TCRAP_Public/070307.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, March 7, 2007, Vol. 10, No. 47

                            Headlines

A U S T R A L I A

AINSWORTH GAME: Posts AU17.7MM Loss for Half-Year to Dec. 2006
CARDNO LIMITED: Posts AU$8.3-M NPAT for Half-Year Ended Dec. '06
CYCLONE PROMOTIONS: Members and Creditors to Meet on March 30
JAMES HARDIE: Posts US$36.8MM 3Q Net Operating Profit, Down 10%
LITTLE LEGENDS: Members and Creditors to Receive Wind-Up Report

MATTCO PTY: Members Resolve to Shut Down Business
RADIATOR LIMITED: Will Declare Dividend on April 6
RENA INDUSTRIES: Members & Creditors' Meeting Set for March 30
SUMMIT RESOURCES: Directors Recommend Rejection of Paladin Offer
SYNDAL WAY: Members to Receive Wind-Up Report

TAYLOR GROUP: Names Carter and Bettles as Liquidators
VANACO PTY: To Declare Dividend for Unsecured Creditors
ZINIFEX LTD: Inks Agreement with Asia Now for Expansion in China


C H I N A   &   H O N G  K O N G

CHAPLIN CHEMICALS: Inability to Pay Debts Prompts Wind-Up
CHINA MINSHENG: Seeks to Open a Financial Leasing Arm
HARTCOURT COMPANIES: Posts US$1 Mil. Net Loss in Second Quarter
HARTCOURT COS: Sells Shareholding Stakes in Two Units to Shiheng
INTERMOST CORP: Unit Prepares Golden Anke's Overseas Listing

JOYMARK COMPANY: Members and Creditors' Meeting Set for April 3
MAN FUNG: Shareholders Decide to Wind Up Operations
Q.U.E. INVESTMENTS: Commences Wind-Up Proceedings
SHANGHAI PUDONG: Citigroup Looks to Increase Stake to 19.9%
WINSTATE TRADING: Creditors to Receive Wind-Up Report

XINAO GAS: In Talks with Gas Natural for Possible Cooperation


I N D I A

ALLAHABAD BANK: Opens First Overseas Branch in Hong Kong
ALLAHABAD BANK: Names Mohammad Tahir as New Director
BANK OF INDIA: Government Appoints A.V. Sardesai as New Director
BHARAT PETROLEUM: To Sell Bharat Shell Stake to Shell Overseas
BHARTI AIRTEL: Lowers Entry Cost of BlackBerry in India

BRITISH AIRWAYS: Completes Sale of BA Connect to Flybe
BRITISH AIRWAYS: In Talks to Transfer Ground Handling Operation
BRITISH AIRWAYS: Opposes US-EU Open Skies Deal
ROYAL & SUN: Has 2,988,373,423 Total Voting Rights & Capital
TATA POWER:  Names Anil K. Sardana as New Executive Director


I N D O N E S I A

ALCATEL-LUCENT: Inks Network Deal with Advocate Health Care
BEARINGPOINT INC: Reports Inability to File 2006 Form 10-K
BEARINGPOINT INC: Secures Limited Waiver from Lenders
BEARINGPOINT INC: Discloses Preliminary 2006 Financial Results
CA INC: Expands Consumer And Small Business Channel Program

FOSTER WHEELER: Wins Contract for New Refinery Units in Spain
HILTON HOTELS: Scandic Hotel Sale Prompts S&P to Lift Ratings
MCDERMOTT INT'L: Posts US$141 Mil. Net Income in 4th Qtr. 2006
NORTEL NETWORKS: DBRS Says Restatements Won't Affect Low Ratings
NORTEL: Joins Colubris for Trinity Railway Express' Network

PERTAMINA: Allies With Statoil on Karama Block; To Spend US$75MM


J A P A N

CONTINENTAL AIRLINES: Reports February Operational Performance
JAPAN AIRLINES: Largest Union Agrees to This Year's Bonus Cut
NIKKO CORDIAL: Agrees To Citigroup's JPY1.25-Trillion Buyout Bid
ORIENT CORP: Losses Prompt Firm to Seek JPY140B Debt/Equity Swap
SAPPORO HOLDINGS: Steel Partners Confirms Receipt of Inquiry

SUMITOMO MITSUI BANKING: To Tie Up w/ Japan Post on Free ATM Use


K O R E A

CITIBANK KOREA: Korea Ratings Gives Bonds AAA Rating
DAEHAN PULP: Forecasts Turnaround in 2007
DAEWOO ELECTRONIC COMPONENTS: Establishes Polish Subsidiary
DAEWOO ELECTRONIC COMPONENTS: Liquidates Two Foreign Units
DAEWOO ELECTRONIC COMPONENTS: Liquidates Two Subsidiaries

DASTEK CO: Merges With Sevasecurity Co.
ESTECHPHARMA CO: Declares KRW325.94 Million in Total Dividends
ESTECHPHARMA CO: Signs KRW5.54-Billion Contract with BIOGARAN
ESTECHPHARMA CO: Daewoo Securities Divests 235,617 Shares
GENEXEL-SEIN INC: Enters Into Korea Advanced Strategic Tie-Up

GENEXEL-SEIN INC: Acquires Aprogen Inc. for KRW1.5 Billion
GENEXEL-SEIN INC: Signs US$5 Mil. Supply Contract with Forecare
MIJU MATERIAL: Declares KRW1.5 Billion in Annual Cash Dividends
MIJU RAIL: Buys Asset Management Company
MIJU STEEL: Completes Public Offering of Common Shares

MIJU STEEL: Next Code Sells 3 Million Shares
MIJU STEEL: KRW2.51-Billion Net Profit In Line With Expectations
NDCORP CO: Cancels Equity Stake Purchase Plan
NDCORP CO: Divests Entire Stake in Seltron
SAMSUNG CARD: Directors Decide to List 10% of Outstanding Stocks


M A L A Y S I A

COMSA FARMS: Posts MYR5.81-Mil. Net Loss in December '06 Quarter
MALAYSIA AIRLINES: Saudi Prince Buys Langkawi Hotels for MYR435M
PROTON HOLDINGS: Talks with Volkswagen "Not Going Well"
PROTON HOLDINGS: Incurs MYR281.5M Net Loss in Qtr Ended Dec. '06
PROTON HOLDINGS: Peugeot Ends Talk for Possible Partnership

STAR CRUISES: Sells 25% Stake in Singapore Project to Genting


N E W   Z E A L A N D

AIR NEW ZEALAND: Boosts Services to Shanghai and Hong Kong
ALEXIAM CONSTRUCTION: Wind-Up Hearing Slated for May 10
B & W EARTHMOVERS: Faces Liquidation Proceedings
BAY OF ISLANDS: CIR Seeks to Liquidate Company
CORPORATE WEB: High Court to Hear Wind-Up Petition on March 12

NILA VENTURES: Creditors Must Prove Debts by March 14
PIMENTA PLASTERING: Court to Hear Wind-Up Petition on March 15
ROBEV HOLDINGS: Wind-Up Hearing Slated for March 12
STANDARD FINANCE: Court to Hear Wind-Up Petition on March 15
TEMARAMA 2004: Faces CIR's Wind-Up Petition


P H I L I P P I N E S

EXPORT AND INDUSTRY BANK: Names Nilo L. Pacheco as New President
GLOBE TELECOM: Deploys 724 Solutions' Service Mgmt. Software
TOWER RECORDS: Court Sets March 15 Auction Sale of IP Assets
TOWER RECORDS: Selects Hilco Merchant as Liquidation Consultant
WEST CORPORATION: Completes TeleVox Acquisition

*  Fitch Affirms Philippines' 'BB' Rating, Outlook Stable


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Profit in 2006 Up 24% to SGD12.76 Mil.
FOMCAS BUILDERS: Pays First and Final Dividend
KHAMNEE ENGINEERING: Pays First and Final Dividend
METHODE ELECTRONICS: Creditors Must Prove Debts by April 2
PETROLEO BRASILEIRO: Awards US$150MM Pipe Contract to Technip

PETROLEO BRASILEIRO: Finds Reserves in Caxareu Field
SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal
SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AINSWORTH GAME: Posts AU17.7MM Loss for Half-Year to Dec. 2006
--------------------------------------------------------------
Ainsworth Game Technology Limited reported a loss of
AU17.7 million for the half-year period ending Dec. 31, 2006,
compared with a profit of AU$3.1 million in the corresponding
period in 2005.

The company blamed the net loss it incurred to the delay of
expected sales in key markets in the Americas, further delays in
achieving U.S.A. licenses, and current legislative restrictions
within European markets.  Continuing product development has
been undertaken, however unexpected delays in completing these
has prevented the company from achieving timely product and game
approvals, thus causing significant delay in previously
anticipated sales.

Ainsworth Game relates that the recent approval of the New
Jersey license is a significant milestone and once the necessary
product development and associated approvals are achieved, the
company should be able to capitalize on additional revenue
opportunities within this market.

A strategic review across the organization has commenced to
ensure the cost structures throughout the business are
commercially aligned with realistic revenue expectations in the
period ahead.  Significant management restructuring and cost
minimization has been undertaken to offset the immediate impact
of reduced revenues and ensure profitable trading over the short
to medium term.

The company recently appointed Daniel Gladstone as its chief
executive officer.  Mr. Gladstone has held senior positions
within the gaming industry over a successful career spanning 35
years.  Until recently, he was an executive director of Konami
Australia Pty Ltd, a position he held for the last 10 years.

Sales revenue achieved for the six-month period was
AU$20.7 million, a decrease of 56% over the previous
corresponding period.  International revenue represented 38% of
total revenue for the period, compared to 78% in 2005.

Despite the slowdown internationally, domestic revenue increased
24% on the previous corresponding period in 2005.  This was
achieved despite the company having only limited access within
Queensland and no access to the Victorian market in the period
under review.  Commercial negotiations and product development
with the major operators within the Victorian market should
provide the company the ability to access this market in the
medium term.

Further enhancements to product design continue and will improve
future gross margins.  During the 2006 half-year, the overall
gross margin was 47% compared to 46% in the corresponding period
in 2005.  As with any product changes, the necessary regulatory
approvals are required prior to sales being achieved and the
realization of associated margin improvements.

The ongoing funding of the company during the restructuring
period has been further strengthened by a commitment of
financial support from an entity controlled by Executive
Chairman Len Ainsworth.  This commitment is up to AU$15 million
to be made available, should it be required, in addition to the
established AU$40 million facility of which AU$6 million is
currently available to the company.

                      About Ainsworth Game

Ainsworth Game Technology Limited --
http://www.ainsworth.com.au/-- designs, develops and sells  
gaming machines and other related equipment and services. The
Company's products are ambassador gaming machine and celebrity
gaming machine. AGT has products in casinos across Australia.
AGT operates in Russia, Austria, France and Germany. Its wholly
owned subsidiaries are AGT Pty Ltd, Ainsworth Game Technology
Inc (USA), Ainsworth Game Technology (UK) Ltd, Ainsworth
International GmbH, Ainsworth Game Technology (NZ) Limited and
AGT Service Pty Ltd.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on March 6, 2007, listed Ainsworth Game's bond with a
8.000% coupon and a December 31, 2009 maturity date as trading
at 0.84% of its face value.


CARDNO LIMITED: Posts AU$8.3-M NPAT for Half-Year Ended Dec. '06
----------------------------------------------------------------
For the half-year ending Dec. 31, 2006, Cardno Limited posted a
16.4% increase in net profit after tax to AU$8.3 million.  
Revenue for the half-year was AU$111.1 million, up 23.8% over
the figure recorded in the corresponding period last fiscal
year.

A fully franked interim dividend of 10 cents per share will be
paid on April 13, 2007, to shareholders registered on March 30,
2007, representing an 11.1% increase over the corresponding
period last year.

The Board of Directors announced a Dividend Reinvestment Scheme
in October 2006 that enables shareholders to have their dividend
reinvested in Cardno shares with no brokerage costs.
To participate in the scheme, shareholders must submit the
required form by March 30, 2007.

Cardno Limited Managing Director Andrew Buckley said the strong
result was due to revenues flowing from solid performance across
Cardno's operations and acquisitions.  Mr. Buckley added that he
expected less seasonality in the company's second half results
than in previous years.

Cardno's strategy is to identify and acquire businesses located
in new geographic locations or which deliver professional
services disciplines that complement its existing business.
Cardno has now completed 11 acquisitions since listing in May
2004.

Cardno's acquisitions for the period were:

   1) Cardno Stanwill: Cardno strengthened its capacity to
      deliver services into regional areas with the acquisition
      of Newcastle based Stanwill Engineering;

   2) Cardno Grogan Richards: The acquisition of established
      Victorian based consulting engineers Grogan Richards has
      complemented Cardno's existing Victorian representation by
      adding approximately 110 staff; and

   3) Cardno Saraceni: Saraceni Engineering was acquired to
      provide Cardno's Western Australian team with additional
      staff and enhanced structural engineering capabilities.

According to Mr. Buckley, "all acquisitions have made a positive
contribution to profit.  Group staff numbers are now around
1,600 people."

Cardno continues to assess potential Australian and
international acquisition prospects and the pipeline of
opportunities remains strong.

Headquartered in Queensland, Australia, Cardno Limited --
http://www.cardno.com.au/-- is an integrated professional  
services provider in the physical and social infrastructure
sectors.  The Company's services include civil engineering
consultancy, management and environmental services, as well as
project management of international development assistance
programs.  Its physical infrastructure capabilities include
building and property; coastal, ocean and marine; environment
and water; urban development; transport, and water and
wastewater management.  Its social infrastructure services
include solutions in education, governance, healthcare,
environmental and natural resource management, and post-conflict
restoration.  During the fiscal year ended June 30, 2006, it
acquired EOP Holdings Pty Ltd, Agrisystems Limited, Barton
Enterprises Pty Ltd and its subsidiaries.  In April 2006, the
Company acquired the professional services firm, Forbes Rigby,
and in September 2006, it acquired Stanwill Consulting
Engineers.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on Mar. 6, 2007, listed Cardno Limited's bond -- with a
9.000% coupon and a June 30, 2008 maturity date -- as trading at
5.60% of its face value.


CYCLONE PROMOTIONS: Members and Creditors to Meet on March 30
-------------------------------------------------------------
The members and creditors of Cyclone Promotions Pty. Ltd. will
hold a joint meeting on March 30, 2007, at 10:50 a.m., to hear
the company's wind-up report and property disposal exercises.

In a report by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Nov. 30, 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 Cyclone Promotions

Located in Queensland, Australia, Cyclone Promotions Pty Ltd
provides amusement and recreation services.


JAMES HARDIE: Posts US$36.8MM 3Q Net Operating Profit, Down 10%
---------------------------------------------------------------
For the three-months ended Dec. 31, 2006, James Hardie posted a
US$36.8 million net operating profit, excluding adjustments to
the asbestos provision.  The figure represents a decrease of 10%
compared with the corresponding period in the prior year.

The asbestos provision was adjusted for the effect of foreign
exchange leading to a charge of US$44.8 million for the quarter,
resulting in a net operating loss of US$8.0 million, down from a
net operating profit of US$40.7 million for the same quarter in
the prior year, which was not affected by an asbestos provision.

The third quarter performance lifted net operating profit for
the nine months, excluding adjustments to the asbestos
provision, to US$167.8 million, up 16% compared to the same
period last year. Including adjustments to the asbestos
provision of US$119.2 million (of which US$77.4 million related
to the effect of foreign exchange for the nine months), net
operating profit decreased 66% to US$48.6 million.

The asbestos provision is based on an estimate of future
Australian asbestos-related liabilities in accordance with the
Amended Final Funding Agreement that was signed with the New
South Wales Government on Nov. 21, 2006, and approved by the
company's security holders on Feb. 7, 2007.

                      Operating Performance

Despite weaker market conditions, third quarter EBIT excluding
adjustments to asbestos provision decreased only slightly, and
both sales and gross profit remained stable compared to the same
period in the prior year.  EBIT excluding adjustments to
asbestos provision was US$64.1 million.  Net sales and gross
profit were each down 2% to US$355.1 million and US$126.3
million, respectively.  EBIT including adjustments to the
asbestos provision was US$19.3 million for the quarter.

For the nine months, sales and gross profit were up by 8% and
7%, respectively.  EBIT excluding adjustments to asbestos
provision increased by 9% to US$248.4 million compared to
US$227.7 million for the same period in the prior year.

The results also include:

   (a) Special Commission of Inquiry and other related expenses
       of US$2.6 million for the quarter and US$8.2 million for
       the nine months (US$2.4 million and US$7.6 million after
       tax, respectively); and

   (b) for the nine months only, a tax provision write-back of
       US$7.4 million and a makewhole payment of US$6.0 million
       (US$5.6 million after tax) resulting from the prepayment
       of US$-denominated debt in May 2006.

Net operating profit -- excluding adjustment to the asbestos
provision, SCI and other related expenses, the make-whole
payment and the tax provision write-back -- decreased 13% for
the quarter to US$39.2 million and increased 10% to US$173.6
million for the nine months.

                           Cash flow

Operating cash flow for the nine months fell from US$215.8
million to US$44.7 million primarily due to the AU$189.0 million
(US$141.4 million) Australian Taxation Office deposit payment
and an increase in working capital.

Net debt peaked after the ATO payment in the second quarter at
US$140 million and has since been reduced to US$22.7 million at
Dec. 31, 2006.

                             Outlook

Sales volumes in the fourth quarter are expected to be affected
by the weaker new residential housing market.  Further market
share gains against alternative materials are expected to partly
offset the impact of a weaker new residential construction
market.  The business also will target efficiencies and build
organizational capabilities.

Changes to the asbestos provision to reflect changes in foreign
exchange rates or updates to the actuarial estimate may have a
material impact on the company's consolidated financial
statements, the company notes.

A full-text copy of James Hardie's Financial Report for the
period ended Dec. 31, 2006, is available for free at:

      http://bankrupt.com/misc/JamesHardie_3fy07finan.pdf

The current range of analyst earnings estimates for fiscal year
ending March 31, 2007, for net profit from continuing operations
excluding all asbestos related expenses is US$201 million to
US$231 million.  The company's current projection for fiscal
year 2007 is for net profit from continuing operations excluding
all asbestos related expenses to fall within this range.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems busineses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the Company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.  
The amount of the asbestos provision of AU$1 billion, at March
31, 2006, is the Company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.


LITTLE LEGENDS: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Little Legends Pty Ltd will meet on
March 30, 2007, at 12:20 p.m. to hear the liquidator's report
regarding the company's wind-up proceedings and property
disposal exercises.

The liquidators can be reached at:

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

                      About Little Legends

Little Legends Pty Ltd provides child day care services.  The
company is located in Victoria, Australia.


MATTCO PTY: Members Resolve to Shut Down Business
-------------------------------------------------
At a general meeting held on Feb. 16, 2007, the members of
Mattco Pty Ltd resolved to liquidate the company's business.

Accordingly, M. A. Rudaks was appointed as liquidator.

The company's Liquidator can be reached at:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8236 1500
         Facsimile:(08) 8236 1555

                        About Mattco Pty

Mattco Pty Ltd -- trading as City Discount Tyres Reynella --
operates unit investment trusts, face-amount certificate
offices, and closed-end management investment offices.  The
company is located in South Australia, Australia.


RADIATOR LIMITED: Will Declare Dividend on April 6
--------------------------------------------------
Radiator Limited, which is subject to deed of company
arrangement, will declare a first and final dividend for its
creditors on April 6, 2007.

Accordingly, creditors are asked to prove their debts by
March 22, 2007, to be included in the company's distribution of
dividend.

The deed administrator can be reached at:

         Martin Jones
         Ferrier Hodgson
         Chartered Accountants
         Level 26, 108 St George's Terrace
         Perth, Western Australia 6000
         Australia

                     About Radiator Limited

Located in Western Australia, Australia, Radiator Limited is a
distributor of sporting and athletic goods.


RENA INDUSTRIES: Members & Creditors' Meeting Set for March 30
--------------------------------------------------------------
Rena Industries Pty. Ltd. will hold a joint meeting for its
members and creditors on March 30, 2007, at 3:10 p.m.

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

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


SUMMIT RESOURCES: Directors Recommend Rejection of Paladin Offer
----------------------------------------------------------------
The Summit Resources Limited Board has recommended that
shareholders reject Paladin's takeover offer, alleging that it
is opportunistic and inadequate.

According to Summit Managing Director Alan Eggers, the Summit
board believes Paladin's all-scrip offer of one Paladin share
for 2.04 Summit shares does not reflect the value of Summit's
uranium, base metal and iron ore projects, and extensive
tenement holdings in Queensland.

"Paladin's understanding of the value of Summit has clearly
increased through its participation in the Isa Uranium Joint
Venture," Mr. Eggers said.

Mr. Eggers asserted, "Paladin's offer has been timed to close
just two weeks before the Australian Labor Party is anticipated
to change its 'no new mines' policy.  The potential removal of
this impediment has very positive implications for Summit and it
would be premature for our shareholders to accept Paladin's
offer in this environment."

"The fact that the offer is not subject to any minimum level of
acceptance is a clear sign of how desperate they are to use
their currently highly priced shares to acquire as many Summit
shares as possible before Summit appreciates further in value,"
Mr. Eggers further said.

"If Paladin wants to take control of Summit it will have to pay
a price which adequately reflects the underlying value of
Summit," Mr. Eggers said.

Mr. Eggers also asserted that the offer was timed to escape
Paladin's potential loss in Summit's legal case against Paladin
and Resolute over the Isa Uranium Joint Venture.

"While there is no certainty about the litigation's outcome,
Paladin's offer seeks to both eliminate the material risk to
Paladin that it will lose its share of the Isa Uranium Joint
Venture . . . .  The assets include one of the largest and
most prospective 100%-owned mineral tenement holdings in
Australia."

Mr. Eggers said that Summit shareholders would face significant
value dilution should Paladin succeed.  Tax is also a
potentially significant issue.

". . . on the basis of Paladin's current offer, Paladin will not
be able to acquire at least 80 per cent of the shares in Summit
(which is the threshold at which capital gains tax rollover
relief becomes available).  If this happens, Summit shareholders
will be unable to access capital gains tax rollover relief and
those shareholders who accept Paladin's inadequate offer will be
left with a potentially hefty CGT liability," Mr. Eggers
explained.

"Accepting shareholders are also unlikely to be able to receive
any shares in the demerger of Pacific Mines Limited, which we
have previously announced to the market."

Under the terms of Paladin's offer, "foreign shareholders" in
Summit will not be entitled to receive Paladin shares.  Instead,
the shares that they would otherwise receive will be sold by a
nominee of Paladin in the market and the cash proceeds will be
sent to the accepting shareholder.

Mr. Eggers said Summit's successful and highly motivated
management team remained focused bringing the Mount Isa Uranium
Project into production as quickly as possible.

"Summit's management team will deliver returns for its
shareholders -- whereas Paladin's offer will dilute those
returns and hand the upside to Paladin shareholders," Mr. Eggers
said.

Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the  
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.  In the Mount Isa province
of northwest Queensland, it has six wholly owned uranium
deposits, which are Andersons, Mirrioola, Watta, Bikini, Tjilpa
and Warwai uranium deposits. Under the Mount Isa Uranium Joint
Venture, it owns 50% interest in the Valhalla and the Skal
uranium deposits.  The Isa South project comprises nine
contiguous tenement applications covering over 2,140 square
kilometers of Proterozoic terrane in the south of Mount Isa. It
has commenced drill testing a number of base metal targets in
the Isa North tenements.  It has interest in six sub-block
exploration permit minerals near CopperCo's Mount Kelly copper
gold discovery in Mount Isa.  During the fiscal year ended June
30, 2006, the company was engaged in the spin-off of its
Constance Range iron ore and phosphate assets by de-merging them
into subsidiary, Pacific Mines Limited.

The company suffered consecutive net losses of AU$557,625 and
AU$636,453 for the years ended June 30, 2006, and 2005,
respectively.


SYNDAL WAY: Members to Receive Wind-Up Report
---------------------------------------------
The members of Syndal Way Pty Ltd will have their final meeting
on March 27, 2007, at 9:30 a.m., to hear the liquidator's 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 Feb. 16, 2007.

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.


TAYLOR GROUP: Names Carter and Bettles as Liquidators
-----------------------------------------------------
On Feb. 14, 2007, the members of Taylor Group Pty Ltd appointed
Susan Carter and Jason Bettles as the company's liquidators.

The company's Liquidators can be reached at:

         Susan Carter
         Jason Bettles
         Worrells Solvency & Forensic Accountants
         9 Platres Dr
         Thornlands, Queensland
         Australia
         Web site: http://www.worrells.net.au

                       About Taylor Group

Headquartered in Queensland, Australia, Taylor Group Pty Ltd is
an operative builder.


VANACO PTY: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------
Vanaco Pty Ltd will declare a first and final dividend for its
unsecured creditors on April 11, 2007.

Accordingly, creditors are required to prove their debts by
March 20, 2007, to be included in the company's dividend
distribution.

The company's liquidator can be reached at:

         Nick Combis
         Vincents Chartered Accountants
         Level 27, 239 George Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3854 4555
         Facsimile:(07) 3236 2452
         e-mail: ncombis@vincents.com.au
         Web site: http://www.vincents.com.au

                          About Vanaco Pty

Vanaco Pty Ltd provides services for insurance agents and
brokers.   The company is located in Queensland, Australia.


ZINIFEX LTD: Inks Agreement with Asia Now for Expansion in China
----------------------------------------------------------------
In a move to further expand its exploration portfolio, Zinifex
Limited discloses that it has signed a Head of Agreement with
Asia Now Resources Corporation to form an alliance for mineral
exploration in the People's Republic of China.

Zinifex's Chief Development Officer, Stewart Howe, said that the
Agreement would allow the two companies to jointly fund
exploration for zinc, silver, and lead based metal deposits
throughout China.

"The Alliance's initial budget is US$1.5 million which is a
combination of cash and in kind contribution by both parties.

"Zinifex has recently announced offshore ventures in Mexico,
Tunisia, and Sweden and this latest alliance further complements
our growing exploration program and signals our intention to
rapidly expand our global presence," Mr. Howe said.

Under the terms of the Agreement, Asia Now will identify and
acquire an initial interest in exploration targets, which it
will present to Zinifex.  Targets selected by Zinifex for
further exploration will become projects of the Alliance which
Zinifex will solely fund.

According to Mr. Howe, the Alliance provides Zinifex with a way
to access on-the-ground expertise and logistical capability to
evaluate opportunities in China where the company currently did
not have an exploration presence.

"This agreement is an excellent vehicle for us to undertake
initial exploration in the rapidly growing Chinese market while
limiting our exposure and risk," Mr. Howe noted.

"Both parties bring complementary skills to the table with Asia
Now's strong local relationships and knowledge, as well as good
operating capability, important to the success of the venture.
Conversely, Zinifex brings scope, scale and international
business experience to the alliance along with technical
expertise and capital," Mr. Howe further said.

It is anticipated that the two companies will sign a final
agreement by June 1, 2007.  However, work is expected to
commence immediately under the Head of Agreement.

                         About Zinifex

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

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

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

                          *     *     *

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

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


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

CHAPLIN CHEMICALS: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
On Feb. 22, 2007, the directors of Chaplin Chemicals Limited
decided to voluntarily wind up the company's operations due to
its inability to pay its debts.

In this regard, Tsui Kei Pang and Leung Fung Yee Alice were
appointed as provisional liquidators.

The company's provisional Liquidators can be reached at:

         Tsui Kei Pang
         Leung Fung Yee Alice
         5th Floor, Jardine House
         1 Connaught Place, Central
         Hong Kong


CHINA MINSHENG: Seeks to Open a Financial Leasing Arm
-----------------------------------------------------
China Minsheng Banking Corp is applying to set up a financial
leasing company with the State Grid Corp of China and the
Tianjin government, China Daily reports, citing Dong Wenbiao,
the bank's president as saying.

According to Mr. Dong, if the application is approved, China
Minsheng will control 51% of the firm while the remaining 34%
and 15% will go to power grid and the Tianjin government
respectively.

China Daily notes that the planned firm will be the first
financial leasing company to be licensed in China since 2000 if
the regulator approves the application.

                          *     *     *

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

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


HARTCOURT COMPANIES: Posts US$1 Mil. Net Loss in Second Quarter
---------------------------------------------------------------
Hartcourt Companies Inc. reported a US$1 million net loss on
US$12 million of sales for the second quarter ended Nov. 30,
2006, compared to US$104,690 of net income on US$11.9 million of
sales for the same period in 2005.

Revenue during the three months ended Nov. 30, 2006, and 2005,
were derived almost entirely from sale of Samsung products in
Shanghai.

Gross margin was US$353,239, or 2.88%, for the quarter ended
Nov. 30, 2006, compared to US$830,669, or 6.96%, for the same
period in 2005, a decrease of 57.5%.  The lower gross margin was
due to the increase in cost of goods sold.

Total operating expenses increased US$1.6 million primarily due
to the US$1.4 million provision for bad debts.

At Nov. 30, 2006, the company's balance sheet showed US$10.3
million in total assets, US$7.7 million in total liabilities,
US$317,621 in minority interests, and US$2.3 million in total
stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Nov. 30, 2006, are available
for free at http://researcharchives.com/t/s?18bb  

                        Going Concern Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 21, 2006, Kabani & Company, Inc., expressed substantial
doubt about The Hartcourt Companies Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended May 31, 2006.  The auditing firm
pointed to the company's accumulated deficit of US$67,709,374 as
of May 31, 2006, and negative cash flow from operations
amounting US$1,630,966 for the year ended May 31, 2006.

                        About Hartcourt

Hartcourt Companies Inc. (OTC BB: HRCT.OB) --
http://www.hartcourt.com/ -- is a distributor of  
internationally well known brand named IT hardware products and
related services in the People's Republic of China.


HARTCOURT COS: Sells Shareholding Stakes in Two Units to Shiheng
----------------------------------------------------------------  
The Hartcourt Companies, Inc has signed a definitive Sales &
Purchase agreement to sell the Company's entire 100% equity
interest in Shanghai Jiumeng Information Technology Co., Ltd
with Shanghai Shiheng Architecture Consulting Co., Ltd, Market
Wire reports.

In addition, Shanghai Shiheng will also take the 51% equity
interest held by Shanghai Jiumeng in Shanghai Huaqing
Corporation Development Ltd, the report says.

The net proceeds from the sale will be US$1,538,462, payable in
cash by June 15, 2007.

Hartcourt said that selling Shanghai Jiumeng will provide needed
financial resources to further its expansion into the vocational
training/education market and allow management to focus on this
new line of business.

                          *     *     *

Hartcourt Companies Inc. (OTC BB: HRCT.OB) --
http://www.hartcourt.com/ -- is a distributor of  
internationally well known brand named IT hardware products and
related services in the People's Republic of China.

                        Going Concern Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 21, 2006, Kabani & Company, Inc., expressed substantial
doubt about The Hartcourt Companies Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended May 31, 2006.  The auditing firm
pointed to the company's accumulated deficit of US$67,709,374 as
of May 31, 2006, and negative cash flow from operations
amounting US$1,630,966 for the year ended May 31, 2006.


INTERMOST CORP: Unit Prepares Golden Anke's Overseas Listing
------------------------------------------------------------
Intermost Corporation's wholly owned subsidiary, IMOT
Information Technology (Shenzhen) Co Ltd, is set to restructure
Shenzhen Golden Anke Technology Ltd and list it on the London
AIM or a U.S. stock exchange, Xinhua News reports.

IMOT Information owns a 51% shareholding position in Golden
Anke, the paper notes.

Xinhua recounts that on Feb. 15, 2007, IMOT Information and
other shareholders of Golden Anke entered into a restructuring
agreement, which entails the establishment of a new company that
will acquire 100% equity interest in Golden Anke.  The new
company will go public on the London AIM or a stock exchange in
America.

After the restructuring, IMOT Information will hold a 49% share
in the Hong Kong company, and other shareholders will take 51%,
the paper says.

Analysts say that the listing of Golden Anke will widen the
inflow and outflow channels for investment capital.  It will
strengthen its financing capability and increase the equity
interest.  As a major shareholder of Golden Anke, the Intermost
Corporation will greatly benefit, an unnamed senior financial
commentator told Xinhua.

In a recent 8K filing with the U.S. Securities and Exchange
Commission, Intermost detailed the approach it will use to spin
off Golden Anke.  According to the company, the ultimate goal is
to increase shareholder value.  With a successful IPO of Golden
Anke, Intermost gets another funding avenue without issuing more
IMOT shares.  The company will use the funds to acquire more
holdings in the exchanges.  Moreover, Intermost's shareholder
equity will increase with the capital appreciation of Golden
Anke.

Intermost's acting CEO, Xiangxiong Deng, said, "We are acting as
an enterprise incubator, selecting well-performing enterprises
from the China Equity Exchange Platform to provide professional
consulting services and to assist them in listing on targeted
markets.  Golden Anke is the first company incubated by the
Intermost Corporation."

Mr. Deng also indicated that Intermost is currently incubating
its wholly owned subsidiary Leader Palace International Limited.

                          *     *     *

Headquartered in Shenzhen, China, Intermost Corporation --
http://www.intermost.com/-- is a service provider of electronic  
exchange platforms for equity exchanges and financial products
in China.  It also provides value-added service to overseas
financing and listing for medium and small sized companies.  The
company was established in USA in September 1998.  It was quoted
on US OTC Bulletin Board (stock symbol: IMOT) in December 1998.  
As a financial service provider, Intermost Corporation is the
first Chinese Internet Company quoted on the US OTC BB.

E. Randall Gruber, CPA, PC, expressed substantial doubt about
Intermost Corporation's ability to continue as a going concern
after it audited the company's financial statements for the
fiscal year ended June 30, 2006.  The auditing firm pointed to
the company's recurring losses and negative cash flows from
operations and has accumulated deficit.


JOYMARK COMPANY: Members and Creditors' Meeting Set for April 3
---------------------------------------------------------------
The members and creditors of Joymark Company Limited will hold
their final meetings on April 3, 2007, at 10:00 a.m. and
10:30 a.m., respectively, at Room 1903, 19/F., World-Wide House
in 19 Des Voeux Road Central, Hong Kong.

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

The company's liquidator can be reached at:

         Ho Wai Ip CPA
         Room 1903, 19/F
         Worldwide House
         19 Des Voeux Road Central
         Hong Kong


MAN FUNG: Shareholders Decide to Wind Up Operations
---------------------------------------------------
At an extraordinary general meeting held on Feb. 22, 2007, the
shareholders of Man Fung Sizing Mills Limited resolved to wind
up the company's operations.

In this regard, the company's creditors are required to file
their proofs of debt by March 31, 2007, to be included in the
company's distribution of dividend.

The company's liquidator can be reached at:

         Wat Yiu Shing
         Room 1302-3, Crocodile House II
         55 Connaught Road, Central
         Hong Kong


Q.U.E. INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
On Feb. 22, 2007, the shareholders of Q.U.E. Investments Limited
passed a special resolution to wind up the company's operations.

Accordingly, Liquidators Chan Mi Har and Betty Yuen Yeung will
be receiving creditors' proofs of debt until March 23, 2007.

The company's Liquidators can be reached at:

         Chan Mi Har
         Betty Yuen Yeung
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SHANGHAI PUDONG: Citigroup Looks to Increase Stake to 19.9%
----------------------------------------------------------
Citigroup will start the process of increasing its stake in
Shanghai Pudong Development Bank Co Ltd soon, Forbes says,
citing a report from Shanghai Securities News.

According to the report, Citigroup, which currently holds a
3.78% stake in Shanghai Pudong, agreed to increase its stake to
19.9% before the end of 2008.

No further details were provided, Forbes relates.

                          *     *     *

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

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

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



WINSTATE TRADING: Creditors to Receive Wind-Up Report
-----------------------------------------------------
The creditors of Winstate Trading Limited will meet on March 13,
2007, at 11:00 a.m., at 805 Capitol Centre, 5-19 Jardine's
Bazaar in Causeway Bay, Hong Kong.

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


XINAO GAS: In Talks with Gas Natural for Possible Cooperation
-------------------------------------------------------------
Xinao Gas Holdings Ltd is in talks with Spanish utility, Gas
Natural, on a possible liquefied natural gas project in China,
Reuters reports.

Wang Yusuo, the company's chairman, said the two firms were
discussing details of the LNG project, and hopefully a concrete
plan would be outlined next year, Reuters relates.

"Gas Natural has gas resources in South America and its business
is similar to Xinao.  Our cooperation could be complementary,"
Reuters cites Mr. Wang, as saying.

In terms of the capacity of the LNG terminal, Mt. Wang said
three million tonnes a year was a "suitable scale".

The company got its government approval to import LNG last year,
making it the first private company to do so, Reuters says.

                          *     *     *

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.


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

ALLAHABAD BANK: Opens First Overseas Branch in Hong Kong
--------------------------------------------------------
Allahabad Bank has opened its first overseas branch in Hong Kong
marking another step in the growing relationship between the
world's fastest growing economic powerhouses, China and India.
Looking at the opportunities abound, the Bank, India's oldest
joint stock bank has chosen Hong Kong for its first overseas
branch.

The bank, which is currently 55.23% held by the government of
India, opened a branch at the Lippo Centre on Feb. 26th to serve
retail and corporate clients.

As part of its China expansion plans, the bank also opened a
representative office in Shenzhen from which it explores
opportunities in the dynamic southern China region.

Chairman and Managing Director of the Bank, Mr. A C Mahajan,
said "Having consolidated our business with 2,046 branches
across India, as well as long standing relationships with 225
foreign counterparts in all major economies, our Bank decided to
expand our presence into key overseas business centres, Hong
Kong was a natural first step and we look forward to offering a
range of improved and efficient services to cater to the needs
of retail and corporate clients in India as well as Hong Kong."

The Director-General of Investment Promotion at Invest Hong
Kong, Mr. Mike Rowse said, "We're delighted, but not surprised,
that Allahabad Bank chose Hong Kong for its first overseas
branch. Almost three quarters of the world's leading banks
already have offices here, so it's a natural step for a leading
Indian bank, such as, Allahabad Bank to set tip here."

Mr. Rowse added, "Hong Kong's 45,000-strong Indian community has
an impressive and long standing reputation for business and
trade across the region and around the world.  Add to this the
booming trade links between India and China, I have no doubts
Allahabad Bank will find exciting opportunities in Hong Kong."

Allahabad Bank -- http://www.allahabadbank.com/-- is a public   
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ALLAHABAD BANK: Names Mohammad Tahir as New Director
----------------------------------------------------
Allahabad Bank has named Mohammad Tahir as its new director to
replace G. Padmanabhan, effective on Feb. 27, 2007.

Mr. Tahir was nominated by the India's Ministry of Finance
pursuant to a notice dated Feb. 27.

Allahabad Bank -- http://www.allahabadbank.com/-- is a public  
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


BANK OF INDIA: Government Appoints A.V. Sardesai as New Director
----------------------------------------------------------------
The Government of India has named A. V. Sardesai as director of
Bank of India in place of A. K. Khound.

Mr. Sardesai was nominated pursuant to the Government's
notification dated Feb. 27, 2007.  The appointment is with
effect from the date of notification and until further orders.

Bank of India -- http://www.bankofindia.com/-- has 2,628  
branches spread over all states/union territories in India,
including 93 specialized branches.  The bank provides a range of
financial products and services, including numerous credit
schemes, deposit schemes, cash management services, credit/debit
cards, deposit vaults and corporate bonds.  It also extends
finance to small and medium enterprises and small-scale
industries.  It provides a variety of loans, such as mortgage
loans, educational loans, auto finance loans, holiday loans,
personal loans and home loans.  The bank offers Internet banking
services for both the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Standard & Poor's Ratings maintained Bank of
India's Bank Fundamental Strength Rating at 'C'.


BHARAT PETROLEUM: To Sell Bharat Shell Stake to Shell Overseas
--------------------------------------------------------------
Bharat Petroleum Corporation Ltd informs the Bombay Stock
Exchange that its board of directors has approved a proposal to
sell 49% of the company's shareholdings in Bharat Shell Ltd to
Shell Overseas B.V.

Accordingly, the company will enter into an agreement with Shell
Overseas, subject to regulatory and government approvals.

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is    
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On Sept. 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On Feb. 20, 2006, the Petroleum Ministry proposed an increase of
INR3 per liter each in petrol and diesel prices and INR20 per
cylinder increase in liquefied petroleum gas price to save the
oil companies from going bankrupt.


BHARTI AIRTEL: Lowers Entry Cost of BlackBerry in India
-------------------------------------------------------
Bharti Airtel reinforced its commitment to drive affordability
in the Indian telecom market by bringing down the entry cost for
its Prosumer (Individual) users of BlackBerry.

With effect from March 1, 2007, Airtel has reduced the fixed
monthly rental for BlackBerry from INR1,099 per month to INR249
per month.  In this new plan, apart from the fixed monthly
rental, Airtel BlackBerry users will be charged INR0.15/- per Kb
of usage.

Since BlackBerry utilizes a high level of data compression the
average monthly bill is expected to significantly reduce by 40%
to 45%.  Airtel BlackBerry users who have a greater data
requirement have the option of continuing with the old plan
wherein they will be charged a fixed monthly rental of INR1,099
per month for unlimited usage.  Airtel has also brought down the
price of the popular BlackBerry 7100g handset to INR10,999.

Mr. Sunil Tandon, Senior Vice President, Corporate & SME
segment, Bharti Airtel said "Since the time we introduced Email-
on-the-Go to the Indian market it has been our constant endeavor
to bring greater value to the Airtel BlackBerry user.  In the
last few years, Airtel has played the role of an evangelist in
building the need for BlackBerry amongst the corporate and
prosumer segments in India.  Given our passion for innovation
and speed, Airtel has now identified the need to offer a more
affordable choice to the Prosumers who were earlier unable to
experience the combined power of Airtel and BlackBerry."

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.    
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


BRITISH AIRWAYS: Completes Sale of BA Connect to Flybe
------------------------------------------------------
British Airways plc has completed the sale of the regional
operation of its subsidiary airline BA Connect to Flybe.

As previously disclosed, British Airways has already taken a
charge in respect of the sale.  This will be increased by around
GBP20 million as a result of losses incurred by BA Connect to
Feb. 28.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, British Airways will have a 15 percent investment
in Flybe on completion of the disposal.

A policy has been issued for customers affected by BA Connect
services cancelled as a result of the sale.

These changes are planned as part of the sale of BA Connect to
Flybe and involve routes and services, which will be cancelled
post-acquisition.

All passengers will be offered alternative flights with Flybe or
British Airways mainline to minimize inconvenience, or offered
the choice of a full refund.

All of the routes being cancelled are substantial loss makers
for the current BA Connect business.  These routes need to be
cancelled to protect the on-going viability of the business.

Post-acquisition, Flybe will become Europe's largest regional
airline, offering 152 routes to 36 European destinations, flying
from more U.K. airports than any other airline and offering
passengers competitive fares and high levels of customer
service.

This policy applies to BA Connect flights which were due to
operate in the period March 4 to March 24 and which have now
been cancelled.

                        About the Company

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

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: In Talks to Transfer Ground Handling Operation
---------------------------------------------------------------
British Airways plc is in exclusive talks to transfer its ground
handling operation at Aberdeen, Edinburgh, Glasgow and
Manchester airports to Aviance U.K., an independent ground
handling company.

This follows an extensive review of the airline's U.K. regional
ground handling operation.  British Airways already uses a third
party to undertake ground handling at Newcastle airport and at
the majority of airports around the world.

Ground handling at London Heathrow and London Gatwick airports
is unaffected.

Staff at the regional airports work for British Airways and
provide ground handling for the airline's subsidiary BA Connect
and other third party airlines.  The sale of the regional
business of BA Connect to Flybe, completed Tuesday, March 1,
reduces ground handling by more than 40%.

If a contract is placed with Aviance U.K., around 730 staff will
be affected and a 90 day consultation has started with their
trade unions. Staff will be able to transfer, should they
choose, under Transfer of Undertakings and Protection of
Employment (TUPE) regulations to Aviance U.K.  Alternatively,
they can be redeployed within British Airways or take voluntary
severance.

"Our review has shown that we can no longer sustain inhouse
ground handling at these airports. We need a cost effective,
flexible operation," British Airways' director of ground
operations, Geoff Want, said.

British Airways will continue to operate 54 return flights a day
between Scotland and London and 16 return flights a day between
Manchester and London.

In addition, the sale of BA Connect means that 250 staff at
Birmingham airport, who handle only BA Connect and third
parties' flights, have the option to transfer to Swissport,
Flybe's ground handling company.  At Inverness, 21 staff can
transfer to Loganair's ground handling company.  Staff at both
airports can be redeployed within British Airways or take
voluntary severance.

                       About the Company

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

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Opposes US-EU Open Skies Deal
----------------------------------------------
British Airways plc is opposing a proposed "open skies" deal
between the European Union and the United States as it may lose
its protected flight status at Heathrow airport and face intense
competition, according to published reports.

Under the deal, airlines will be allowed to make transatlantic
flights from any nation that could lead to reduced fares, AJC
Consultants relates.

The airlines will also be permitted to land and take-off from
Heathrow.  

However, FT says, the EU has won the right to restrict US
investment in its airlines.

"We do not believe this is a good deal for Europe or the U.K.
We have reached a dead-end rather than a pathway to a true open
aviation area," a spokeswoman for British Airways said.

U.S. and EU negotiators will present the draft deal to transport
ministers on March 22.  If approved, the deal is expected to
boost transatlantic passenger numbers by 26 million as well as
create 80,000 jobs, Marianne Barriaux writes for The Guardian.

                        About the Company

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


                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


ROYAL & SUN: Has 2,988,373,423 Total Voting Rights & Capital
------------------------------------------------------------
As of Feb. 28, Royal & Sun Alliance Insurance Group plc's
capital consists of 2,988,373,423 ordinary shares with voting
rights.

Therefore, the total number of voting rights in Royal & Sun is
2,988,373,423.

The figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are
required to notify their interest in, or a change to their
interest in, the company under the FSA's Disclosure and
Transparency Rules.

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

                          *     *     *

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

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


TATA POWER:  Names Anil K. Sardana as New Executive Director
------------------------------------------------------------
Tata Power Company Ltd has appointed Anil K. Sardana as its
executive director with effect from March 1, 2007, a filing with
the Bombay Stock Exchange says.

Prior to the new assignment, Mr. Sardana was the managing
director of North Delhi Power Ltd, an associate company of Tata
Power for power distribution in New Delhi.

According to The Economic Times, Mr. Sardana is an electric
engineer with 27 years of professional experience in power
sector including in the National Thermal Power Corp. and BSES
Ltd.

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: Inks Network Deal with Advocate Health Care
-----------------------------------------------------------
Alcatel-Lucent disclosed that Oak Brook has deployed Alcatel-
Lucent OmniTouch My Teamwork(TM) as part of a services
transformation that will help empower its staff -- both
administrative and clinical -- to be more productive through
real-time communication.  The full rollout will provide up to
14,000 of Advocate's employees with real-time, multimedia
conferencing and collaboration capabilities.

With eight hospitals, over 200 sites offering acute care,
outpatient services, home health care, counseling, day care,
physician services, skilled nursing care and health care
education, and 24,500 employees, Advocate is ranked as one of
the top 10 most integrated health care networks in the United
States.  Like many organizations of its size, Advocate strives
to improve the communications capabilities of its large and
growing employee base, which includes on-site administrative and
mobile clinical staff, as well as remote medical personnel.  In
order to decrease travel costs, and to reduce the amount of time
spent in meetings, Advocate deployed the Alcatel-Lucent web
conferencing solution, enabling dispersed teams and cross-
functional personnel to hold effective, virtual meetings on an
as needed basis.

Through the implementation of OmniTouch My Teamwork's real-time
collaboration capabilities, Advocate is successfully
transforming the organization's culture to a model that employs
ad-hoc communication as a means for addressing issues as they
occur.

"Advocate's need for intra-departmental collaboration is the
norm within health care settings, but we set out to turn around
the traditional, less-productive culture it creates through the
use of OmniTouch My Teamwork," said Gary Horn, director network
architecture at Advocate Health Care.

"Alcatel-Lucent's OmniTouch My Teamwork is already enabling our
employees to cut travel time to and from meetings, resulting in
greater productivity and ultimately, better patient care,"  Mr.
Horn added.  "We can foresee hard dollar savings across the
board with the use of OmniTouch My Teamwork."  

While Mr. Horn also considered other leading service provider
solutions, he noted "they did not include presence-based IM for
spontaneous collaboration and represented an ongoing cost versus
a fixed capital expenditure."

OmniTouch My Teamwork currently supports 2,250 users including
the Information Systems, Human Resources, and Home Health
divisions, and hosts 30-40 collaboration sessions daily without
any staff members needing to travel.

With OmniTouch My Teamwork accessible to the select functional
areas across the organization, Advocate envisions a borderless
hospital.  Physicians can review and discuss images and test
results from remote locations, enabling collaboration on patient
cases.  Telemedicine consulting supports a "networked practice"
approach where staff can efficiently diagnose, treat patients,
and avoid medical errors with the help of virtual meeting rooms
and presence-based instant messaging.

"As an organization always striving to provide the highest
levels of patient care, Advocate saw an opportunity to transform
the way employees work with one another, which would in turn
make them an even more effective organization," Hubert de
Pesquidoux, President of Alcatel-Lucent enterprise activities,
said.  "Organizations like Advocate who are leading the way into
a new era by embracing new technologies and tools that allow
them to remove the barriers to effective collaboration and true
business transformation."

Alcatel-Lucent is dedicated to transforming traditional
communications and business processes in the health care
industry to deliver new services and applications as
demonstrated with Advocate Health Care and more recently the
large network transformation win with the University of
Pittsburg Medical Center.

                       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.


BEARINGPOINT INC: Reports Inability to File 2006 Form 10-K
----------------------------------------------------------
BearingPoint Inc. notified the New York Stock Exchange on
March 1, 2007, that it will be unable to file its 2006 Form 10-K
in timely manner.

As a result, the company will be subject to the procedures
specified in Section 802.01E of the NYSE's Listed Company Manual
which, among other things, provides that the NYSE will monitor
the company and the filing status of the 2006 Form 10-K.

If the company has not filed its 2006 Form 10-K within six
months of the filing due date of the 2006 Form 10-K, the NYSE
will determine whether the company should be given up to an
additional six months to file its 2006 Form 10-K.  The NYSE may
instead commence suspension and delisting procedures.  The
company expects to receive a letter from the NYSE regarding
these procedures.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2


BEARINGPOINT INC: Secures Limited Waiver from Lenders
-----------------------------------------------------
BearingPoint Inc. disclosed that on Feb. 28, 2007, it obtained a
limited waiver to the Fifth Amended Credit Agreement, dated as
of Oct. 31, 2006 among the company, BearingPoint, LLC, the
guarantors party, the lenders party, General Electric Capital
Corporation, as syndication agent and collateral agent, Wells
Fargo Foothill, LLC, as documentation agent, UBS Securities,
LLC, as lead arranger, UBS AG Stamford Branch, as issuing bank
and administrative agent, and UBS Loan Finance LLC, as swingline
lender.

BearingPoint Inc. disclosed that on Feb. 28, 2007, it obtained a
limited waiver to the Credit Agreement, dated as of July 19,
2005 and as amended by the First Amendment dated as of Dec. 21,
2005, the Second Amendment dated as of March 30, 2006, the Third
Amendment dated as of July 19, 2006, the Fourth Amendment dated
as of Sept. 29, 2006, and the Fifth Amendment dated as of Oct.
31, 2006 among the company, BearingPoint, LLC, the guarantors
party, the lenders party, General Electric Capital Corporation,
as syndication agent and collateral agent, Wells Fargo Foothill,
LLC, as documentation agent, UBS Securities, LLC, as lead
arranger, UBS AG Stamford Branch, as issuing bank and
administrative agent, and UBS Loan Finance LLC, as swingline
lender.

                Senior Secured Credit Facility

On July 19, 2005, the company entered into a $150 million Senior
Secured Credit Facility, which was amended on Dec. 21, 2005,
March 30, 2006, July 19, 2006, Sept. 29, 2006 and Oct. 31, 2006.

The 2005 Credit Facility provides for revolving credit and
advances, including issuance of letters of credit.  Advances
under the revolving credit line are limited by the available
borrowing base, which is based upon a percentage of eligible
accounts receivable.  As of Dec. 31, 2005, the company did not
have availability under the borrowing base.  As of Sept. 30,
2006, the company had approximately $22 million available under
the borrowing base.

Among other things, the Waiver waives the delivery requirement
of the company's Form 10-K for the year ended Dec. 31, 2006 and
of its Forms 10-Q for the fiscal quarters ended March 31, 2006
and June 30, 2006 until March 15, 2007.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2


BEARINGPOINT INC: Discloses Preliminary 2006 Financial Results
--------------------------------------------------------------
BearingPoint, Inc. reported preliminary, unaudited results for
its fiscal year ending Dec. 31, 2006.

Gross revenue for 2006 is expected to be in the range of US$3.45
to US$3.55 billion, representing a 2% to 5% growth rate over
2005.

Net revenue for 2006 is expected to be in the range of US$2.55
to US$2.65 billion, an approximately 5% to 10% increase over the
prior year.

Net loss before tax for 2006 is expected to be in the range of
US$144 to US$214 million.

The factors that will impact the 2006 net loss before tax
include, among other things:

    * significant finance and accounting costs related to the
      completion of its 2006 financial statements and related
      audit, approximately US$252 million,

    * occupancy costs, approximately US$142 million,

    * systems costs, approximately US$126 million, and

    * settlement of contractual disputes, approximately
      US$67 million.

The preliminary, unaudited information provided is, in part,
based on the company's current estimate of results from
operations for the second half of 2006, and remains subject to
change based on actual results, the subsequent occurrence or
identification of events prior to the completion of the closing
and audit of its 2006 financial statements, as well as any
further adjustments made in connection with the closing and
audit procedures.

The company also cautioned that estimated payments in connection
with the settlement of its dispute with Hawaiian Telcom
Communications, Inc., anticipated costs related to the design
and implementation of its North American financial systems
upgrades, payments of employee bonuses and other additional
accrued expenses for 2006 could significantly impact its cash
balances for the first quarter of fiscal 2007, if recently
improved cash collection levels are not sustained.

"Our year-over-year top-line growth is evidence that our
strategy is working and, while we continued to experience
abnormally high infrastructure expense, our business units'
performance continues to improve," CEO Harry You commented.  "I
am extremely proud of the work our people are doing and that
BearingPoint continues to be the management and technology
consulting firm of choice for many government and commercial
clients worldwide."

              Employee Ownership Stake Exploration

The company also stated that its Board of Directors has
authorized exploration of the feasibility of providing a
significant employee ownership stake in the company's EMEA
(Europe, Middle East and Africa) business unit to the employees
of that unit.  Through external investment and employee
acquisitions, the company would expect to monetize a significant
portion of its investment in its EMEA business unit.  This
decision is consistent with the company's stated goals of
increasing shareholder value, increasing employee ownership,
strengthening its balance sheet, and boosting customer
confidence.  At this time, the work is exploratory and no
specific plans or timetable for a final decision have been
approved by the Board.

"We have been considering a number of strategic options to
maximize value for our shareholders and to make BearingPoint a
stronger company, both financially and operationally," Mr. You
said.  "Putting additional equity in the hands of our employees
is consistent with our stated objectives.  We believe that
exploring this option for our EMEA business unit will enable us
to accelerate our vision to become the next great consultancy
and springboard the Company's growth."

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2


CA INC: Expands Consumer And Small Business Channel Program
-----------------------------------------------------------
CA, Inc. has expanded its portfolio of software products
available to PC service technicians enrolled in its OnSite PC
Protection Program.  PC service technicians can now easily
access a robust selection of software via CA's OnSite Web portal
including titles from Corel Corporation , H&R Block Digital Tax
Solutions, LLC, Iolo Technologies, LLC, Pure Networks, Inc. and
Siber Systems, Inc., as well as CA home and home office and
small and medium sized businesses security and utility software.

CA launched its OnSite PC Protection Program in August 2006 to
address the growing PC service provider channel, which provides
computer repair and support for residential and business
customers.  The program is based on an e-commerce platform that
provides PC service technicians with easy online access to
diagnostic tools and software to enable faster PC repairs and
software installation for their customers.  To date, the CA
OnSite program has enrolled more than 300 PC service provider
businesses with more than 1,000 individual PC technicians across
the United States.

"Our OnSite partners can now increase the value of their home
and small office visits with products ranging from security and
word processing, to photo editing and tax preparation," said
George Kafkarkou, senior vice president of worldwide commercial
sales and strategy for CA.  "By opening up our platform to
include other software partners, we continue to stand behind our
commitment to onsite service providers, which have become an
important part of our growing channel community."

The new software titles available through the OnSite platform
include:

Digital Photo and Video Editing and Sharing

      * Corel Snapfire Plus

      * Corel Paint Shop Pro Photo XI

Word Processing

      * Corel WordPerfect Office X3 Standard Edition

Financial Tools

      * H&R Block's 2006 TaxCut Premium 2006 Federal + State
        Software

Utilities

      * Corel WinZip Pro

      * Iolo Technologies Search and Recover

      * Iolo Technologies DriveScrubber

      * Iolo Technologies System Mechanic

      * Pure Networks Network Magic Premium

      * Siber Systems Roboform Pro

These software titles join the CA family of home and SMB
products and other software partner titles currently available
through the OnSite platform, including CA Internet Security
Suite 2007, CA Anti-Virus 2007, CA Anti-Spyware 2007, CA Anti-
Spam 2007, CA Personal Firewall 2007, CA Desktop DNA Migrator
2007, along with PC Pitstop Erase, PC Pitstop Optimize and a
line of SMB desktop and server protection suites.

"In-home PC technicians are becoming an increasingly vital
distribution channel for software," said Max Edwards, senior
account manager of strategic alliances for Corel Corporation.
"CA has created a unique platform to effectively deliver our
award-winning software into the hands of the technicians via the
web.  We are pleased to now offer our products through the CA
OnSite program."

More information regarding the CA OnSite PC Protection Program
is available at http://ca.com/onsite.

                  About CA Home & Home Office

CA Home and Home Office products are offered by leading Internet
Service Providers and are used by more than 13 million
consumers.  The products are based on CA's enterprise-grade
solutions and include a full range of security and utility
software solutions.  For more information, please visit
http://shop.ca.com

                          About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA)
-- http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia-Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 7,
2007, that Moody's Investors Service comments that it is
maintaining the negative outlook for CA Inc. following the
company's fiscal third quarter 2007 earnings reported yesterday
evening.

TCR-AP noted that "CA's fiscal third quarter results provide
evidence of its bookings and billings growth, reversing previous
negative trends" commented John Moore, VP/Senior Analyst.  
"Moody's is monitoring CA's negative rating outlook pending
further evidence of organic business growth" Moore added.

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 Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or 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$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


FOSTER WHEELER: Wins Contract for New Refinery Units in Spain
-------------------------------------------------------------
Foster Wheeler Ltd.'s Spanish subsidiary, Foster Wheeler Iberia,
S.A.U., part of its Global Engineering and Construction Group,
has been awarded a contract by Compania Espanola de Petroleos,
S.A., one of the main Spanish refining companies, for the
detailed engineering of new crude, vacuum and gas recovery units
at La Rabida Refinery in Huelva, Spain.  This refinery expansion
is part of an investment by CEPSA that is aimed at meeting
growing demand in Europe for middle distillates such as diesel
fuel and kerosene.  This latest award follows the successful
completion of the front-end engineering design for these units
by Foster Wheeler Iberia.

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

"We are proud to receive this award for the next phase of
CEPSA's investment at La Rabida, which further extends our
excellent 35-year relationship with this client," said Jesus
Cadenas, managing director and chief executive officer of Foster
Wheeler Iberia.  "We have in-depth refining expertise and have a
strong and proven track record in crude, vacuum, and gas
recovery units."

The crude distillation unit will have a capacity of 90,000
barrels per stream day, the vacuum distillation unit capacity
will be 30,500 barrels per stream day and the capacity of the
gas concentration unit will be approximately 148 tons per hour.
Mechanical completion of the new facility is expected during the
last quarter of 2009.

                       About Foster Wheeler

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

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

                          *     *     *

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

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


HILTON HOTELS: Scandic Hotel Sale Prompts S&P to Lift Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Hilton Hotels Corp. to 'BB+'
from 'BB' and removed the ratings from CreditWatch where they
were placed with positive implications on Jan. 31, 2007.  The
outlook is
stable.

The upgrade reflects a pace of deleveraging that is faster than
the expectation at the time of the company's February 2006
acquisition of Hilton International.  The upgrade follows the
announced sale today of the company's Scandic-branded hotel
portfolio to private equity firm EQT for US$1 billion in net
proceeds.

"We view the Scandic sale favorably because Hilton is expected
to use the US$1 billion in net sale proceeds to repay debt.  In
addition, the sale would result in the transfer of a meaningful
portion of Hilton's fixed lease obligations, as well as improve
margins in Hilton's global lodging portfolio," said
Standard & Poor's credit analyst Emile Courtney.

                      About Hilton Hotels

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


MCDERMOTT INT'L: Posts US$141 Mil. Net Income in 4th Qtr. 2006
--------------------------------------------------------------
McDermott International, Inc. reported net income of US$141.0
million, or US$1.23 per diluted share, for the 2006 fourth
quarter, compared to net income of US$36.1 million, or US$0.32
per diluted share, for the corresponding period in 2005.
Weighted average common shares outstanding on a fully diluted
basis were approximately 114.4 million and 112.3 million for the
quarters ended December 31, 2006 and December 31, 2005,
respectively.  For 2005, the Company's common shares outstanding
and earnings per share are adjusted to reflect the 3-for-2 stock
split effected in May 2006.

McDermott's revenues in the fourth quarter of 2006 were
US$1,308.0 million, compared to US$395.9 million in the
corresponding period in 2005.  Operating income was US$86.3
million in the 2006 fourth quarter, compared to US$56.2 million
in the 2005 fourth quarter.  The increase in revenues and
operating income is primarily attributable to the
reconsolidation of The Babcock & Wilcox Company's financial
results beginning in March 2006.  In addition, operating income
of the Offshore Oil & Gas Construction segment increased by over
30 percent compared to its fourth quarter of 2005.

During the fourth quarter of 2006, McDermott recorded the
recognition of a US$94.1 million tax benefit partially offset by
certain other items.  To assist investors in their analysis of
McDermott's quarterly performance, the Company calculated non-
GAAP earnings excluding these items.  Accordingly, in the fourth
quarter of 2006, the Company's non-GAAP operating income was
US$113.3 million, non-GAAP net income was US$83.8 million, and
non-GAAP earnings per diluted share were US$0.73.  Please see
Appendix A for the reconciliation of these non-GAAP amounts to
McDermott's GAAP results.

"The fourth quarter completed a highly successful year for
McDermott," said Bruce W. Wilkinson, Chairman of the Board and
Chief Executive Officer of McDermott.  "For the 2006 year, the
Company generated new records for backlog, revenue, and
operating income, and despite the expected loss of a major
project this week, the outlook for our markets continues to be
strong in 2007."

At December 31, 2006, McDermott's consolidated backlog was
US$7.6 billion, compared to US$3.6 billion at December 31, 2005
which excluded B&W and US$8.6 billion at September 30, 2006.
Consolidated backlog at December 31, 2006 excludes the amounts
associated with the TXU boiler and SCR contracts, which the
Company believes will no longer be fully realized.

                     Results Of Operations

2006 Fourth Quarter Compared to 2005 Fourth Quarter

Offshore Oil & Gas Construction Segment ("J. Ray")

Revenues in the Offshore Oil & Gas Construction segment were
US$475.9 million in the 2006 fourth quarter, compared to
US$250.3 million for the same period a year ago.  The year-over-
year increase in revenues resulted primarily from increased
activity in the Middle East and Asia Pacific regions.

Segment income for the 2006 fourth quarter was US$48.7 million,
compared to US$37.0 million in the 2005 fourth quarter.  Major
items contributing to operating income in the 2006 fourth
quarter were projects in the Middle East, Asia Pacific and
Caspian regions.  During the fourth quarter of 2006, J. Ray
mobilized a construction vessel to the Eastern Hemisphere from
the Gulf of Mexico market and recognized a transportation
expense of approximately US$7 million.

At December 31, 2006, J. Ray's backlog was US$4.1 billion,
compared to backlog of US$1.8 billion and US$4.0 billion at
December 31, 2005 and September 30, 2006, respectively.

Power Generation Systems Segment

Revenues in the Power Generation Systems segment for the fourth
quarter 2006 were US$676.8 million.  During 2005, B&W was
deconsolidated and therefore there were no revenues reported for
this segment during the fourth quarter of 2005.

Segment income for the 2006 fourth quarter was US$24.8 million,
compared to US$4.8 million in the 2005 fourth quarter.  The
increase in segment income was due to the reconsolidation of B&W
beginning in the first quarter 2006.  During the 2006 fourth
quarter, the Company recorded a total of US$27 million in
expense related to the final settlement in the Citgo litigation,
an estimated warranty claim on a dated project and the current-
year loss penalty premium for casualty insurers related to the
Citgo litigation.  Excluding these items, B&W's non-GAAP
operating income was US$51.8 million.  Please see Appendix A for
the reconciliation of these non-GAAP amounts to McDermott's GAAP
results.

At December 31, 2006, B&W's backlog was US$2.2 billion compared
to US$3.2 billion at September 30, 2006 and a deconsolidated
backlog at December 31, 2005 of US$2.1 billion.  B&W's backlog
at December 31, 2006 excludes the amounts associated with the
TXU boiler and SCR contracts, which the Company believes will no
longer be fully realized.

Government Operations Segment  

Revenues in the Government Operations segment were US$158.3
million in the 2006 fourth quarter, compared to US$145.6 million
for the same period a year ago.  The increase was primarily due
to higher volumes in the manufacture of nuclear components for
certain U.S. Government programs, higher volumes of fuel
production for research test reactors and increased fuel
development for the Department of Energy for use in commercial
reactors.

Segment income for the 2006 fourth quarter was US$19.9 million,
compared to US$26.3 million in the 2005 fourth quarter.  The
decrease was due to lower margins in the manufacture of nuclear
components for certain U.S. Government programs and increased
selling, general and administrative expenses related to business
development in the United Kingdom, pension plans and Department
of Energy specialty fuel development.

At December 31, 2006, BWXT's backlog was US$1.3 billion,
compared to backlog of US$1.8 billion and US$1.4 billion at
December 31, 2005 and September 30, 2006, respectively.

Corporate

Unallocated corporate expenses were US$7.0 million in the 2006
fourth quarter, compared to US$11.9 million in the 2005 fourth
quarter.  The decrease was primarily related to lower legal
expenses as a result of the completion of the B&W Chapter 11
settlement.

Other Income and Expense

The Company's other expense for the fourth quarter of 2006 was
US$4.2 million, compared to US$1.3 million in the fourth quarter
of 2005.  The year-over-year variance is due to a US$4.7 million
loss on early retirement of debt and US$5.3 million IRS interest
expense adjustment, partially offset by a U$5.7 million
improvement in net interest income/expense resulting from the
retirement of US$250 million of the Company's debt in June 2006
and increased cash balances.

                      About McDermott Int'l

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, operates as energy services company worldwide
including Indonesia and the United Kingdom.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 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 oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for McDermott
International Inc.

Moody's also revised 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
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97


NORTEL NETWORKS: DBRS Says Restatements Won't Affect Low Ratings
----------------------------------------------------------------
Dominion Bond Rating Service notes that Nortel Networks
Corporation accounting restatements will not have an immediate
impact on its B (low) long-term ratings.

DBRS recognizes the size of the accounting restatements are not
material and are all non-cash in nature.

In addition, the company expects to have its 2006 10K filed by
the required Mar. 16, 2007 deadline.  However, DBRS has become
more concerned regarding Nortel's financial reporting
mechanisms.  Although the company has publicly indicated that
the probability of further accounting restatements have likely
become "slimmer," the probability of last minute restatement
could still exist
until the substantial implementation of its new financial
control reporting system which is not expected to occur until
the second half of 2007.

DBRS acknowledges that management has made progress on the
previously identified five major internal control weaknesses
outlined in its 2005 10K filing.  However, it is still somewhat
disconcerting that internal control breaches, even minor ones,
have led to increased uncertainty about financial reporting.

DBRS will now more closely monitor the change in auditors at
Nortel as well as the departure of the current CFO, both of
which are occurring during what now appears to be a time of
somewhat heightened uncertainty, especially relating to
confidence in accurate and timely financial reporting from
Nortel.  If the filing of accurate financial statements, along
with a clear succession path of the company's financial unit is
not properly addressed in the near-term, DBRS reserves the right
to take negative rating action based solely on these issues,
regardless
of the financial performance of the Company.

DBRS notes that based on current unaudited figures, Nortel's
business performance appears acceptable for its current ratings,
which is also supported by the Company facing no substantial
near-term maturities, a substantial cash balance estimated by
management at US$3.5 billion, along with the expectation of
continued support from Export Development Canada though its
US$750 million support facility.  DBRS estimates that Nortel has
approximately US$4.5 billion in gross debt outstanding.

Notwithstanding, DBRS believes that Nortel needs to put its
internal control issues behind it as the communication equipment
vendor market continues to undergo a structural shift as a
result of competitors merging to create greater economies of
scale, while new entrants from emerging markets continue to
price aggressively, taking market share away from more
established vendors such as Nortel.

                     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.


NORTEL: Joins Colubris for Trinity Railway Express' Network
-----------------------------------------------------------
4G Metro, wireless network operator for the Trinity Railway
Express, has selected Nortel Networks and Colubris Networks to
provide equipment for what is expected to be the first end-to-
end broadband wireless service offered by a major U.S. public
railway.

The TRE network deployment is scheduled to be the first under a
new joint marketing and sales agreement between Nortel and
Colubris Networks.  The two companies have also made a mutual
commitment to product interoperability testing.

The TRE is a cooperative public railway linking Fort Worth,
Dallas and DFW International Airport.  Beginning in early summer
2007, the TRE plans to provide approximately 5,000 daily
passengers with high-speed wireless Internet access and a range
of information and entertainment services.  This will include
breaking news and sports, local advertising and other video
content presented on 27-inch LCD screens.

"We expect the TRE to set a critical technology bar for other
providers across the country," said Don Lanham, chief marketing
officer of 4G Metro, a privately owned wireless services company
that will own and operate the network under a public/private
partnership agreement with the TRE.

"Our decision to select Nortel and Colubris was simple," Lanham
said.  "Both have superior wireless broadband solutions proven
in large-scale deployments.  This is crucial to providing
leading-edge wireless services for TRE passengers with optimal
performance, reliability and security."

4G Metro intends to use Nortel's Municipal Wireless Solution -
including wireless mesh, WiMAX and optical technologies - to
deliver integrated voice, data and multimedia along the entire
36-mile TRE route.  They will deploy Colubris Networks'
Intelligent WLAN Mobility System for passenger access to the
Internet and other services on the train and in the stations.
Colubris Wireless Client Bridges will provide seamless
connectivity to Nortel Wireless Access Points at speeds up to 63
miles-per-hour.  Colubris MultiService Access Points and
MultiService Controllers will support Internet 'hotspot' service
for passengers - with complete access control - including
captive portal, billing, authentication and security.

"The TRE's service will be a major step in the growth of
broadband wireless in non-traditional venues," said Angela
Singhal, director, Municipal Wireless Solutions, Nortel.  "We
expect the flexibility and security of Colubris' intelligent
wireless LAN solution, combined with Nortel's technology and
global experience in designing, installing and launching
hundreds of public and private wireless networks, to help the
TRE make affordable broadband wireless services available to its
passengers."

"With Nortel, we are offering transportation and other service
providers an industry-leading municipal wireless broadband
solution," said Roger Sands, co-president and vice president,
engineering, Colubris Networks.  "We look forward to working
together to provide cutting-edge companies like the TRE with
comprehensive wireless solutions that combine Colubris' highly
reliable and secure Wi-Fi solutions with the market breadth of
Nortel's Municipal Wireless Solution."

                         About Colubris

Colubris Networks is the leading global provider of intelligent
wireless networks for service providers and enterprises.  Its
optimized WLAN switching systems deliver unmatched bandwidth
efficiency, seamless mobility and secure, easy access for more
than 1,500 organizations and 40 million users worldwide.  Its
systems unify and integrate with existing network
infrastructures, security and management systems and provide
"future-proof" investment protection as standards evolve and
user populations grow.  Colubris' numerous recognitions include
Red Herring's top 100 private companies in North America, Fierce
Wireless Fierce 15 and Mobile Trax Mobility Award.

                          About 4G Metro

4G Metro is a privately owned wireless services company. The
company works with world-class network systems providers to
ensure seamless installation processes.  Its services reflect
the uniqueness of core technologies, including wireless
communications, radio transmission, network hardware/software
architecture, digital signal processing and audio/video
distribution.  4G Metro is comprised of two divisions -
metropolitan mesh networks and broadband access on public
transportation.  Visit 4G Metro on the Web at
http://www.4gmetro.com.

                          About Nortel

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.


PERTAMINA: Allies With Statoil on Karama Block; To Spend US$75MM
----------------------------------------------------------------
PT Pertamina (Persero) and Norweigen oil firm Statoil won the
rights to operate the oil and gas block in the Makassar Strait
and have set aside US$75 million to drill in the Karama block
over the next three years, The Jakarta Post reports.

According to the report the partners won the rights after the
government, through a tender, offered the block up.

The report notes that Pertamina Deputy Director Tri Siwindono
said that the firms would jointly operate the area, which holds
potential reserves of 200 million barrels of oil.

Mr. Siwindono said that Statoil's stake in the area would be 51%
and they would be providing the technologies needed for the
exploration activities in the block, the report relates.

The Post explains that both companies will receive 35% of the
revenue from oil and 40% of the gas revenue, with the remaining
65% to go to the government.

Pertamina and Statoil has so far spent US$ 8 million for this
three-year commitment, which includes the US$5 million required
for the contract-signing bonus, the report says.

                         About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


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

CONTINENTAL AIRLINES: Reports February Operational Performance
--------------------------------------------------------------
Continental Airlines reported a February consolidated
(mainline plus regional) load factor of 77.0%, 1.0 point above
the February 2006 consolidated load factor, and a mainline load
factor of 77.1%, 1.0 point above the February 2006 mainline load
factor.  Both load factors were records for the month.  In
addition, the carrier reported a domestic mainline load factor
of 80.7%, 0.3 points below February 2006, and an international
mainline load factor of 73.2%, 2.7 points above February 2006.

During the month, Continental recorded a U.S. Department of
Transportation on-time arrival rate of 73.7% and a February
mainline completion factor of 99.4%.

In February 2007, Continental flew 6.5 billion consolidated
revenue passenger miles and 8.4 billion consolidated available
seat miles, resulting in a traffic increase of 7.6% and a
capacity increase of 6.2% as compared to February 2006.  In
February 2007, Continental flew 5.8 billion mainline RPMs and
7.5 billion mainline ASMs, resulting in a mainline traffic
increase of 8.1% and a 6.6% increase in mainline capacity as
compared to February 2006.  Domestic mainline traffic was
3.2 billion RPMs in February 2007, up 5.8% from February 2006,
and domestic mainline capacity was 4.0 billion ASMs, up 6.2%
from February 2006.

For February 2007, consolidated passenger revenue per available
seat mile is estimated to have increased between 1.5% and 2.5%
compared to February 2006, while mainline passenger RASM is
estimated to have increased between 3.0 and 4.0% compared to
February 2006.  For January 2007, consolidated passenger RASM
increased 2.7% compared to January 2006, while mainline
passenger RASM increased 4.4% from January 2006.

February 2007 sales at continental.com increased 20% over
February 2006.

Continental's regional operations had a record February load
factor of 75.5%, 0.5 points above the February 2006 load factor.  
Regional RPMs were 721.6 million and regional ASMs were
955.2 million in February 2007, resulting in a traffic increase
of 4.0% and a capacity increase of 3.3% versus February 2006.

Continental Airlines is the world's fifth largest airline.
Continental, together with Continental Express and Continental
Connection, has more than 3,100 daily departures throughout the
Americas, Europe and Asia, serving 150 domestic and 136
international destinations.  More than 400 additional points are
served via SkyTeam alliance airlines.  With more than 44,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with Continental Express,
carries approximately 67 million passengers per year.  
Continental consistently earns awards and critical acclaim for
both its operation and its corporate culture.

In 2006, Continental Airlines won its sixth J.D. Power and
Associates award since 1996.  The carrier received the highest
rank in customer satisfaction among network carriers in North
America in the J.D. Power and Associates 2006 Airline
Satisfaction Index Survey.  For the third consecutive year,
FORTUNE magazine named Continental the No. 1 Most Admired Global
Airline on its 2006 list of Most Admired Global Companies.  
Continental was also named the No. 1 airline on the
publication's 2006 America's Most Admired airline industry list.
Additionally, Continental again won major awards at the OAG
Airline of the Year Awards including "Best Airline Based in
North America" for the third year in a row, and "Best
Executive/Business Class" for the fourth consecutive year.

                  About Continental Airlines

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

                          *     *     *

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

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

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


JAPAN AIRLINES: Largest Union Agrees to This Year's Bonus Cut
-------------------------------------------------------------
Japan Airlines Corp.'s largest labor union -- The JAL Friendship
and Improvement Organization -- is likely to agree to a proposal
by the airline's management to cut bonus payments for union
members in fiscal 2007, The Yomiuri Shimbun reports.

According to The Shimbun, the Union, which represents about
10,000 employees, is likely to approve bonuses being trimmed by
an amount equivalent to two months' pay, plus an additional
JPY100,000, compared with an amount equivalent to JPY3.8 months
in fiscal 2006.  The union is likely to forgo demands for a
basic wage hike, the report says, citing unidentified sources.

After the Union explains the proposal to its members, it will
formally notify JAL of its decision to accept the move as early
as March 8, the report notes.

The Shimbun recalls that in mid-February, JAL informed the
company's eight unions of its plan to cut bonuses by almost
half, compared with the previous year, and cut payroll costs by
about JPY15 billion in fiscal 2007 to help rehabilitate its
business.

The Shimbun believes that in light of the largest union's
decision to accept the proposal, labor negotiations with the
other workers groups are expected to get under way.

                      About Japan Airlines

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

                          *     *     *

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

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

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


NIKKO CORDIAL: Agrees To Citigroup's JPY1.25-Trillion Buyout Bid
----------------------------------------------------------------
Citigroup Inc. aims to acquire more than 50% -- worth up to
JPY1.25 trillion -- of Nikko Cordial Corp. through a tender
offer that will be launched in about a week, The Japan Times
reports.

The report says that if the purchase goes through, it will be
the largest foreign acquisition of a Japanese brokerage, making
Nikko Cordial a Citigroup subsidiary.

Citigroup currently has a 4.9% stake in Nikko Cordial.

The report states that both firms announced the agreement after
Nikko Cordial's board agreed to Citigroup's offer to buy
Nikko Cordial shares for JPY1,350 apiece, compared with
Tuesday's closing price of JPY1,340.

According to The Times, Citigroup Japan's senior executive and
chief executive office Douglas Peterson believes that an
alliance with Nikko Cordial will help Citigroup's business
expansion in Japan because of Nikko Cordial's brand and its
strong and established client network.

Yet, Nikko Cordial President Shoji Kuwashima was primarily
motivated by a need to eliminate the anxieties of the company's
investors and shareholders, and to restore the company's
credibility, The Times says.

The Washington Post relates that Citigroup would be able to buy
Nikko Cordial at a more cheaper price if the company were
delisted, but the bank would run the risk of being overtaken by
potential buyout rivals like Mizuho Financial Group if it waits
too long.

The Post adds that if Nikko Cordial is delisted before it
secures a buyer, clients and staff could abandon the firm and
private equity funds might even make a grab for its assets, such
as its profitable mutual fund business and companies held by its
merchant banking arm.

The Times states that four investment funds, including
U.S. investment firm Harris Associates L.P. and Bermuda-based
Orbis Investment Management (BVI) Ltd., currently own a combined
25% stake in Nikko Cordial, but it is uncertain whether these
funds will sell their shareholdings to Citigroup at the price
proposed by the U.S. group.

                         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.


ORIENT CORP: Losses Prompt Firm to Seek JPY140B Debt/Equity Swap
----------------------------------------------------------------
Orient Corporation said that it expects a JPY457.9-billion
(US$3.96 billion) net loss for the fiscal year ending March 31,
2007, the Mainichi Daily News reports.

AFX News Limited relates that Orient Corp. blames the projected
net loss figure for this fiscal year on tightened legislative
caps on its lending rates.

According to Mainichi Daily, this projected net loss prompted
the Japanese consumer credit company to ask for financial aid
from Mizuho Financial Group and other firms.

Mainichi Daily cites Orient as saying that the losses will cause
it to fall into negative net worth, meaning liabilities exceed
total assets.  The company, according to the report, will ask
its creditor bank Mizuho Corporate Bank for JPY140 billion
(US$1.21 billion) in a debt-for-equity swap to normalize its
balance sheet.

According to AFX News, Mizuho Corporate Bank holds a 3.8% stake
in Orient and Mizuho Bank owns another 2.2%.

Orient, the report says, is also asking the Mizuho Group, its
top shareholder Itochu Corp., and other parties for a capital
boost, and may also seek to join the Mizuho group.  It also
plans to offer voluntary retirement to about 9% of its
workforce.

Moreover, the company has cancelled a plan to pay a full-year
dividend of JPY3.00 per share, AFX News adds.

Orient hopes that the various measures it intends to take will
help bring it back to profitability for the fiscal year ending
March 2008, Mainichi Daily relates.

Mizuho issued a statement saying it would consider Orient's
requests for aid, including the possibility of making the
company part of its group, the Associated Press says.

AP points out that Orient's huge loss underscores how the
Japanese consumer credit industry is struggling under tougher
auditing guidelines amid mounting public criticism of its
lending practices.

Mainichi Daily recounts that last month, Orient said that huge
losses were unavoidable this fiscal year, as consumer finance
firms bleed losses on intense pressure to pay back excessive
interest to borrowers.  The company had previously forecast a
net profit of JPY39.2 billion.

Until earlier this year, lenders had been able to charge
borrowers "gray zone" rates in the gap between the 29.2% maximum
interest rate stipulated in the Investment Law and the 15%-to-
20% ceiling set under the Law Concerning the Restriction of
Interest.  Yet, Mainichi Daily explains, mounting public
criticism of the industry's lending practices culminated in the
passage of stringent legislation in December capping maximum
interest rates at 20% and loans to a third of borrowers' annual
salaries.

Headquartered in Tokyo, Japan, Orient Corporation's principal
activity is the provision of consumer financing services
including consumer credits, credit cards, guarantee and loan
agent services, commercial financing and direct cash loans.  The
Group's other activities include real estate management, help
supply, economy trend research/analysis, sale of goods, textiles
manufacturing and golf courses.  The operations are carried out
through the following divisions: Financial services, Non-
Financial Services, Financial Income (interests and dividends)
and Other.


SAPPORO HOLDINGS: Steel Partners Confirms Receipt of Inquiry
------------------------------------------------------------
Steel Partners Japan Strategic Fund (Offshore), L.P., confirmed
that it received, on March 1, 2007, questions from the
management of Sapporo Holdings Ltd. in response to the Fund's
proposal for opening discussions regarding the possible
acquisition of a larger stake in the brewer.

The Fund said that it will examine the questions and seek to
respond to them as soon as possible.

The Troubled Company Reporter - Asia Pacific reported on
March 5, 2007, that Sapporo Holdings asked Steel Partners to
provide more information on its buyout offer.

Steel Partners, currently owning 17.52% of Sapporo's shares,
submitted a proposal to the company's management requesting
discussions aimed at securing their recommendation for a
negotiated transaction to acquire, including the U.S.-based
hedge fund's current holding, shares representing 66.6% of the
voting rights in the company.

The TCR-AP reported that Sapporo's information request is made
up of more than 30 questions, including queries on Steel
Partner's past investment record, the conditions for the planned
acquisition, and the post-acquisition business plan.

Sapporo said it is asking for the necessary information to
consider the buyout proposal with the sincere intention of
determining whether the Fund's offer will contribute to
improving the company's value.

                   About Steel Partners Japan

Steel Partners Japan Strategic Fund(Offshore), L.P. is a limited
partnership type investment fund domiciled in the Cayman Islands
with SPJS Holdings LLC as its General Partner.  The principal
business of the Fund is to invest in companies in Japan.

                     About Sapporo Holdings

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

                          *     *     *

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

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

   -- Senior unsecured debt 'BB';

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

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


SUMITOMO MITSUI BANKING: To Tie Up w/ Japan Post on Free ATM Use
----------------------------------------------------------------
Sumitomo Mitsui Banking Corp. said that it will tie up with
Japan Post to let its customers withdraw money from automated
teller machines at post offices free of charge, The Japan Times,
citing Kyodo News, says.

According to the report, SMBC, which is the core banking unit of
Sumitomo Mitsui Financial Group Inc., plans to allow customers
to withdraw money at some 26,000 post office ATMs nationwide
without paying the JPY105 user fee during weekday daytime hours,
starting in October.  For weekends, holidays and at night, the
user fee will be cut to JPY105 from the current JPY210.

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides  
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world.  The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.

The Troubled Company Reporter - Asia Pacific reported on
July 17, 2006, that Moody's Investors Service has upgraded the
bank financial strength rating of Sumitomo Mitsui Banking
Corporation to D+ from D.

A TCR-AP report on Oct. 24, 2006, stated that Fitch Ratings has
upgraded Sumitomo Mitsui's Individual Rating to 'C' from 'C/D'.


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

CITIBANK KOREA: Korea Ratings Gives Bonds AAA Rating
----------------------------------------------------
Korea Ratings Corporation gave Citibank Korea's bonds an AAA
rating on March 2, 2007.  

The full list of bonds and their corresponding ratings is
available for free at:

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

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

The Troubled Company Reporter - Asia Pacific reported on
June 29, 2005, that Moody's Investors Service upgraded Citibank
Korea Inc.'s financial strength rating to D+ from D with a
stable outlook.


DAEHAN PULP: Forecasts Turnaround in 2007
-----------------------------------------
Daehan Pulp Co., Ltd., reported a KRW14.16-billion net loss for
the full year 2006, according to preliminary data from Bloomberg
News.

The loss compares against the KRW0.83-billion net income the
company posted for the full year 2005.  Preliminary data also
shows that the company had net sales of KRW373.61 billion for
2006.

In a report from Reuters Key Development, Daehan Pulp says that
it expects its full-year 2007 to register a revenue of
KRW401.4 billion, operating income of KRW27.4 billion, and
ordinary income of KRW8.6 billion.  

Data collected from Bloomberg News for the company's 2006 third
quarter cumulative results shows that the company has net sales
of KRW281.46 billion, operating income of KRW8.04 billion and an
ordinary loss of KRW7.26 billion.

Based in Seoul, South Korea, Daehan Pulp Co., Ltd. --
http://www.dhpulp.co.kr/-- specializes in the provision of  
paper products.  The company categorizes its products under
industrial and hygienic paper.  Its industrial paper includes
manila paperboard used in commercial packaging; ivory paperboard
for tissue paper production; royal ivory used for tissue paper
production; cup liner used in the production of paper cups;
carrier boards used to make cardboard carriers for beverages and
frozen food, and kraft boards used in the production of book
covers and laminated paper.  Its hygienic paper includes toilet
paper, paper towels, facial tissues, wet wipes, sanitary napkins
and baby and adult diapers.

The company's convertible bonds with a maturity date of Nov. 12,
2007, carries Korea Rating's BB rating with a stable outlook,
effective on June 21, 2006.


DAEWOO ELECTRONIC COMPONENTS: Establishes Polish Subsidiary
-----------------------------------------------------------
Daewoo Electronic Components Co., Ltd., has just established
Daewoo Electro-Components Poland Sp.zo.o., Reuters Key
Development reports.

Daewoo Electro-Components is a wholly owned subsidiary in
Poland, which has a capital of EUR50,000.

Headquartered in Gyeonggi Province, Korea, Daewoo Electronic
Components Co., Ltd. -- http://www.partsnic.com/-- is a  
manufacturer specialized in the provision of electrical
components.  The Company operates its business through four
divisions: media, condenser, automobile and mobile communication
divisions.

Korea Ratings gave the company's bonds a 'B' rating on Feb. 7,
2007.


DAEWOO ELECTRONIC COMPONENTS: Liquidates Two Foreign Units
----------------------------------------------------------
Daewoo Electronic Components Co., Ltd., has decided on Feb. 28,
2007, to liquidate Partsnic U.K. Co., Ltd, a wholly owned
subsidiary of the company in the United Kingdom, due to the loss
of business, Reuters Key Development says.

On the same day, Daewoo Electronic Components also decided to
liquidate a China-based subsidiary, due again to sluggish
business.  Daewoo Electronic Components holds an 81.2% equity
stake in the China-based subsidiary.

Headquartered in Gyeonggi Province, Korea, Daewoo Electronic
Components Co., Ltd. -- http://www.partsnic.com/-- is a  
manufacturer specialized in the provision of electrical
components.  The Company operates its business through four
divisions: media, condenser, automobile and mobile communication
divisions.

Korea Ratings gave the company's bonds a 'B' rating on Feb. 7,
2007.


DAEWOO ELECTRONIC COMPONENTS: Liquidates Two Subsidiaries
---------------------------------------------------------
Daewoo Electronic Components Co., Ltd., has announced its 39th
unregistered/unsecured convertible bonds issuance raising funds
up to KRW5 billion to seek operational funds, Reuters Key
Development reports.

The details regarding the bond issuance are:

   * maturity on February 26, 2010;
   * yield to maturity 6.5%;
   * lump sum redemption of principal on maturity;
   * 100% conversion rate of bonds to common shares at KRW9,590;
     and
   * conversion subscription period of March 26, 2007 to
     January 26, 2010.

Headquartered in Gyeonggi Province, Korea, Daewoo Electronic
Components Co., Ltd. -- http://www.partsnic.com/-- is a  
manufacturer specialized in the provision of electrical
components.  The Company operates its business through four
divisions: media, condenser, automobile and mobile communication
divisions.

Korea Ratings gave the company's bonds a 'B' rating on Feb. 7,
2007.


DASTEK CO: Merges With Sevasecurity Co.
---------------------------------------
Dastek Co., Ltd., has signed a statutory merger agreement with
Sevasecurity Co., Ltd., to strengthen corporate value and
increase the benefits to its shareholders, Reuters Key
Development reports.

Sevasecurity is a Korea-based manufacturer and retailer of
electronic part for security devices.

The exchange ratio of Dastek and Sevasecurity is 1:0 and as
Dastek owns 100% outstanding shares of Sevasecurity, new share
will not be issued with the merger.  The merger effectivity date
and registration date are proposed on April 28, 2007, and May 2,
2007, respectively.

              Patents Acquired From Sevasecurity

Dastek has been acquiring various patents from Sevasecurity, the
latest of which is a patent covering operating method of gun
detecting system.  Before the merger, the company also acquired
patents:

   * covering security and reference device for an infrared rays
   * a patent covering screening system for guns.

                         About Dastek

Based in Gyeonggi Province, Korea, Dastek Co., Ltd. --
http://www.dastek.co.kr/-- specializes in the manufacturing of  
electromagnetic devices.  The company produces two main
products: materials for electromagnetic devices, including coils
and molds, and electromagnetic devices, including capacitors and
varistors.

Korea Ratings placed a 'B' rating on the company's
KRW1.0-billion bonds with warrants issue effective on June 30,
2006.


ESTECHPHARMA CO: Declares KRW325.94 Million in Total Dividends
--------------------------------------------------------------
Estechpharma Co., Ltd., has declared a yearly cash dividend of
KRW50 per share of common stock payable for the financial year
ended Dec. 31, 2006, Reuters Key Development reports.

The total cash dividend amount is KRW325,935,275.

The Troubled Company Reporter - Asia Pacific was not able to
obtain the company's full-year financials.  Data available from
Bloomberg News, however, states that the company's cumulative
net income by the third quarter of 2006 amounted to
KRW0.79 billion, giving the company an EPS of KRW114.00.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the  
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating.


ESTECHPHARMA CO: Signs KRW5.54-Billion Contract with BIOGARAN
-------------------------------------------------------------
Estechpharma Co., Ltd., has signed a contract worth
KRW5,535,029,500 with BIOGARAN to provide treatments for alcohol
dependence, for a period of five years, Reuters Key Development
relates.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the  
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating.


ESTECHPHARMA CO: Daewoo Securities Divests 235,617 Shares
---------------------------------------------------------
Daewoo Securities has sold off 235,617 shares of Estechpharma
Co., Ltd., Reuters Key Development says.

The sale leaves Daewoo Securities with a 0.09% equity stake in
Estechpharma.

Ansan-si, Gyeonggi-do, Korea-based Estechpharma Co., Ltd. --
http://www.estechpharma.com/-- is mainly involved in the  
manufacture and supply of active pharmaceutical ingredients and
other related products.  The company's offerings range from
anti-inflammatory, anti-arthritic, anti-analgesic, antipyretic,
non-steroidal anti-inflammatory and antiseptic agents to
disinfectants and hemostatic, antibiotic, anti-hepatitis, anti-
ulcer, antispasmodic, antithrombosis, antiplatelet and
antirheumatic agents. Its products are available in different
dosage forms, such as syringes, tablets and capsules.  The
company also has a portfolio of development-stage products,
which include Amlodipine, used in the treatment of angina and
hypertension, and Topiramate, used to treat certain types of
seizures.

On May 30, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating.


GENEXEL-SEIN INC: Enters Into Korea Advanced Strategic Tie-Up
-------------------------------------------------------------
Genexel-Sein Inc. has entered into a strategic alliance with
Korea Advanced Institute of Science and Technology for the joint
development of an anti-cancer protein, Reuters Key Development
reports.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.  
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.  
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


GENEXEL-SEIN INC: Acquires Aprogen Inc. for KRW1.5 Billion
----------------------------------------------------------
Genexel-Sein Inc. has acquired Aprogen, Inc., making Aprogen a
wholly owned subsidiary of Genexel-Sein, Reuters Key Development
states.

Aprogen's assets and capital are both worth approximately
KRW1.5 billion.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.  
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.  
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


GENEXEL-SEIN INC: Signs US$5 Mil. Supply Contract with Forecare
---------------------------------------------------------------
Genexel-Sein Inc. has signed a one-year contract, worth around
US$5 million, with Forecare, Inc., Reuters Key Development says.

Pursuant to the Contract, the company will supply electromedical
equipment to Forecare.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.  
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.  
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


MIJU MATERIAL: Declares KRW1.5 Billion in Annual Cash Dividends
---------------------------------------------------------------
Miju Material Co., Ltd., has declared a yearly cash dividend of
KRW50 per share of common stock and KRW60 per share of preferred
stock, payable for the financial year ended December 31, 2006,
Reuters Key Development says.

The total cash dividend amount is approximately KRW1.5 billion.

Preliminary data obtained by the Troubled Company Reporter -
Asia Pacific from Bloomberg News shows that the company reports
a KRW3.31-billion cumulative net income for the fourth quarter
ending Dec. 31, 2006, on cumulative net sales of
KRW55.75 billion.

Headquartered in Kyongsangnam Province, Korea, Miju Material
Co., Ltd. -- http://www.tech-one.co.kr/-- specializes in the  
manufacture of cold-head-quality wire, which is a type of coil
used in cold heading or cold forging to make bolts, nuts, rivets
and screws.  The company develops different wire materials based
on the ultimate usage, such as carbon steel for automotive and
general purposes, nickel-chrome-molybdenum steel for airplanes,
chrome-molybdenum steel for building construction and manganese
steel for machinery.

On May 8, 2006, Korea Ratings gave the company's US$2,000,000
overseas bond with warrants a 'B' rating with a stable outlook.


MIJU RAIL: Buys Asset Management Company
----------------------------------------
Miju Rail MFG. Co., Ltd., has acquired a Korea-based asset
management company, for KRW8 billion, Reuters Key Development
says.

Reuters adds that Miju Rail holds a 100% equity stake in the
company.  The company's capital is worth KRW50,000,500.

Incheon, Korea-based Miju Rail MFG. Co., Ltd. --
http://www.miju.co.kr/-- is a manufacturer of steel products.   
The company offers carbon steel pipes, stainless steel pipes,
spiral steel pipes, elevator guardrails, light rails and steel
plates.

Korea Ratings, on May 8, 2006, gave the company's US$3,000,000
overseas bond with warrants issue a 'BB-' rating with a stable
outlook.


MIJU STEEL: Completes Public Offering of Common Shares
------------------------------------------------------
Miju Steel Co., Ltd., has completed its issuance of 25,000,000
common shares through a public offering, Reuters Key Development
reports.

The common shares have a par value and offer price are KRW500
and KRW785, respectively.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of  
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


MIJU STEEL: Next Code Sells 3 Million Shares
--------------------------------------------
Next Code Co., Ltd., has sold off 3,000,000 shares of Miju Steel
Co., Ltd., decreasing its equity stake holding to 51.17%,
Reuters Key Development relates.

An earlier Reuters report, on the other hand, says that Joint
Base Ltd. has acquired 3,359,574 shares of the company, which
represents a 5.00% equity stake holding in Miju Steel.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of  
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on Aug. 9, 2006.


MIJU STEEL: KRW2.51-Billion Net Profit In Line With Expectations
----------------------------------------------------------------
Miju Steel Co., Ltd., posts a KRW2.51-billion net income for the
year ending Dec. 31, 2006, the Troubled Company Reporter - Asia
Pacific learns from data obtained from Bloomberg News.

The company posted net sales of KRW160.23 billion.  

The company had earlier announced that it expected its full year
2006 preliminary results to reflect revenue of KRW160.3 billion,
operating profit of KRW2.9 billion, ordinary profit of KRW3.3
billion, and net profit of KRW2.4 billion, Reuters Key
Development reports.

Reuters adds that the company also expect its full year 2007
revenue, operating profit, ordinary profit and net profit to
record KRW248.4 billion, KRW18.2 billion, KRW13.4 billion and
KRW9.7 billion, respectively.  According to Reuters Estimates,
analysts on average expect the company to report revenue of
KRW149.6 billion for full year 2007.

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of  
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on Aug. 9, 2006.


NDCORP CO: Cancels Equity Stake Purchase Plan
---------------------------------------------
NDCORP Co., Ltd., has cancelled its plan to purchase 71,000
shares of common stock of a Korea-based company, which was
initially announced on January 29, 2007, Reuters Key Development
says.

The KRW2-billion purchase would have given NDCORP a 71% stake in
the Korea-based company, which has a capital of KRW1 billion.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network (SAN) and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol (VoIP) residential gateways, VoIP
asymmetric digital subscriber line (ADSL) modems and VoIP cable
modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media
services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a 'B-' rating with an evolving outlook on July 31,
2006.


NDCORP CO: Divests Entire Stake in Seltron
------------------------------------------
NDCORP Co., Ltd., has disposed its entire equity stake in
Seltron Co., Ltd., Reuters Key Development reports.  

Reuters adds that the company sold off its entire stake of
192,000 shares for KRW64,080,630.

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged
in the storage area network (SAN) and communication solutions
business.  The company has two divisions: Electronic-
Telecommunication business, which develops, produces and
distributes wired and wireless communication products, including
voice-over-Internet protocol (VoIP) residential gateways, VoIP
asymmetric digital subscriber line (ADSL) modems and VoIP cable
modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media
services.

Korea Ratings gave the company's KRW10.30 billion convertible
bonds issue a 'B-' rating with an evolving outlook on July 31,
2006.


SAMSUNG CARD: Directors Decide to List 10% of Outstanding Stocks
----------------------------------------------------------------
On Feb. 23, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from Dow Jones stating that Samsung Card has
began listing its shares on the local stock market with Korea
Investment & Securities Co. serving as the sole lead manager for
the initial public offering.

A company official has confirmed the planned IPO but stated that
its size and the timing haven't been finalized, the TCR-AP said,
noting that due diligence on the company was being conducted.

In an update, the directors of Samsung Card has decided to float
about 10% of outstanding stocks on the Korea Exchange, The Korea
Herald reports, noting that the company will apply for the
initial public offering in April.

"We will push for a stock market listing within the year to
boost our business through improving the financial structure and
diversifying the source of funding," the paper cites a company
statement.

Details of the offering will come out around April if and when
the company clears a pre-IPO scrutiny by the Korea Exchange.

Observers say the move may signal a change in Samsung Group's
corporate governance structure, The Korea Herald relates.

The paper explains that Samsung Group, instead of having a
holding company, operates an array of financial, manufacturing
and other affiliates through a complex web of circular
stockholding.

The listing would relieve some of the burden off Samsung Card,
which must redeem KRW800 billion (US$853 million) of convertible
bonds maturing in 2008, the Korea Herald says.

                         About Samsung Card

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

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


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

COMSA FARMS: Posts MYR5.81-Mil. Net Loss in December '06 Quarter
----------------------------------------------------------------
Comsa Farms Bhd incurred a MYR5.81-million net loss on
MYR1.26 million of revenues in the third quarter ended Dec. 31,
2006, as compared with a net loss of MYR110.21 million on
MYR9.94 million of revenues in the same quarter of 2005.

As of Dec. 31, 2006, Comsa's unaudited balance sheet reflected
liquidity problem with current assets of MYR39.31 million
available to pay MYR290.28 million of current liabilities.

In addition, Comsa's balance sheet as of end-December 2006 also
reflected MYR182.16 million of total assets and
MYR291.32 million of total liabilities, resulting to a
shareholders' deficit of MYR109.15 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/comsa-q3-results.pdf

                          *     *     *

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

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

As of Dec. 31, 2006, Comsa's balance sheet reflected
MYR182.16 million of total assets and MYR291.32 million of total
liabilities, resulting to a shareholders' deficit of
MYR109.15 million.


MALAYSIA AIRLINES: Saudi Prince Buys Langkawi Hotels for MYR435M
----------------------------------------------------------------
Malaysia Airlines has sold its luxury Four Seasons Hotel on the
tourist island of Langkawi to a firm controlled by a Saudi royal
tycoon for MYR435.0 million, Agence France Press reports.

In a disclosure statement with the Bursa Malaysia Securities
Bhd, Malaysia Airlines said the sale is part of the company's
restructuring plan, which involves the disposal of its non-core
assets.

Under the deal, a wholly owned subsidiary of Prince al-Waleed
Talal Abdul Aziz al-Saud's Kingdom Hotel Investments will buy
the hotel from a unit of Malaysia Airlines, AFP relates.

The royal tycoon-controlled firm will also take up a
MYR364.1-million debt owed by the unit to Malaysia Airlines,
which will earn MYR62 million from the sale.

Analysts welcomed the sale as a positive step for the airline,
which embarked on the turnaround plan a year ago after posting
massive losses of MYR1.14 billion for 2005, the news agency
says.

"While the financial impact may not be significant, we view the
divestment as positive, as MAS will dispose another non-core
asset at a profit, which will allow management more funds and
focus to turn around the airline," Wong Chee Seng, head of
research at Alliance Investment Bank, told AFP.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


PROTON HOLDINGS: Talks with Volkswagen "Not Going Well"
-------------------------------------------------------
Talks between troubled Malaysian carmaker Proton Holdings and
German giant Volkswagen AG that began last year have hit a bumpy
patch, Agence France Press relates, citing a report from The
Edge.

According to the report, officials from Proton and Volkswagen
had met several times but have yet to formalize a basic
agreement.  The talks have "not been going well" and the mood of
the German automaker appeared "less keen" of late.

The Malaysian Government, which owns 59% including a 43% stake
held by its investment arm Khazanah Nasional in the car-maker,
is under intense pressure to announce details of a partnership
for Proton, AFP says.

The government also said that an announcement on a partnership
deal will likely come in the first quarter of this year.

Proton has been in talks with US auto giant General Motors, and
PSA Peugeot Citroen of France, as well as Volkswagen, while
three Malaysian automotive firms have also expressed interest in
taking stakes in the company, AFP relates.

                          *     *     *

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

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

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


PROTON HOLDINGS: Incurs MYR281.5M Net Loss in Qtr Ended Dec. '06
----------------------------------------------------------------
Proton Holdings Bhd reported its third straight quarterly loss,
amid lower car sales, higher fuel prices and costs incurred from
restructuring its U.K.-based sports-car unit Group Lotus, the
Wall Street Journal reports.

In a disclosure with the Bursa Malaysia Securities Bhd, Proton
said that operating conditions remained difficult in the third
quarter due to higher component costs and margins that came
under pressure from competition.  In addition, the company also
spent more on promotions and raw materials.

Based on the company's financial statement, Proton posted a net
loss of MYR281.5 million in the third quarter ended Dec. 31,
2006, as compared with a net profit of MYR86.5 million a year
earlier.  

Proton's revenue fell 55% to MYR962.3 million from
MYR2.15 billion, as its car sales in the local market continued
to decline, Wall Street notes.  The restructuring expense for
Lotus was MYR27 million.

Looking forward, Proton said lower trade-in values, high
interest rates and tightening credit will continue to weigh on
auto sales in Malaysia.  It said it will continue to focus on
export growth and take measures to mitigate the impact of a more
liberalized automotive industry, higher materials costs and
currency fluctuation.

In addition, Proton said it expects to introduce new models this
year that should result in improved sales.

However, analysts expect Proton to post a further loss in the
fourth quarter ending March 31, as higher marketing costs and
lower car sales continue to hurt its bottom line, the paper
relates.  A Thomson Financial poll of 20 brokers estimates a
full-year net loss of MYR245.6 million, WSJ says.

                          *     *     *

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

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

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


PROTON HOLDINGS: Peugeot Ends Talk for Possible Partnership
-----------------------------------------------------------
PSA Peugeot-Citroen has decided to break off discussions with
Proton Holdings Bhd about possible industrial collaboration, the
Houston Chronicle says, citing a report from the Associated
Press.

Peugeot-Citroen and Proton had been reviewing possible areas for
cooperation since September, the Chronicle recounts.  

In a statement, the French car-maker said "after an in-depth
study of the automobile industry situation and the economic
conditions for production in a partnership with Proton, it
became apparent that the right conditions for a successful
project weren't in place."

The paper relates that the French company was interested in
industrial collaboration, while the Malaysian government, which
owns a majority stake in Proton, would have preferred a capital
investment by Peugeot-Citroen in Proton.

                          *     *     *

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

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

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


STAR CRUISES: Sells 25% Stake in Singapore Project to Genting
-------------------------------------------------------------
Star Cruises Ltd will sell its 25% stake in the SGD5.2-billion
Resorts World at Sentosa project to Genting International Bhd,
various reports say, citing a statement from Genting.

Both parties are still in talks to work out the value of the 25%
stake, the statement said.

Genting has appointed CIMB-GK Securities Pte Ltd as its
financial adviser for the proposed acquisition, Asia Pulse
relates.

Reports say that Star Cruises, which was to partner Malaysia's
Genting International in building a multi-billion dollar
integrated resort in Singapore, has pulled out from the Sentosa
Project to enable Genting to meet the criteria set out by the
Singapore Government for the application of a casino license.

Agence France Press notes that the announcement of Star Cruises'
withdrawal from the Singapore project followed Genting
International's statement to pull out of a tie-up with Macau
casino tycoon Stanley Ho.

Analysts also told Asia Pulse that this move is part of
Genting's efforts to appease the Singapore government, which
warned that it would subject Genting International and Star
Cruises to "suitability checks" before being awarded a casino
license.

"The proposed acquisition will give Genting full control over
the Sentosa project.  This will assist in the management process
of casino application in due course," Genting said in its
statement.

AFP relates that the Singapore government has been seeking
clarification from Genting and Star Cruises over the deal with
Mr. Ho after announcements of the tie-up with the Macau casino
tycoon was made public.

The tie-up with Mr. Ho would have given him and a group of
investors a 6.99% stake in Star Cruises, AFP says.  In return,
Star and Genting International were to get stakes in a new
boutique hotel and casino to be operated by Mr. Ho's Sociedad de
Jogos de Macau.

The Ministry of Home Affairs had told Genting and Star Cruises
it would conduct checks "to ensure that the consortium meets the
suitability requirements" before a license was issued.

                          *     *     *

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

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

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

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

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


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

AIR NEW ZEALAND: Boosts Services to Shanghai and Hong Kong
----------------------------------------------------------
Air New Zealand will increase services to Shanghai and Hong Kong
following strong demand for the airline's new services.

From Oct. 31, 2007, Air New Zealand will operate two additional
services per week between Auckland and Shanghai, increasing its
weekly operations from three to five services per week.

The airline will also introduce double daily services between
Auckland and Hong Kong on Fridays and Sundays from Nov. 30,
2007, to March 2, 2008.

"As we had anticipated, demand for these services is now
comfortably strong enough to justify these new services," said
Air New Zealand Group General Manager, International Airline Ed
Sims.

"Our new daily service to London via Hong Kong has stimulated
new business on the Auckland to Hong Kong leg, to the point that
we're now able to add two more services over the peak season,"
Mr. Simms further said.

"It's always been our intention to grow the North Asia market
and these new services reflect the focus we continue to place on
developing inbound and outbound tourism opportunities.

"Our ability to offer the quickest and most direct route to
North Asia from New Zealand and Australia has also brought
strong growth from our cargo business which we will continue to
nurture over the coming years," Mr Sims added.

The airline is also introducing several changes later this
month.

From March 31, 2007, Air New Zealand will commence a weekly
Saturday service between Wellington and Nadi, and Christchurch
and Nadi.  This will increase to two services per week over the
winter season between July 3 and September 29.

Operated by A320 aircraft, the new services reflect the
increasing demand for direct flights to the Pacific Islands.

"Fiji continues to be a popular leisure destination for Kiwis
looking for a quick break that's affordable.  These direct
services make Fiji even more accessible for Wellingtonians and
Cantabrians wanting to escape to warmer climates over the winter
season," Mr. Sims said.

                      About Air New Zealand

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

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

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


ALEXIAM CONSTRUCTION: Wind-Up Hearing Slated for May 10
-------------------------------------------------------
On Feb. 9, 2007, Rivervista Ventures No.2 Limited sought to wind
up the operations of Alexiam Construction Ltd.

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

Rivervista Ventures' solicitor can be reached at:

         Graeme William Hall
         PO Box 1433, Auckland
         New Zealand
         Facsimile:(09) 358 2055


B & W EARTHMOVERS: Faces Liquidation Proceedings
------------------------------------------------
A petition to liquidate the business of B & W Earthmovers Ltd.
will be heard before the High Court of Auckland on March 15,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Nov. 9,
2006.

The CIR's solicitor can be reached at:

         Simon John Eisdell Moore
         offices of Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand


BAY OF ISLANDS: CIR Seeks to Liquidate Company
----------------------------------------------
On Jan. 18, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Bay of Islands
Construction Ltd.

The petition will be heard before the High Court on March 19,
2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         P. J. Smith
         Marsden Woods Inskip & Smith
         122 Bank Street
         PO Box 146, Whangarei
         New Zealand


CORPORATE WEB: High Court to Hear Wind-Up Petition on March 12
--------------------------------------------------------------
On Jan. 29, 2007, Debt Recovery South Limited filed a petition
to wind up the operations of Corporate Web Design Ltd.

The petition will be heard before the High Court at Christchurch
on March 12, 2007, at 10:30 a.m.

Debt Recovery's solicitor can be reached at:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         PO Box 259059, Burswood, Auckland
         New Zealand


NILA VENTURES: Creditors Must Prove Debts by March 14
-----------------------------------------------------
On Feb. 21, 2007, Robert B. Walker was appointed as the
liquidator of Nila Ventures Limited.

Accordingly, Mr. Walker requires the company's creditors to file
their proofs of debt by March 14, 2007.

The company's Liquidator can be reached at:

         Robert B. Walker
         c/o Active Chartered Accountants
         Level 2, 330 High Street
         PO Box 31047, Lower Hutt
         New Zealand
         Telephone:(04) 586 4645
         Facsimile:(04) 568 7641


PIMENTA PLASTERING: Court to Hear Wind-Up Petition on March 15
--------------------------------------------------------------
On Nov. 20, 2006, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Pimenta Plastering Ltd.

The petition will be heard before the High Court of Auckland on
March 15, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

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


ROBEV HOLDINGS: Wind-Up Hearing Slated for March 12
---------------------------------------------------
An application to wind up the operations of Robev Holdings Ltd.
was filed by the Commissioner of Inland Revenue on July 24,
2006.

The petition will be heard before the High Court at Wellington
on March 21, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

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


STANDARD FINANCE: Court to Hear Wind-Up Petition on March 15
------------------------------------------------------------
Jessop Holdings (1995) Limited filed an application to wind up
the operations of Standard Finance Ltd. on Nov. 15, 2006.

The petition will be heard before the High Court of Auckland on
March 15, 2007, at 10:00 a.m.

Jessop Holdings' solicitor can be reached at:

         Evan Turbott
         PO Box 13183, Tauranga
         New Zealand
         Facsimile:(07) 571 8167


TEMARAMA 2004: Faces CIR's Wind-Up Petition
-------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Temarama 2004 Ltd on Nov. 28, 2006.

The petition will be heard on March 15, 2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         Simon John Eisdell Moore
         offices of Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand


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

EXPORT AND INDUSTRY BANK: Names Nilo L. Pacheco as New President
----------------------------------------------------------------
Export and Industry Bank's board of directors has appointed Nilo
L. Pacheco, Jr., as the bank's new president, a filing with the
Philippine Stock Exchange says.   Mr. Pacheco will assume his
new post on April 27.  Pursuant to the bank's by-laws, he was
also elected as director, to commence up on his assumption of
the presidency.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Benjamin P. Castillo, who has served as the bank's
president since the start of its commercial operations in 1997,
retired in October 2006.  To fill up the then-vacant post, bank
Chairman Jaime C. Gonzalez acted as president in a concurrent
capacity.

The bank's board also advised the PSE of the election of Antonio
I. Panajon and Edna Reyes as directors, in view of the vacancies
created by the resignation of Messrs. Donald G. Dee and Sergio
R. Ortiz-Luis, Jr.

Furthermore, the board appointed Adeline L. Grimares and Victor
Nino G. Buena as vice presidents.  Ms. Grimares is the head of
the bank's Credit Risk Management Group, while Mr. Buena is the
Division Head of Applications Development, Information
Technology Sector.

                  About Export & Industry Bank

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived   
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million
by 2007.

Under an agreement dated Dec. 29, 2005, the Philippine Deposit
Insurance Corp. committed to extend an annual financial aid of
PHP600 million to the Bank.


GLOBE TELECOM: Deploys 724 Solutions' Service Mgmt. Software
------------------------------------------------------------
Globe Telecom, Inc., has deployed 724 Solutions' Service
Management Solution as Globe's Consolidated Service Platform
that has been powering their award-winning and third-party
premium content messaging and WAP download services.

                     Transaction Integrity

Globe initially deployed this solution to achieve 100 percent
transaction integrity on content requests for premium SMS and
WAP content services from their installed base, comprised of
over 14.5 million prepaid and postpaid subscribers.  The Service
Management Solution's flexible workflow capability manages each
content request throughout its lifecycle while interfacing with
Globe's various network elements, including several Intelligent
Network prepaid and postpaid systems.  Utilizing flexible
business logic, this solution has allowed Globe to considerably
grow their value-added service offerings from their CSP with
innovative messaging services such as 'Share a Load,' which
allows subscribers with sufficient balance to top-up a friend's
account over SMS, so their friends with an insufficient prepaid
balance can continue enjoying value-added services.

"724's Service Management Solution manages the workflow for each
premium content transaction from beginning to end, giving
Globe's CSP and our content partners confidence about delivery,
mediation and accurate revenue reporting," said Mario Domingo,
Head of Service Creation at Globe.

      Revolutionizing the Process for Third-Party Content

Globe's CSP, powered by 724's Service Management Solution,
simplifies and automates the process for establishing,
integrating and managing relationships with new content
providers, thereby eliminating the traditional network
integration bottlenecks that normally slow a mobile operator's
ability to onboard such revenue-producing premium content
sources.  As a result, Globe is now supporting over 100 third-
party content providers that contribute to the over 900 million
revenue-producing transactions monthly.

"Globe is at the forefront of innovation in value-added
messaging services and has created a thriving data marketplace
for their subscribers," said John Sims, Chief Executive Officer
of 724 Solutions.  "Critical factors such as rapid time-to-
market, creating policies for how transactions occur and
offering unique services contribute to the dynamic nature of the
premium content marketplace in the Philippines and contribute to
Globe's success."

"724's Service Management Solution revolutionized CSP's process
for adding new SMS and MMS premium content services," added
Domingo.  "The integration process was simplified and revenue
sharing is as easy and flexible as selecting an appropriate
business model.  724's impressive dedication to high
performance, scalable and extensible systems provides mobile
operators, like Globe, unlimited new service opportunities that
give us a competitive edge in the premium data services market -
the single largest revenue opportunity in the Asia-Pacific
wireless market."

            About 724's Service Management Solution

This solution standardizes and automates the lifecycle
management of premium content services, enabling mobile
operators and third-party content providers to rapidly create,
manage and deliver a rich portfolio of advanced WAP, J2ME, HTTP,
MMS and SMS-based mobile data services.  The solution routes
traffic and manages transactions between content providers,
mobile operators and subscribers by utilizing a dynamic workflow
capability to implement centralized policies on those
transactions.

                      About 724 Solutions

724 Solutions delivers intelligent any-to-any service message
and traffic handling solutions built upon a common carrier-grade
architecture that allows mobile network operators and virtual
network operators to rapidly deploy flexible and open next-
generation IP-based network and data services.  The company's
solutions enable the Unwired LifestyleTM, 724's vision of
seamless communication without barriers; a vision of how
subscribers will use mobile data services to enhance and enrich
their professional and private lives with services relevant to
their specific needs, with user communities preserved across
generations of technology and with data services as reliable and
ubiquitous as voice services.  724 Solutions is a global company
headquartered in Santa Barbara, California, and with development
centers in Canada, Switzerland and India.  724 Solutions is
privately owned by Austin Ventures.  For more information,
please visit http://www.724.com

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the  
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

On Nov. 3, 2006, Moody's Investors Service affirmed Globe
Telecom, Inc.'s Ba2 senior unsecured foreign currency rating and
changed its outlook to stable from negative.

Globe's foreign currency senior unsecured debt rating of Ba2 is
above the Philippines' foreign currency country ceiling of Ba3.
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 says.

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 Globe's foreign currency bond rating
and the sovereign rating.

As such, Globe'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 Globe.


TOWER RECORDS: Court Sets March 15 Auction Sale of IP Assets
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the bidding procedures proposed by MTS Inc. dba Tower
Records and its debtor-affiliates for the sale of their
intellectual property assets, subject to higher and better
offers.

The IP Assets include the Debtors' website business, including
Tower.com, trademarks, and international licenses.  

The Court set the auction sale for March 15, 2007, 10:00 a.m.
ET, at the offices of Akin Gump Strauss Hauer & Feld LLP, 590
Madison Avenue in New York.

Potential bidders must be able submit a written offer to
purchase any or all of the IP Assets by March 12, 2007.

The prevailing bidder must consummate and fund the sale prior to
4:00 p.m. ET on March 20, 2007, while the back-up bidder must be
able to keep its bid open and irrevocable until the later of
5:00 p.m. ET on March 21, 2006, or the closing of the purchase
by the prevailing bidder.

The Court will convene a hearing at 2:00 p.m. ET on March 19,
2007, to consider the sale of the IP Assets to the winning
bidder.

Objections to the sale, if any, are due on or before noon ET on
March 16, 2007.

                            IP Assets

The IP Assets were part of the Debtors' Court-approved auction
in October 2006, but were never sold due to the inability of the
Debtors to close sale transactions.

On Sept. 6, 2006, the Debtors obtained Court approval for the
sale of substantially all of their assets.  The Debtors' assets
were auctioned in October 2006 in accordance with a consortium
of bids made by multiple parties.  Included in the consortium of
bids was the successful bid of Norton LLC for, among other
things, the Debtors' website business.  

According to the Debtors, the sale of the website business did
not push through because of some business, technical and
operational issues that became apparent in the course of the
negotiations.

                          CIT Obligation

At the commencement of their chapter 11 cases, the Debtors'
capital structure included approximately US$80 million in first
priority secured debt owed to CIT Group/Business Credit Inc. as
well as more than US$70 million of second priority secured debt
asserted by secured trade vendors.  In addition, the Debtors
estimate that they face at least another US$50 million in
unsecured claims.

Proceeds from the October Auction Sale were used to pay in full
the first priority secured debt the Debtors owe CIT.

                        About Tower Records

Headquartered in Sacramento, California, Tower Records --
http://www.towerrecords.com/-- owns and operates 89 stores in  
the United States with 144 additional stores run by licensees in
nine different countries including the Philippines, Hong Kong,
Republic of Ireland, Israel, Colombia, Ecuador, Mexico and
Malaysia.

The Debtor and its affiliates previously filed for Chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and Internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.


TOWER RECORDS: Selects Hilco Merchant as Liquidation Consultant
---------------------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates ask the
United States Bankruptcy Court for the District of Delaware for
authority to employ Hilco Merchant Resources LLC as their retail
inventory liquidation consultant.

Hilco will serve as consultant with respect to the potential
dispute that the Debtors have with the joint venture of the
Great American Group LLC and Hudson Capital Group LLC.

Specifically, Hilco will assist the Debtors and its
professionals in analyzing the appropriate adjustment to the
retail price of merchandise, if any, due to the agent under the
agency agreement and applicable documents governing the conduct
of store closing or going-out-of-business sales for the Debtors.  

At the Debtors' request, Hilco will also communicate with the
Debtors' creditor constituencies and will provide expert witness
testimony on the matter in connection with applicable court
proceedings.

Hilco will be compensated through a percentage fee basis:

  Final Guaranteed Amount (millions)    Percentage Fee
  ----------------------------------    --------------
           US$99.5 - US$100.0                 0%
          US$100.0 - US$101.0                 5%
          US$101.0 - US$102.0                 9%
          US$102.0 - US$103.0                13%
          US$103.0 - US$104.0                17%
          US$104.0 +                         20%

To the best of the Debtors' knowledge, Hilco does not hold
any interest adverse to their estates.

Headquartered in Sacramento, California, Tower Records --
http://www.towerrecords.com/-- owns and operates 89 stores in  
the United States with 144 additional stores run by licensees in
nine different countries including the Philippines, Hong Kong,
Republic of Ireland, Israel, Colombia, Ecuador, Mexico and
Malaysia.

The Debtor and its affiliates previously filed for Chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and Internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.


WEST CORPORATION: Completes TeleVox Acquisition
-----------------------------------------------
West Corporation has completed the acquisition of TeleVox
Software, Inc., a leading provider of communication and
automated messaging services to the healthcare industry.  The
acquisition was announced on Jan. 31, 2007.

Based in Omaha, Nebraska, West Corporation --
http://www.west.com/-- is a leading provider of business   
process outsourcing services.  The company reported revenues of
US$1.7 billion for the 12-month period ending June 30, 2006.  
West operates through 3 business segments: communication
services (55% of revenues), conferencing services (32% of
revenues) and receivable management (13% of revenues).

The company has operations in Manila, Philippines, Mexico and
Jamaica.

On Oct. 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service assigned to West
Corporation:  

   -- a Ba3 first time rating US$2.35 billion senior secured
      credit facility ($2.1 billion term loan and US$250 million
      revolver),

   -- Caa1 ratings to both the company's US$650 million of
      senior unsecured notes and US$450 million of senior
      subordinated notes, and a

   -- a B2 corporate family rating.


*  Fitch Affirms Philippines' 'BB' Rating, Outlook Stable
----------------------------------------------------------
Fitch Ratings, on March 5, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

Fitch noted that there has been a major fiscal adjustment in the
Philippines in recent years.  "An extended period of restrained
spending and the successful implementation of the VAT in 2006
demonstrate the government's clear commitment to fiscal
prudence," said James McCormack, head of Asia Sovereigns at
Fitch.  The primary surplus increased from 0.6% of GDP in 2003
to an estimated 4.1% of GDP last year.  Over the same period,
consolidated general government debt fell by nearly 14
percentage points of GDP, to 58% of GDP.  National government
debt fell by a similar amount, to 65% of GDP.

Despite the improvement in public finances, Fitch said there
were several factors that preclude positive rating actions at
this time.  "Philippine fiscal gains could be at risk without
further significant improvements in tax collection to match new
spending," Mr. McCormack said.  "There are no new tax policies
and, in our view, the various programmes to enhance collection
have yet to deliver meaningful results," he added.  The agency
stated that, leaving aside the one-off VAT gains, tax buoyancy
is weak, and revenue continues to grow only marginally faster
than nominal GDP.  According to Fitch, fiscal flexibility in the
Philippines remains severely constrained, as interest payments
alone account for 30% of government revenue.

The agency also pointed out that the Philippine government debt
burden, while declining, still compares unfavourably with those
of its rating peer group.  There are 21 sovereigns in Fitch's
'BB' category, and government debt is falling in 20 of these
countries.  As a result, Philippine debt ratios are forecast to
be no closer to 'BB' medians by end-2007 than they were in 2002.
The Philippine national government debt:revenue ratio is
expected to be 371% at year-end, compared to the 'BB' median of
166%.

Fitch indicated that strong support for Philippine
creditworthiness is derived from the country's balance of
payments performance, external debt repayment profile and
international liquidity position.  "Given the country's external
finance profile, even a relatively weak fiscal position should
not hamper the sovereign's capacity to repay its foreign debt
obligations," said Mr. McCormack.  Growing remittance inflows
underpin the agency's forecast current account surplus of
US$4.1bn in 2007.  This, in turn, will eliminate the
Philippines' gross external financing requirement (amortization
payments plus the current account balance) this year, which is
unusual for a 'BB' sovereign.  Fitch expects a further
accumulation of official foreign exchange reserves, to US$22.1bn
(excluding gold) by year-end.

The agency noted that, with mid-term congressional elections
looming and a possible increase in political tensions, the build
up of reserves and strong balance of payments fundamentals
provide a positive economic backdrop.  Fitch forecasts GDP
growth of 5.3% for 2007, marking the fourth consecutive year of
growth in excess of 5%.


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

ARMSTRONG INDUSTRIAL: Profit in 2006 Up 24% to SGD12.76 Mil.
------------------------------------------------------------
Armstrong Industrial Corp. Ltd disclosed annual financial
results for the company's group for the year ended December 31,
2006.

Armstrong's consolidated profit after taxation went up 23.7% to
SGD12.76 million for the year ended Dec. 31, 2006, from the
SGD10. 317 million booked in 2005.

The Group's turnover in 2006 grew 10.9% to SGD141.92 million,
compared to SGD127.93 million in 2005.

Profit attributable to the company's equity holders for the year
ended Dec. 31, 2006, is SGD10.24 million, compared with the
SGD8.13 million in 2005.

The company's balance sheet as of Dec. 31, 2006, showed
illiquidity with current assets totaling SDG73.23 million and
current liabilities totaling SGD35.21 million.

Armstrong Industrial's financial report for the year ending Dec.
31, 2006, is available for free at:

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

                     About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg
-- manufactures and sells precision die-cut foam and rubber
molded components for a range of applications, including
insulating, dampening, cushioning, and sealing.  The company
also provides architectural and engineering activities and
related technical consultancy.  The company has manufacturing
presence in Singapore, Malaysia, Thailand, China, Indonesia and
Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


FOMCAS BUILDERS: Pays First and Final Dividend
----------------------------------------------
Fomcas Builders Pte Ltd, which is in liquidation, paid the first
and final dividend to its creditors on March 2, 2007.

The company paid 100% to all admitted preferential claims.

The company's liquidator can be reached at:

         Goh Ngiap Suan
         Goh Ngiap Suan & Co.
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


KHAMNEE ENGINEERING: Pays First and Final Dividend
--------------------------------------------------
Khamnee Engineering And Construction Pte Ltd., which is in
liquidation, paid the first and final dividend to its creditors
on Feb. 23, 2007.

The company paid 62.00% to all admitted claims.

The official receiver can be reached at:

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


METHODE ELECTRONICS: Creditors Must Prove Debts by April 2
----------------------------------------------------------
Methode Electronics China Pte Ltd, which is in members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by April 2, 2007.

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

The company's liquidator can be reached at:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PETROLEO BRASILEIRO: Awards US$150MM Pipe Contract to Technip
-------------------------------------------------------------
Brazilian state oil firm Petroleo Brasileiro has awarded a
US$150-million pipe contract to France's hydrocarbons and
petrochemicals services company Technip, the latter said in a
statement.

Technip said it will perform the engineering, project
management, manufacturing, and testing of six different types of
flexible pipes for Petroleo Brasileiro's Roncador P-54 project.

According to Technip's statement, the project includes 11
production and six water injection undersea wells at water
depths down to 1,740 meters and connected in direct tie-back to
the P-54 floating production, storage and offloading vessel
anchored at a water depth of 1,400 million.

Technip's Rio de Janeiro operations and engineering center will
conduct the engineering and project management.  Meanwhile, the
firm's plant in Vitoria will manufacture the 142 kilometers of
flexible pipes, Business News Americas reports.

                    About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Finds Reserves in Caxareu Field
----------------------------------------------------
Petroleo Brasileiro SA aka Petrobras reported that discovery
well 4-ESS-172-ES (NPA acronym: 4-BRSA-446-ESS) in Caxareu field
has located reservoirs saturated with light oil under a thick
layer of salt at a water depth of 1,011 meters and at a final
depth of 4,862 meters, which have shown to have excellent
productivity in a formation test carried out with a lined well.  
This test indicated potential production may top-out at 10,000
barrels per day, while preliminary geological studies reveal an
in place potential of some 570 million barrels.

This accumulation is situated in old BC-60 block, off the coast
of Espirito Santo, nearly 120 km to the south of the city of
Vitoria and 15 kilometers southeast of the Jubarte oil field.  
It constitutes a new exploratory horizon within the Caxareu oil
field, in northern Campos Basin, which was already declared
commercial to the National Petroleum Agency in December 2006, a
fact that was communicated to the market at the time.

The discovery was identified during the1-ESS-121-ESS well
campaign as part of the Discovery Assessment Plan, in an area
operated by Petrobras, which has 100% of the concession.   
Additional studies will be undertaken to better evaluate the
full potential of this field.

                    About Petroleo Brasileiro

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

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

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

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

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

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


SCOTTISH RE: S&P Holds Ratings Watch on MassMutual/Cerberus Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating
companies remain on CreditWatch with developing implications
following the announcement by the company that the shareholders
have approved the transaction by which MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management L.P.
would provide an equity infusion of US$600 million in a
transaction to close in the second quarter of 2007.

MassMutual Capital and Cerberus Capital will also provide
additional funds for short- and long-term liquidity and capital
needs.  The transaction among the parties is planned to close in
the second quarter of 2007, assuming regulatory approval.  The
shareholder approval is a positive step for Scottish Re.

If the deal closes, Standard & Poor's expects to raise the
counterparty credit rating on Scottish Re Group Ltd. to a level
not likely to exceed 'BB-' and would raise the counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as the ratings on dependent unwrapped
securitized deals related to Scottish Re to levels not likely to
exceed 'BBB-'.  However, in the event the deal is not
consummated, the current ratings would likely be lowered
substantially (three or more notches).  Without the deal, it
would be difficult for Scottish Re to proceed with an orderly
run-off or manage as an operating company.  At the closing of
the proposed equity infusion, Standard & Poor's will evaluate
the ratings based on the terms of the transaction, the financial
and operational profile of the company, and the expected
prospective financial and business profile of Scottish Re.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities


SCOTTISH RE: Shareholders Okay MassMutal Capital & Cerberus Deal
----------------------------------------------------------------
Scottish Re Group Limited's shareholders approved a set of
proposals relating to the investment by MassMutual Capital
Partners LLC and an affiliate of Cerberus Capital Management,
L.P. at an Extraordinary General Meeting of Shareholders that
was held in Hamilton, Bermuda.  The approval of the proposals by
the shareholders represents an important step in the closing of
the transaction, which after receiving regulatory approval, will
result in MassMutual Capital and Cerberus each investing US$300
million into the company for a total equity investment of US$600
million.  Upon close of the transaction, MassMutual Capital and
Cerberus will have a controlling voting equity interest in the
company.

"We are very pleased that our shareholders have approved the
transaction and, on behalf of the board of directors, we thank
them for their support during this difficult period," said Paul
Goldean, Scottish Re's Chief Executive Officer.  "We look
forward to expeditiously closing the transaction and working
with MassMutual Capital and Cerberus to achieve our financial
goals and deliver long-term value to our shareholders."

Pending certain regulatory approvals, the transaction is
expected to close in early second quarter of this year.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities

                        *     *     *

Troubled Company Reporter - Asia Pacific reported on March 07,
2007, that Standard & Poor's Ratings Services said that its
ratings on
Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating
companies remain on CreditWatch with developing implications
following the announcement by the company that the shareholders
have approved the transaction by which MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management L.P.
would provide an equity infusion of US$600 million in a
transaction to close in the second quarter of 2007.

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt, which is rated at Ba3 and preferred stock
ratedat B2.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement, which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% USUS$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org/

March 9, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Kuala Lumpur, Malaysia
        Telephone: +65 6336 6801
          e-mail: zuraidah.ramli@fitchratings.com

March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

March 14, 2007
  Turnaround Management Association
    The Great Debate
      Sydney, Australia
        Web site: http://www.turnaround.org/

March 16, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Taipei, Taiwan
        Telephone: +8862 2514 0580
          e-mail: kathy.chang@fitchratings.com

March 21, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Seoul, South Korea
        Telephone: +822 2076 8364
          e-mail: young.ha@fitchratings.com

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22, 2007
  Turnaround Management Association
    TMA Australia Launch
      Melbourne Hotel, Perth, WA, Australia
        Web site: http://www.turnaround.org/

March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 26, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Hong Kong
        Telephone: +852 2263 9977
          e-mail: carey.kwan@fitchratings.com

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

March 30, 2007
  Turnaround Management Association
    Zinifex/Pasminco - What a ride?
      Ferriers, Melbourne, Australia
        Web site: http://www.turnaround.org/

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***