter of credit
             subfacility; and

        (ii) a US$2,082,000 delayed draw senior secured term
             loan facility to be made available in up to three
             draws at any time from the Exit Closing Date up to
             60 days thereafter.

The Term Loans are payable in 28 consecutive quarterly
installments, commencing on the last business day of the month
in which the 90th day after the Closing Date occurs.  The first
27 installments will be equal to 0.25% of the initial principal
balance of the Term Loans and the last installment will be equal
to the remaining principal balance of the Term Loans.

The Debtors will use the proceeds of the Exit Facilities to:

   -- refinance in full their existing US$775,000,000 DIP credit
      facility upon consummation of the Fourth Amended Plan;

   -- make certain cash payments or otherwise satisfy allowed
      claims pursuant to the Plan;

   -- pay transaction costs and expenses associated with their
      reorganization; and

   -- provide working capital after their reorganization.

If drawn, the proceeds of the Delayed Draw Term Facility will be
used by the Debtors initially to refinance amounts outstanding
under the Reorganized Federal-Mogul Secured Term Loan Agreement
and the Reorganized Federal-Mogul Junior Secured PIK Notes and
subsequently for other general corporate purposes, Ms. McFarland
adds.

                      Liens and Collateral

The obligations of each Loan Party in respect of the Exit
Facilities and certain hedging agreements and cash management
agreements provided by any Lender will be secured by a perfected
first priority security interest in substantially all of its
tangible and intangible personal property, including the capital
stock of each Guarantor, and each parcel of real estate having a
value of more than US$5,000,000.

                        Interest Rates

The Debtors may elect that the loans comprising each borrowing
bear interest at a rate per annum equal to:

   (1) the sum of (A) the higher of (i) the rate of interest
       publicly announced by Citibank, N.A., as its base rate in
       effect at its principal office in New York City; and (ii)
       the federal funds effective rate from time to time plus
       0.5%; and (B) a percentage determined in accordance with
       the pricing grid which is initially anticipated to be (i)
       0.5%, in the case of ABR Loans; and (ii) 1.5%, in the
       case of Eurodollar Loans; or

   (2) the Eurodollar Rate plus a percentage determined based on
       the Federal-Mogul Corp.'s corporate family ratings at the
       commencement of syndication of the Facilities, which
       percentages are expected to be between 0.375% and 0.750%
       in the case of ABR Loans and between 1.375% and 1.75% in
       the case of Eurodollar Loans, depending upon Standard &
       Poor's Ratings Group's and Moody's Investor Services
       Inc.'s ratings of the Exit Facilities.

All Swingline Loans will bear interest at a rate per annum equal
to the ABR plus the Applicable Margin.

                       Amended DIP Facility

Pursuant to the Commitment Letter, Citigroup USA and JPMorgan
Chase have also committed to provide an amended DIP financing
facility in the event that the Exit Closing Date does not occur
by July 1, 2007.

The Amended DIP Facility would amend the Existing DIP Facility
to extend the maturity date from July 1, 2007 to
December 31, 2007, and to make other changes as mutually agreed
by the parties.

A full-text copy of the Citigroup Commitment Letter is available
for free at http://ResearchArchives.com/t/s?1aa3

A full-text copy of the form of the contemplated Term Loan and
Revolving Credit Agreement is available for free at:

               http://ResearchArchives.com/t/s?1aa4

In return for Citigroup's and JPMorgan's commitments to arrange,
syndicate and fund the Facilities, the Debtors have agreed to
pay certain related fees to Citigroup and JPMorgan as set forth
in a Fee Letter.  The Fee Letter also provides for the payment
of certain administrative agency and collateral monitoring fees
that are payable at certain time intervals, with the first
payment occurring on the Exit Closing Date.

The Fee Letter does not require the payment of any fees in
advance of the Exit Closing Date, Ms. McFarland tells the Court.

The Debtors have also agreed, pursuant to the Commitment Letter,
to pay various expenses incurred by Citigroup and JPMorgan in
connection with the transactions contemplated by the Commitment
Letter.  "These expenses are payable on demand and therefore may
be paid in advance of the Exit Closing Date," according to Ms.
McFarland.

By this motion, the Debtors ask the U.S. Bankruptcy Court for
the District of Delaware for permission to:

   (a) enter into the Commitment Letter and the Fee Letter and
       any and all related documents with Citigroup and
       JPMorgan; and

   (b) pay the fees and expenses contemplated in the Commitment
       Letter and Fee Letter as administrative expenses under
       Sections 503(6)(1) and 507(a)(1) of the Bankruptcy Code.

The Debtors believe that the financial terms of the Commitment
Letter, the Fee Letter and the Exit Facilities represent fair
market rates.

The Fee Letter, Ms. McFarland avers, contains information that
is both sensitive to the Debtors' business and proprietary to
Citigroup and JPMorgan.

Accordingly, the Debtors seek the Court's permission to file the
Fee Letter under seal pursuant to Section 107(b)(1) of the
Bankruptcy Code and Rule 9018 of the Federal Rules of Bankruptcy
Procedure.

                About Federal-Mogul Corporation

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


KRUNG THAI: To Extend THB2BB in Loans for Environment Projects
--------------------------------------------------------------
Krung Thai Bank is set to extend THB2 billion in low-interest
loans to public and private entities embarking on environmental
projects, The Nation reports.

According to the report, KTB signed a memorandum of
understanding last week with the Comptroller General's
Department, which will act as treasurer -- responsible for
dispensing, recording and monitoring the soft loans.

The Nation says that aside from the low interest rates,
borrowers will be exempted from principal repayment for the
first two years.

With interest rates lower than the market's average, KTB hopes
to attract at least 100 applications.

The report cites Piyapan Nimmanhaemin, the director-general of
the department, believes that local authorities, state
enterprises and the private sector will benefit from KTB's
economic incentive.

KTB is looking for environmental protection projects such as
waste-water management, waste management and air-quality
management, as well as related business initiatives such as the
commercial use of animal feces as an alternative energy fuel,
The Nation relates.

The report explains that for local authorities applying via
municipality councils, interest will be the minimum lending rate
minus 3%, and loans can be repaid for up to 10 years, with an
unrestricted amount and without any collateral.  State
enterprises can also enjoy similar privileges but with interest
rates of the MLR minus 2.5% to 3% and a payment period of no
more than seven years, the report adds.

The Nation says that private enterprises can borrow only 20% of
the long-term asset, which is restricted to no more than
THB400 million, and the payment period will be seven years at
1.5 to 2 percentage points below the MLR.  Some businesses will
be given a further privilege of 5% of the principal repayment
exempted from interest, in that if one invested THB100 million,
only THB95 million would be charged with interest.

                    About Krung Thai Bank

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 23, 2006, affirmed the C/D individual rating
of Krung Thai Bank and removed them from Rating Watch Negative
on which they were placed on September 20, 2006 following the
military coup.

The outlook on their ratings is now stable.

The TCR-AP reported on Oct. 6, 2006, that Moody's has reinstated
the Ba1 rating previously assigned to Krung Thai Bank Public
Company Ltd's (KTB, D-/Baa1/P-2) Hybrid Tier 1 securities being
issued via its Singapore branch.  The rating outlook is stable.

Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the perpetual, non-cumulative, hybrid
Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


TRUE CORP: Telekom Malaysia Expresses Interest in Partnership
-------------------------------------------------------------
Telekom Malaysia wants to form a strategic partnership with True
Corporation, The Bangkok Post reports, citing Yusof Annuar
Yaacob, the chief executive officer of Telekom Malaysia's
overseas investment arm, TM International.

"With strong brand recognition and the service convergence of
the companies under True Corp.'s umbrella -- from fixed-line and
mobile phones to broadband Internet and pay television -- we are
now open for a joint venture," The Post quotes Mr. Yaacob.

According to Mr. Yaacob, TM aims to acquire up to 49% in True
Corp. as it wants to contribute its management and marketing
experience as well as technology transfers for third generation
mobile phone services, the report states.  Mr. Yaacob believes
that through the two companies' combined forces, they could
provide consumers with more value-added services.

Moreover, the report relates, Mr. Yaacob said that the Malaysian
firm sees an opportunity to enhance the True brand, using as a
model TM's successful joint-venture subsidiary in Sri Lanka,
which provides mobile and broadband Internet services.

TM assures that a tie-up with True Corp. will not cause a
conflict of interest with Samart Corp., which is 19.23% owned by
TM, because Samart does not have mobile phone services.   

The Post relates that TM is interested in True Corp. in spite of
the Thai company's losses in 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, True Corp. reported a THB4.18-billion (THB1.36 per
share) net loss in 2006 due to rising operating expenses and
higher interest costs.  The TCR-AP also said that True Corp.
incurred a net loss of THB2.26 billion in the fourth quarter of
2006, almost the same as the net loss incurred in the same
period in 2005.

The Post notes that TM is only waiting for a response from True
Corp.'s representatives with regard to the partnership.  

However, according to the report, True Corp. CEO Supachai
Chearavanont said that the company does not need a strategic
partner as of the moment, and suggested that if TM intends to
make its presence felt, it could acquire True Corp.'s shares
through the stock market instead.  

                     About Telekom Malaysia

Headquartered in Kuala Lumpur, Telekom Malaysia Berhad (TM) --
http://www.tm.com/-- provides investments in Singapore,  
Indonesia, Thailand, Cambodia, Sri Lanka, Bangladesh, Pakistan
and India.  The company has four business segments: fixed line
and data, which represents fixed line, data and other
telecommunication-related services; Internet and multimedia,
which represents Internet-related services; cellular, which
represents mobile telecommunication services, and non-
telecommunication related services (others), which represents
services provided by subsidiaries with core business in
consultancy, property management and education.  During the year
ended December 31, 2005, the Company's acquisitions included a
56.9% equity interest in PT Excelcomindo Pratama Tbk, 100%
equity interest in Dialog Broadband Networks (Private) Limited
(formerly known as MTT Network (Private) Limited), 78% equity
interest in Multinet Pakistan (Private) Limited and the
remaining 45% equity interest in Mobitel Sdn Bhd.

                     About True Corp. PCL

True Corporation Public Company Ltd, formerly called
TelecomAsia, is headquartered in Bangkok, Thailand, and is an
integrated provider of fixed line, broadband, internet, mobile
services and lately cable TV -- via the UBC acquisition -- in
that country.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 27, 2006, that Moody's Investors Service affirmed True
Corp. PCL's Ba3 corporate family rating and at the same time
changed the rating outlook to negative from stable.  

The TCR-AP reported on Nov. 21, 2006, that Standard & Poor's
Ratings Services lowered its corporate credit rating on True
Corp. Public Co. Ltd. to 'BB-' from 'BB'.  The outlook is
negative.


TRUE MOVE: To Offer THB100,000 Insurance to Post-Paid Customers
---------------------------------------------------------------
True Move Company Limited, teaming up with Ayudhya Allianz CP
Life and Allianz CP General Insurance, will offer a one-year,
THB100,000 accidental-death protection plan to new and existing
post-paid mobile-phone subscribers, The Nation reports.

The Nation cites True Move's marketing director, Suphakit
Vuntanadit, as saying that subscribers only need to inform the
company that they want the insurance coverage for them to get
it.  However, he clarified that subscribers' right to claim the
insurance will be cancelled if they terminate the post-paid
service.

The move, according to the report, is part of the cellular
operator's campaign to glue its 600,000 post-paid subscribers to
its network.  True Move has more than 7 million mobile-phone
subscribers, but the vast majority are pre-paid subscribers who
do not qualify for the insurance deal, The Nation notes.

The Nation relates that True Move is the cellular flagship of
True Corp, which was founded by the Charoen Pokphand Group.  CP
is a shareholder in both the life insurance firm Ayudhya Allianz
CP and the non-life insurer Allianz CP.  Mr. Suphakit added that
True Corp also plans to offer similar insurance deals for
subscribers of its other businesses, including its broadband
Internet and pay-TV services.

                        About True Move

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's senior unsecured notes, assuming a debt size of
about US$450 million.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.


* BOND PRICING: For the Week 26 February to 2 March 2007
--------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.84
Alinta Networks                5.750%  09/22/10     AUD     6.63
APN News & Media Ltd           7.250%  10/31/08     AUD     5.97
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.40
Arrow Energy NL               10.000%  03/31/08     AUD     1.40
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.45
Becton Property Group          9.500%  06/30/10     AUD     0.86
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.50
Capital Properties NZ Ltd      8.500%  04/15/09     NZD     8.20
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.05
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.47
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.88
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.62
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.42
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.40
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.10
Fletcher Building Ltd          8.850%  03/15/10     NZD     8.20
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.43
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.99
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.99
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.58
IMF Australia Ltd             11.500%  06/30/10     AUD     0.82
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.50
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.20
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.88
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.40
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Australia           4.250%  02/01/09     USD     7.69
Silver Chef Ltd               10.000%  08/31/08     AUD     1.03
Software of Excellence         7.000%  08/09/07     NZD     1.75
Speirs Group Ltd.             10.000%  06/30/49     NZD    61.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.85
TrustPower Ltd                 8.300%  12/15/08     NZD     8.05
TrustPower Ltd                 8.500%  09/15/12     NZD     8.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.15



CHINA & HONGKONG
----------------
China Railway                  4.850%  07/29/20     CNY    60.01
Jiangxi Investment
   Group Co. Ltd.              4.380%  09/11/21     CNY    60.00


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    49.76
Korea Development Bank         7.450%  10/31/21     KRW    49.74
Korea Development Bank         7.400%  11/02/21     KRW    49.72
Korea Development Bank         7.310%  11/08/21     KRW    49.70
Korea Development Bank         8.450%  12/15/26     KRW    70.94


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.89
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.17
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.22
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.80
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.30
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.10
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.03
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.78
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.70
EG Industries Bhd              5.000%  06/16/10     MYR     0.61
Equine Capital Bhd             3.000%  08/26/08     MYR     0.37
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.25
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.46
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.82
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.60
I-Berhad                       5.000%  04/30/07     MYR     0.60
Insas Bhd                      8.000%  04/19/09     MYR     0.75
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.42
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.71
Kumpulan Jetson                5.000%  11/27/12     MYR     0.44
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.47
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.36
Media Prima Bhd                2.000%  07/18/08     MYR     1.45
Mithril Bhd                    8.000%  04/05/09     MYR     0.41
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.51
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.51
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     2.00
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.21
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.86
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.53
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.58
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.36
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.29
Southern Steel                 5.500%  07/31/08     MYR     1.36
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.34
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.00
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.50
WCT Land Bhd                   3.000%  08/02/09     MYR     1.50
Wah Seong Corp                 3.000%  05/21/12     MYR     3.12
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.69


SINGAPORE
---------
Sengkang Mall                  4.880%  11/20/12     SGD     0.60
Sengkang Mall                  8.000%  11/20/12     SGD     0.99




                            *********

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 ***