TCRAP_Public/070308.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

             Thursday, March 8, 2007, Vol. 10, No. 48

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Court Approves Wells Fargo DIP Loan
ADVANCED MARKETING: Court Allows Hiring of Capstone as Advisors
AGCO CORP: Posts US$128.1-Mln. Net Loss in Quarter Ended Dec. 31
CONSTELLATION BRANDS: Share Repurchase Cues Moody's Neg. Outlook
CONSTELLATION BRANDS: Share Repurchase Cues S&P to Cut Ratings

CONSTELLATION BRANDS: Fitch Shaves Issuer Default Rating to BB-
ETC ELECTRONIC: Will Declare Final Dividend on March 27
ETC HOLDINGS: Creditors Must Prove Debts by March 20
ISECURE PTY: To Declare Final Dividend on March 27
ITRON INC: Earns US$33.8 Million in Year Ended December 31

ITRON INC: Makes US$235 Million Private Placement of Equity
KOPPERS HOLDINGS: Dec. 31 Balance Sheet Upside-Down by US$92.4M
NORTHERN BRICK: Enters Voluntary Wind-Up
RONEC HOLDINGS: Members and Creditors Set to Meet on March 30
S.S. CONTAINER: Members and Creditors to Meet on March 30

SECURENET AUSTRALIA: Will Declare Final Dividend on March 27
SOUTHBANK MARKETING: Members Decide to Shut Down Business
TECHNOVA PTY: Members & Creditors' Meeting Set for March 30
UNITED NETWORKS: Members and Creditors to Hear Wind-Up Report
WATKINS GROUP: Liquidators to Present Wind-Up Report


C H I N A   &   H O N G  K O N G

ANDI (HONG KONG): Liquidator Quits Post
AUXMAN INVESTMENT: Ha Yue Fuen, Henry Resigns as Liquidator
BANK OF COMMUNICATIONS: Analysts Expect 43% Profit Rise in 2006
BANK OF COMMUNICATIONS: HSBC In Talks to Maintain 19.9% Stake
CHINA MERCHANTS: Head Says Net Profit Up to 50%

CLASSIC FINE: Members to Receive Wind-Up Report
MITTOLAND LIMITED: Commences Liquidation Proceedings
ORIENT EXPRESS: Members' Final General Meeting Set for April 3
HUA CHIAO: Members' Meeting Slated for April 2
KUNQU SOCIETY: Members' Final Meeting Slated for April 18

PROFESSIONAL HAN: Final Meeting Slated for April 18
TCL CORP: Expects to Record Profit in 2007
UNIVERSAL ALUMINIUM: Members & Creditors Set to Meet on April 4


I N D I A

AES CORP: Appoints Andres Gluski As Executive Vice President
BHARTI AIRTEL: Bids for Saudi Arabia's Mobile License
CANARA BANK: Sets Up Life Insurance JV with HSBC & Oriental Bank
CANARA BANK: Government Appoints Vani J. Sharma to Director Post
EMCO LTD: 4th Quarter 2006 Net Profit Rises 64% to INR99 Million

EMCO LTD: To Declare Interim Dividend for FY 2006-07
HDFC BANK: To Allot 2,73,300 Equity Shares Under ESOS
ROYAL & SUN: Completes Disposal of U.S. Businesses to Arrowpoint


I N D O N E S I A

ALCATEL-LUCENT: European Group Committee Meeting Set on March 16
ALCATEL-LUCENT: Inks Multi-Year Pact with University in Sydney
ANEKA TAMBANG: 2006 Unaudited Net Profit Up 85% to US$173 Mil.
COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
GARUDA INDONESIA: Jet Crashes on Landing in Yogyakarta

GENERAL NUTRITION: Consent Deadline on Senior Notes Expires
TELKOMSEL: Adds Two Million New Subscribers this Year


J A P A N

FORD MOTOR: Signs Deal Selling APCO to Trident IV
GAP INC: Earns US$219 Million for Period Ended February 3
NIKKO CORDIAL: S&P Puts Group Companies' Ratings on CreditWatch
NIKKO CORDIAL: Fitch Revises Rating Watch To Evolving
NIKKO CORDIAL: Moody's To Review Issuer Ratings for Upgrade

TENNECO INC: Moody's Rates US$830 Million Loans at Ba1
TENNECO INC: S&P Rates Planned US$830 Mil. Bank Facilities at BB
TENNECO INC: Timothy Donovan Resigns as Executive Vice-President


K O R E A

ACTUANT CORP: Inks Third Amendment to JP Morgan Credit Agreement
ARAMARK CORP: Subsidiary Inks Beverage Service Deal with NetJets
BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mil.
CURON INC: Amends KRW2.37-Billion Contract with Ubistar
CURON INC: Names Kim Seh Il as New CEO

CURON INC: Completes 12.5-Mil. Rights Issue
DURA AUTOMOTIVE: Wants Exclusive Plan-Filing Period Extended
MIJU STEEL: Establishes Overseas Subsidiary in Hong Kong
WOORI BANK: Group Chairman to Focus on Privatization
WOORI BANK: Regularizes 3,000 Contract Workers


M A L A Y S I A

CRIMSON LAND: Incurs MYR1.77-Mil. Net Loss in Qtr Ended Dec. '06
CYGAL BERHAD: Incurs MYR9.72-Million Net Loss in 4th Quarter '06
EKRAN BERHAD: Asks for Further Extension of Plan Filing Deadline
EKRAN BERHAD: Updates on Default Status as of February 2007
FA PENINSULAR: Dec. 31 Balance Sheet Upside Down by MYR6.22 Mil.

FCW HOLDINGS: Gains MYR2.32 Mil. in 2nd Quarter Ended Dec. 31
FEDERAL FURNITURE: Shareholders' Deficit at MYR17.67M in Dec. 31
FOREMOST HOLDINGS: Discloses Proposals Under Regularization Plan
HALIFAX CAPITAL: Affin Bank Quits Post as Restructuring Adviser
SATERAS RESOURCES: Bursa to Delist Securities on March 21


N E W   Z E A L A N D

AIR NEW ZEALAND: Reaches Agreement with EPMU; SFWU Rejects Deal
AIR NEW ZEALAND: Gov't. Should Sell Stake, Aviation Report Says
ARIKI PROPERTIES: Court to Hear Wind-Up Petition on April 19
CLEAR CHANNEL: Urges Shareholders to Vote for Proposed Merger
DOUG TAYLOR: Faces Liquidation Petition

EFL(NEW ZEALAND): Wind-Up Hearing Set on March 15
GENTRY RESIDENTIAL: Names Blanchett and Fatupaito as Liquidators
MARKDOWN MARINE: CIR Wants to Liquidate Company
MAYFIELD ENTERPRISES: CIR Wants to Liquidate Company
NEROBBY HOLDINGS: CIR Seeks to Liquidate Company

PLUS SMS: CRE8 Acquires Multiecast Limitada
PULZAR SOUND: Court to Hear Wind-Up Petition on March 12
SPACE INTERACTION: Wind-Up Petition Hearing Slated for March 15
STONEDON TRUSTEE: Faces Liquidation Proceedings


P H I L I P P I N E S

CHIQUITA BRANDS: Delays Annual Report Filing
CHIQUITA BRANDS: Unit Rejects 3K Boxes of Coosemupar Bananas
GEOGRACE RESOURCES: To Issue 1:3.5 Stock Rights
RIZAL COMMERCIAL BANKING: SEC Approves Increase in Capital
PHIL. LONG DISTANCE: 2006 Net Income Rises to PHP35.32 Billion


S I N G A P O R E

ADVANCED MICRO: May Not Meet First Quarter 2007 Revenue Target
PETROLEO BRASILEIRO: To Hold Shareholders Meetings on April 2
SHIP FINANCE: Earns US$180.8 Million for Full Year 2006
SPECTRUM BRANDS: To Hold Annual Shareholders' Meeting on Apr. 25


T H A I L A N D

DAIMLERCHRYSLER AG: Blackstone is Lead Contender for U.S. Unit
FEDERAL-MOGUL: Ernst & Young Raises Going Concern Doubt
ITV PCL: Goes Off The Air As Government Gears for Take-Over
TRUE MOVE: Expects to Break Even in 2007

     - - - - - - - -

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

ADVANCED MARKETING: Court Approves Wells Fargo DIP Loan
-------------------------------------------------------
Judge Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware has granted authority to
Advanced Marketing Services Inc. and its debtor-affiliates, on a
final basis, to dip their hands into the DIP financing facility
arranged by Wells Fargo Foothill Inc.

The Court also authorized and empowered Debtors to immediately
obtain the Postpetition Financing and incur the Obligations
pursuant to the terms and conditions of the final DIP ruling and
the Loan Documents.

The Debtors are also authorized to enter into, execute, deliver,
perform, and comply with all of the terms and covenants of the
Loan Agreement and other Loan Documents, Judge Sontchi notes.

As reported in the Troubled Company Reporter on Jan. 10, 2007,
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware, at a hearing on Jan. 3, 2007,
authorized Advanced Marketing Services Inc., and its debtor-
affiliates, on an interim basis, to dip their hands into the DIP
financing facility arranged by Wells Fargo Foothill.

The Debtors sought the Court's authority to obtain from Foothill
and the Senior Lenders, though the DIP Loan Facility, cash
advances and other extensions of credit in an aggregate
principal amount of up to US$75,000,000.

The DIP Facility provides, among other things, that each Lender
with a Revolver Commitment agrees to make Advances to the
Debtors at any one time in amounts not exceeding the Lender's
Pro Rata Share of an amount equal to the lesser of (i) the
Maximum Revolver Amount -- presently set at US$75,000,000 --
less the Letter of Credit Usage, or (ii) the Borrowing Base less
the Letter of Credit Usage.

     Lender                                 Revolver Commitment
     ------                                 -------------------
     Wells Fargo Foothill, Inc.                US$37,500,000
     LaSalle Business Credit, LLC              US$16,500,000
     Marathon Structured Finance Fund, L.P.     US$8,250,000
     Capitalsource Finance LLC                 US$12,750,000

A full-text copy of the Final DIP Ruling is available for free
at http://researcharchives.com/t/s?1a2e

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

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


ADVANCED MARKETING: Court Allows Hiring of Capstone as Advisors
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved Advanced Marketing
Services Inc. and its debtor-affiliates' application to employ
Capstone Advisory Group LLC as their financial advisors in their
Chapter 11 cases.

Capstone will be entitled to allowance of compensation and
reimbursement of expenses, upon the filing and Court approval of
monthly, interim, and final applications, Judge Sontchi says.

Judge Sontchi notes that the consideration of the "Success Fee"
is continued until that time as Capstone seeks Court approval
and provides notice to interested parties for it.  The rights of
all parties with respect to any application are hereby reserved.

The Debtors will have no obligation to indemnify Capstone, or to
provide contribution or reimbursement to Capstone, for any claim
or expense that is judicially determined -- the determination
having become final -- to have arisen from Capstone's gross
negligence, willful misconduct or bad faith, Judge Sontchi says.

The Debtors formerly asked the Court for permission to employ
Capstone Advisory Group LLC as their financial advisors in their
chapter 11 cases.

Specifically, the Debtors will look to Capstone to:

   (a) analyze and challenge the Debtors' short-term and long-
       term cash flow forecasts;

   (b) assist management, as appropriate, in developing
       corresponding liquidity analysis;

   (c) analyze the Debtors' business plan and any alternative
       business plans suggested by the Debtors;

   (d) assist the Debtors and their advisors in identifying and
       evaluating strategic financial and restructuring
       alternatives;

   (e) support or assist investment banks of the Debtors in
       their efforts to sell or restructure the business entity;

   (f) act as a liaison between the Debtors and their investment
       bankers;

   (g) assist in providing data and information requested by
       Houlihan, Lokey, Howard & Zukin Capital Inc., in its
       efforts to market and refinance the Debtors;

   (h) assist Houlihan Lokey in its efforts to market or
       refinance the Debtors;

   (i) assist Houlihan, Lokey in identifying and executing an
       alternative transaction that best meets the objectives of
       the Debtors' and their estates; and

   (j) perform other tasks as may be requested by the Debtors
       from time to time.

Mark D. Collins, Esq., at Richards, Layton & Finger, PA, in
Wilmington, Delaware, related that Capstone specializes in
providing creative value-added solutions for stakeholders,
lenders and investors dealing with distressed and fraud
situations; for parties in commercial disputes; and for lenders
and investors evaluating capital transactions.

Capstone has provided services to the Debtors since May 2006.
At that time, Capstone was hired, through the Debtors' counsel,
O'Melveny & Myers LLP, to review the Debtors' short-term and
long-term financial forecasts, and assist the Debtors in
identifying and evaluating restructuring alternatives.

The Debtors also previously sought to employ Focus Management
Group U.S.A. Inc. as their financial advisors in a request
approved by the Court.  Mr. Collins said that Focus was retained
prior to Capstone and Focus' familiarity with the Debtors'
books, records, and financial reporting has aided Capstone's
provision of financial analysis and advisory services.
Furthermore, the Debtors, Focus, and Capstone have conferred and
will continue to do so to ensure there is no duplication of
effort or overlap of work between and among Focus and Capstone
in order to ensure that the Debtors estates receive their
maximum value.

"Focus will be working on a number of projects either in
conjunction with Capstone or under the supervision of Capstone,"
Mr. Collins says.

The Debtors will pay Capstone hourly rates on actual hours
worked at Capstone's standard hourly rates in effect when the
services are rendered.  Capstone's hourly rates are:

   Designation                    Hourly Rate
   -----------                    -----------
   Executive Directors          US$505 - US$595
   Staff                        US$275 - US$475
   Support                       US$90 - US$200

The Capstone employees that are expected to be directly
responsible for the engagement and their hourly rates are:

   * Mark Rohman, Capstone Executive Director -- US$595
   * Monique Atkins -- US$450

Mr. Collins noted that there will be a fee awarded to Capstone
upon the completion of a successful sale or refinancing of the
Debtors, equal to 30% of any transaction fee or financing fee
paid by the Debtors to Houlihan Lokey.

In addition, Mr. Collins stated that Capstone will be reimbursed
for all reasonably incurred out-of-pocket expenses in connection
with the rendering of services.  These include travel, lodging,
costs of reproduction, reasonable out-of-pocket counsel fees,
and other direct expenses.

The Debtors will also indemnify Capstone for its services.

Mr. Rohman assured the Court that Capstone and its partners and
associates do not have any connection with or any adverse
interest to the Debtors, their creditors, or any other parties-
in-interest.

If, before the earlier of (a) a final order confirming a Chapter
11 plan in the Debtors' bankruptcy cases, or (b) an order
closing the Debtors' Chapter 11 cases, Capstone believes that it
is entitled to the payment of any amounts by the Debtors on
account of the Debtors' indemnification, contribution, and
reimbursement obligations under its employment agreement with
the Debtors, Capstone must file an application with the Court
and the Debtors may not pay any of those amounts before any
Court ruling approving the payment.

Upon Court approval, the Debtors may indemnify Capstone,
pursuant to the terms of the Employment Agreement as amended in
the Debtors' employment application, for any claim related to
Capstone's performance of the services described in the
Employment Agreement.

Judge Sontchi further ruled that upon Court approval and in
accordance with the Employment Agreement as amended in the
Employment Application, the Debtors may indemnify and hold
harmless Capstone for any claim related to the consulting
services, but not for any claim related to Capstone's
postpetition performance of any services other than described in
the Employment Agreement unless the postpetition services and
indemnification are approved by the Court.

                    About Advanced Marketing

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

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


AGCO CORP: Posts US$128.1-Mln. Net Loss in Quarter Ended Dec. 31
----------------------------------------------------------------
Agco Corp. reported results for its fourth quarter and year
ended Dec. 31, 2006.

The company reported a net loss of US$128.1 million for the
fourth quarter of 2006.  The fourth quarter 2006 results
reflected a non-cash goodwill impairment charge of
US$171.4 million associated with the company's Sprayer business.
Adjusted net income, which excluded restructuring and other
infrequent expenses and the non-cash goodwill impairment charge,
was US$38.8 million for the fourth quarter of 2006.  AGCO
reported a net loss of US$63.8 million and adjusted net income
of US$26.9 million for the fourth quarter of 2005.  Net sales
for the fourth quarter of 2006 were US$1.6 billion, an increase
of 18% compared to US$1,384.9 million of the same period in
2005.

The company reported a net loss of US$64.9 million for the full
year.  Adjusted net income, which excludes restructuring and
other infrequent expenses and the non-cash goodwill impairment
charge, was US$102.7 million for the full year of 2006.  Net
income for the full year of 2005 was US$31.6 million.  Adjusted
net income, which excludes restructuring and other infrequent
income, costs associated with a June 2005 bond redemption, and a
non-cash deferred income tax adjustment, was US$31.6 million for
the full year of 2005.  Net sales for the full year of 2006 were
US$5.4 billion, which were slightly below the prior year.

Excluding the impact of currency translation, AGCO's net sales
increased 11.1% during the fourth quarter and decreased 2.4% for
the full year of 2006 compared to the same periods in 2005.

In the fourth quarter of 2006, net sales increased in the South
America and Europe/Africa/Middle East regions, partially offset
by sales declines in the North America and Asia/Pacific regions.
For the full year of 2006, net sales declined in the North
America, South America and Asia/Pacific regions, partially
offset by sales increases in the Europe/Africa/Middle East
region.  The European sales growth was led by strong results in
Germany and Eastern Europe where market conditions improved in
2006.  Net sales in North America in 2006 were significantly
lower compared to 2005 primarily due to weaker market conditions
and lower deliveries to dealers, resulting in a reduction in
dealer inventory levels.  In the South America and Asia/Pacific
regions, weaker market conditions contributed to the sales
decline.

Adjusted income from operations increased $28.1 million for the
fourth quarter of 2006 compared to the same period in 2005
primarily due to increased sales achieved in the quarter.  For
the full year of 2006, adjusted income from operations decreased
US$33.4 million compared to 2005 resulting from sales declines
and lower production levels.  Unit production of tractors and
combines for the full year of 2006 was 9% below 2005.

"AGCO delivered record free cash flow in 2006," Martin
Richenhagen, Chairman, President and Chief Executive Officer,
stated.  "The company's working capital focus throughout the
year resulted in free cash flow of over $300 million and enabled
it to further strengthen its balance sheet.  During 2006, AGCO
reduced its net debt to capital ratio from 30% to 20% and
lowered its net debt by US$244 million.  Working capital
management will continue to be a major focus in 2007."

As disclosed in AGCO's third quarter 2006 Form 10-Q, the company
performed its annual impairment testing of goodwill and other
intangible assets in accordance with SFAS No. 142 during the
fourth quarter.  As a result of this analysis, the company
determined that the total carrying amount of goodwill associated
with its Sprayer business should be written off, and, therefore,
the company recorded a non-cash goodwill impairment charge of
US$171.4 million during the fourth quarter.  The company
remained committed to its Sprayer business and has strategies in
place to strengthen the Sprayer distribution network, enhance
the product line and improve future operating results.

At Dec. 31, 2006, AGCO Corp.'s balance sheet showed
US$4.114 billion in total assets and US$2.620 billion in total
liabilities, with US$1.5 billion in total stockholders' equity.

                        About Agco Corp.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


CONSTELLATION BRANDS: Share Repurchase Cues Moody's Neg. Outlook
----------------------------------------------------------------
Moody's lowered Constellation Brand's corporate family rating to
Ba3 from Ba2 and affirmed its SGL-2 after the company reported a
new US$500 million share repurchase program.  The outlook was
changed to stable from negative.

Ratings lowered:

   * Corporate Family Rating to Ba3 from Ba2

   * Senior notes and senior secured bank facility to Ba3, LGD4,
     50% from Ba2, LGD3, 49%

   * Senior sub notes to B2, LGD6, 96% from B1, LGD6, 95%

   * Probability of default rating to Ba3 from Ba2

The company's Speculative Grade Liquidity rating was affirmed at
SGL-2.

The downgrade was prompted by the higher leverage that will
result from the debt-funded share buyback as well as Moody's
view that the buyback represents a shift to a more aggressive
financial policy.  The buyback announcement follows the February
announcement of the acquisition of Svedka vodka for US$384
million and follows on the heels of a string of other, larger
acquisitions, the most recent of which, Vincor, closed less than
one year ago.  Although the company has historically
demonstrated an ability to quickly integrate acquisitions, repay
debt and restore credit metrics, leverage improvement following
the last acquisition has been delayed due to a restructuring
plan announced in the fall and the swiftness of the subsequent
acquisition and buyback plan.

Moody's had maintained a negative outlook in the wake of the
last acquisitions citing that there was little room at the
current rating level for additional leverage.  The negative
outlook reflected continued concern about Constellation's
aggressive financial policy and acquisition strategy,
integration risk, and the resulting pressures on its financial
and business profile. Using Moody's alcoholic beverage
methodology grid, most of the company's financial ratios will be
in the B range after the share repurchase, while most of the
qualitative measures remain in the Baa range.

Following the downgrade, the rating outlook is stable reflecting
the company's solid business franchise, good product and
geographic diversity, strong margins and the expectation that
cash flow generation will continue to be solid as well as the
view that the company's current leverage can be tolerated at
this rating level.

Further rating downgrade is unlikely absent severe operation
performance deterioration, a very large increase in debt or an
exogenous event.  Debt to Ebitda exceeding 6 times could lead to
a downgrade.

An upgrade could result if the company sustains strong operating
performance over the medium term and management shows a
commitment to permanently reduce leverage levels such that Debt
to Ebitda is sustained below 5x and Ebit to Interest remains
above 3x, per Moody's definitions.

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan and
New Zealand


CONSTELLATION BRANDS: Share Repurchase Cues S&P to Cut Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Fairport, New York-based Constellation Brands Inc., including
its corporate credit and bank loan ratings to 'BB-' from 'BB'.
The outlook is stable.

"The rating actions follow Constellation Brands' announcement
that the company's Board of Directors has authorized the
repurchase of up to $500 million of its common stock, and
reflects our opinion that the company will continue to maintain
a highly leveraged capital structure over the near to
intermediate term," said Standard & Poor's credit analyst Mark
Salierno.

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan and
New Zealand


CONSTELLATION BRANDS: Fitch Shaves Issuer Default Rating to BB-
---------------------------------------------------------------
Fitch Ratings has downgraded its ratings on Constellation Brands
Inc. (STZ):

   -- Issuer Default Rating to 'BB-' from 'BB';
   -- Bank credit facility to 'BB-' from 'BB';
   -- Senior unsecured notes to 'BB-' from 'BB';
   -- Senior subordinated notes to 'B+' from 'BB-'.

The Rating Outlook has been revised to Negative.

Fitch's ratings apply to STZ's US$3.9 billion credit facilities,
US$1.2 billion of senior unsecured debt, and US$250 million of
senior subordinated notes.

The downgrade and Outlook revision reflect STZ's disclosure that
a US$500 million share repurchase program has been authorized on
top of the pending SVEDKA acquisition.  The company's debt
levels are expected to be meaningfully higher in fiscal 2008
ending Feb. 29, 2008, than originally anticipated, even
considering the Vincor acquisition, and demonstrate management's
willingness to operate at higher leverage levels.  In addition,
ongoing difficulties in its U.K. operations and plans to reduce
U.S. distributor inventory levels in 2008 will affect cash flow
in fiscal 2008, limiting any improvement in credit measures
despite a full-year contribution from Vincor.

The company completed the acquisition of Vincor on June 5, 2006
for US$1.4 billion following major acquisitions of BRL Hardy
Ltd. for US$1.2 billion in 2003 and Robert Mondavi Corp. for
US$1.4 billion in 2004.  Since December 2004, STZ has also made
many niche acquisitions including minority positions.  These
acquisitions have provided STZ with leading market positions and
a broad portfolio of wine, spirits and beer in diversified
global markets.

Over the intermediate term, it is likely that the company will
continue to make acquisitions that could result in financial and
operational stress.  Leverage has increased as a result of
successive acquisitions financed primarily with debt, with a
significant increase in interest expense.  STZ has an excellent
track record of integrating such acquisitions.  The company had
applied cash flow to reduce debt, support capital spending, and
restructure acquired operations to enhance productivity and was
able to sell non-essential assets.  This previous pattern of
reducing debt prior to taking on additional acquisitions appears
to have been broken and the company may be becoming more
aggressive regarding stock repurchases.

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan and
New Zealand

                           *     *     *

Moody's Investors Service assigned a Ba2 rating to Constellation
Brands, Inc.'s new US$3.5 billion secured credit facility, which
replaced its US$2.9 billion secured credit facility.  The US$1.3
billion incremental add-on facility, which was proposed at the
time of the Vincor International Inc. acquisition announcement,
was never executed and the rating has been withdrawn.
Constellation's existing ratings are not affected by these
actions, and have been affirmed.  The ratings outlook remains
negative. Ratings affirmed:

   * US$200 million 8.625% senior unsecured notes, due 2006, Ba2
   * US$200 million 8% senior unsecured notes, due 2008, Ba2
   * GBP 80 million 8.5% senior unsecured notes, due 2009, Ba2
   * GBP 75 million 8.5% senior unsecured notes, due 2009, Ba2
   * US$250 million 8.125% senior subordinated notes, due 2012,
     Ba3
   * Ba2 Corporate Family Rating
   * The SGL-2 Speculative Grade Liquidity rating


ETC ELECTRONIC: Will Declare Final Dividend on March 27
-------------------------------------------------------
ETC Electronic Trading Concepts Pty Limited will declare a final
dividend on March 27, 2007.

Creditors who cannot prove their debts by March 20, 2007, will
be excluded in the dividend distribution.

Moreover, the company will hold a final meeting for its members
on April 3, 2007, at 10:30 a.m.

In a report by the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Nov. 2, 2006.

The company's liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                      About ETC Electronic

Located in Victoria, Australia, ETC Electronic Trading Concepts
Pty Limited provides business services.


ETC HOLDINGS: Creditors Must Prove Debts by March 20
----------------------------------------------------
ETC Holdings Pty Limited requires its creditors to prove their
debts by March 20, 2007.

Creditors who cannot prove their debts by the due date will be
excluded in the company's declaration of dividend on March 27,
2007.

The company's members will also hold a final meeting on April 3,
2007, at 10:30 a.m. to receive the company's wind-up report and
property disposal.

The company entered wind-up proceedings on Nov. 2, 2006, as
reported by the Troubled Company Reporter - Asia Pacific.

The company's liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                       About ETC Holdings

Located in New South Wales, Australia, ETC Holdings Pty Limited
is a distributor of durable goods.


ISECURE PTY: To Declare Final Dividend on March 27
--------------------------------------------------
A final dividend will be declared for the creditors of Isecure
Pty Ltd on March 27, 2007.

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

Moreover, the company's members will meet on April 3, 2007, at
10:30 a.m., for their final meeting.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Nov. 2, 2006.

The company's liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                        About Isecure Pty

Headquartered in ACT, Australia, Isecure Pty Ltd provides
security systems services.


ITRON INC: Earns US$33.8 Million in Year Ended December 31
----------------------------------------------------------
Itron Inc. reported net earnings of US$33.8 million on total
revenues of US$644 million for the year ended Dec. 31, 2006,
compared with net earnings of US$33.1 million on total revenues
of US$552.7 million a year ago.

Sales revenues increased US$90.7 million in 2006, compared with
2005, as a result of increased sales of electricity meters,
automated meter reading gas modules and installation services.

Service revenues, consisting of post-sale maintenance support
and outsourcing revenues, increased slightly in 2006, compared
with 2005.

One customer, Progress Energy, represented 16% of total revenues
for the year ended Dec. 31, 2006.  No single customer
represented more than 10% of total revenues for 2005.

Sales gross margin was US$244.8 million in 2006, compared to
US$211.8 million in 2005.  As a percentage of revenue, this was
slightly lower compared with 2005, due to a shift in product
mix, including a higher portion of installation services.
Service gross margin was US$22.7 million in 2006, compared with
US$21.8 million in 2005.

Operating expenses increased to US$205.7 million in 2006, from
US$187.4 million in 2005.  The increase in total operating
expenses is mainly due to approximately US$8.3 million
associated with the company's adoption of SFAS 123(R), which
requires expensing of stock-based compensation, and the
US$11.7 million increase in product development expenses, mainly
due to the development of the company's advanced metering
infrastructure (AMI) solution.

Total other expense was US$9.5 million in 2006, compared to
US$18.7 million in 2005.  The decrease in other expense was
mainly due to the increase in interest income to US$9.5 million
in 2006, from interest income of US$302,000 in 2005.

The company recorded income tax expenses of US$18.5 million in
2006, compared with an income tax benefit of US$5.5 million in
2005.  The  2005 actual income tax rate was a benefit of 20%,
which was lower than the statutory tax rate due to the benefit
of research credits and the completion of a research credit
study for the years 1997 through 2004, in which the company
recognized a US$5.9 million net tax credit as an offset to the
provision for income taxes.

In addition, as part of a reorganization of the company's legal
entities for operational efficiencies, the company recognized
US$8 million in deferred tax assets from prior years that had
been fully reserved, associated primarily with certain foreign
operations.

At Dec. 31, 2006, the company's balance sheet showed
US$988.5 million in total assets, US$597.5 million in total
liabilities, and US$391 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1ab6

                     Cash and Cash Equivalents

At Dec. 31, 2006, the company had US$361,405 in cash and cash
equivalents, compared to US$33,638 at Dec. 31, 2005.  The
increase in cash and cash equivalents during 2006 resulted from
US$345 million of convertible notes issued in August 2006, the
proceeds of which were placed in cash equivalents and short-term
investments with the intent to invest in complementary
businesses, products or technologies.

                          About Itron Inc.

Itron Inc., -- http://www.itron.com/-- is a technology provider
and critical source of knowledge to the global energy and water
industries.  Nearly 3,000 utilities worldwide rely on Itron
technology to provide the knowledge they require to optimize the
delivery and use of energy and water.  Itron creates value for
its clients by providing industry-leading solutions for
electricity metering; meter data collection; energy information
management; demand response; load forecasting, analysis and
consulting services; distribution system design and
optimization; web-based workforce automation; and enterprise and
residential energy management.

Itron has operations in Taiwan, Australia and New Zealand.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Itron Inc.  The
rating on the company's US$55 million Senior Secured Revolver
due 2009 was revised to Baa3 from Ba3.  Those debentures were
assigned an LGD1 rating suggesting creditors will experience a
3% loss in the event of default.

Additionally, Moody's revised its ratings on the company's
US$125 million 7.875% Subordinate Notes due 2012 to Ba1 from B2.
Moody's assigned those debentures an LGD2 rating suggesting a
projected loss-given default of 25%.

Troubled Company Reporter - Asia Pacific reported that Standard
& Poor's Ratings Services assigned its 'B' rating to Itron
Inc.'s US$345 million convertible senior subordinated notes due
Aug. 1, 2026.  At the same time, Standard & Poor's affirmed all
of its other ratings, including its 'BB-' corporate credit
rating, on the meter data technology provider.  The notes are
rated two notches below the corporate credit rating and are pari
passu in terms of payment with the company's existing
subordinated notes, which are also rated 'B'. Itron intends to
use the proceeds for future acquisitions and/or general
corporate purposes.


ITRON INC: Makes US$235 Million Private Placement of Equity
-----------------------------------------------------------
Itron Inc. has agreed to sell 4,086,958 shares of its common
stock to ten institutional investors in a private placement at a
price of US$57.50 per share, based on a 5% discount from the
five-day average share closing price during the week of Feb. 12,
2007, of US$60.52.  The transaction is expected to generate
gross proceeds to Itron of US$235 million before fees and other
offering expenses.  Net proceeds will be used to partially fund
the acquisition of Actaris Metering Systems.  The sale will be
completed on March 1, 2007, subject to customary closing
conditions.

The shares being sold have not been registered under the
Securities Act of 1933 or any state securities laws and, until
so registered, may not be offered or sold in the United States
or any state absent an applicable exemption from registration
requirements.  This announcement does not constitute an offer to
sell, nor is it a solicitation of an offer to buy, these
securities.  Pursuant to the terms of the securities purchase
agreement with the private placement investors, the Company has
agreed to register re-sales of the shares not more than 75 days
from the date of closing of the Actaris acquisition.

Itron Inc., -- http://www.itron.com/-- is a technology provider
and critical source of knowledge to the global energy and water
industries.  Nearly 3,000 utilities worldwide rely on Itron
technology to provide the knowledge they require to optimize the
delivery and use of energy and water.  Itron creates value for
its clients by providing industry-leading solutions for
electricity metering; meter data collection; energy information
management; demand response; load forecasting, analysis and
consulting services; distribution system design and
optimization; web-based workforce automation; and enterprise and
residential energy management.

Itron has operations in Taiwan, Australia and New Zealand.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Itron Inc.  The
rating on the company's US$55 million Senior Secured Revolver
due 2009 was revised to Baa3 from Ba3.  Those debentures were
assigned an LGD1 rating suggesting creditors will experience a
3% loss in the event of default.

Additionally, Moody's revised its ratings on the company's
US$125 million 7.875% Subordinate Notes due 2012 to Ba1 from B2.
Moody's assigned those debentures an LGD2 rating suggesting a
projected loss-given default of 25%.

Troubled Company Reporter - Asia Pacific reported that Standard
& Poor's Ratings Services assigned its 'B' rating to Itron
Inc.'s US$345 million convertible senior subordinated notes due
Aug. 1, 2026.  At the same time, Standard & Poor's affirmed all
of its other ratings, including its 'BB-' corporate credit
rating, on the meter data technology provider.  The notes are
rated two notches below the corporate credit rating and are pari
passu in terms of payment with the company's existing
subordinated notes, which are also rated 'B'. Itron intends to
use the proceeds for future acquisitions and/or general
corporate purposes.


KOPPERS HOLDINGS: Dec. 31 Balance Sheet Upside-Down by US$92.4M
---------------------------------------------------------------
Koppers Holdings Inc. reported net income of US$15.2 million on
sales of US$1.159 billion for the year ended Dec. 31, 2006,
compared with net income of US$9.9 million on sales of 1.03
billion for the year ended Dec. 31, 2005.  Fiscal year sales
were positively impacted by US$55.8 million of sales related to
the acquisition of certain assets of Reilly Industries and
increased pricing for most product lines.

The increase in net income was due to higher pricing and
US$5.2 million of non-conventional fuel tax credits in 2006,
along with $4.6 million of pre-tax legal and restructuring
charges in the prior year period, which more than offset
US$25.3 million of pre-tax charges relating primarily to the
Feb. 6, 2006, initial public offering, plant and benefit
restructuring and the loss on sale of Alorton.

Net income for the quarter ended Dec. 31, 2006, increased to
US$3.8 million as compared to US$500,000 in the prior year
quarter. Net income for the quarter benefited from higher
chemicals pricing and synergies related to the Reilly Industries
transaction.

The company's sales for the fourth quarter ended Dec. 31, 2006,
increased to US$282.6 million, as compared to US$262.3 million
for the prior year quarter.  This increase was a result of
higher sales in the Carbon Materials & Chemicals segment, which
increased 22%, or US$33.1 million.

Commenting on the quarter and year 2006, President and CEO
Walter W. Turner said, "We are very pleased with our fourth
quarter and year 2006 results, which have exceeded expectations
despite unforeseen conditions regarding the availability of coal
tar.  The fourth quarter and year 2006 results also reflect the
synergies derived from the Reilly transaction.  Looking ahead,
we are optimistic about 2007 as we anticipate a full year of
benefits from the Reilly transaction, additional sales and
profit as a result of the expansion of our carbon black plant in
Australia, and the beginning of construction of our new joint
venture in China.  We continue to benefit from strong demand
within our primary end markets, aluminum and railroads, as well
as our focus on enhancing cash flow and our strict adherence to
safety, health and environmental regulations."

At Dec. 31, 2006, the company's balance sheet showed
US$649.4 million in total assets, US$729.6 million in total
liabilities, and US$12.2 million in minority interest, resulting
in a US$92.4 million total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1aab

                           Net Cash Flows

As of Dec. 31, 2006, the company had US$24.4 million of cash and
cash equivalents and US$61.2 million of unused revolving credit
availability for working capital purposes after restrictions by
various debt covenants and certain letter of credit commitments.

Net cash provided by operating activities for the year ended
Dec. 31, 2006, was US$31.6 million, compared with US$58.1
million for the previous year.  The decrease was due primarily
to the payment of a call premium of US$10.1 million for the
redemption of US$101.7 million of the Senior Secured Notes,
US$1.1 million of bond consent fees, US$3 million for the buyout
of the advisory services agreement with Saratoga Partners, the
company's former majority equity owner, and US$2.6 million for
the New Zealand Commerce Commission settlement.

Net cash used in investing activities increased to US$71.2
million for the year ended Dec. 31, 2006, from net cash used in
investing activities of US$28.3 million in 2005, primarily as a
result of the Reilly acquisition, capital expenditures related
to the Lambson Speciality Chemicals Limited acquisition in the
United Kingdom, and the carbon black facility expansion in
Australia.

Net cash provided by financing activities was $38 million for
the year ended Dec. 31, 2006, compared to net cash used in
financing activities of US$44.7 million during 2005, primarily
due to proceeds of US$121.8 million from the issuance of stock
in the company's initial public offering.  The proceeds of said
IPO was used to redeem US$101.7 million of the Senior Secured
Notes due 2013, to pay a related call premium of US$10.1
million, and to pay US$9.6 million of stock issuance expenses
related to the offering.

                         About Koppers

Koppers Holdings Inc., (NYSE: KOP) -- http://www.koppers.com/--
with corporate headquarters and a research center in Pittsburgh,
Pennsylvania, is an integrated producer of carbon compounds and
treated wood products.  Including its joint ventures, Koppers
operates facilities in the United States, United Kingdom,
Denmark, Australia, China, the Pacific Rim and South Africa.

Koppers Holdings's balance sheet at June 30, 2006, showed total
assets of US$625 million and total liabilities of US$733 million
resulting in a total stockholders' deficit of US$108
million.  Total stockholders' deficit at Dec. 31, 2005 stood at
US$206 million.

                          *     *     *

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. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
Koppers Holding Inc. and its B3 rating on the company's US$203
million 9.875% Sr Unsec Discount Global Notes due 2014.
Additionally, Moody's assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% loss in the event
of a default.


NORTHERN BRICK: Enters Voluntary Wind-Up
----------------------------------------
At a general meeting held on Jan. 31, 2007, the members of
Northern Brick & Pipe Co Pty Ltd resolved to voluntarily wind up
the company's operations.

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

The company's Liquidators can be reached at:

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

                      About Northern Brick

Located in Queensland, Australia, Northern Brick & Pipe Co Pty
Ltd is a dealer of lumber and other building materials.


RONEC HOLDINGS: Members and Creditors Set to Meet on March 30
-------------------------------------------------------------
The members and creditors of Ronec Holdings Proprietary Limited
will meet on March 30, 2007, at 3:30 p.m. for their final
meeting.

During the meeting, Liquidators V. R. Dye and N. Giasoumi will
present the company's wind-up report and property disposal.

The Troubled Company Reporter - Asia Pacific reported that the
company entered wind-up proceedings on May 1, 2006.

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 Ronec Holdings

Located in Victoria, Australia, Ronec Holdings Proprietary
Limited is engaged with holding companies.


S.S. CONTAINER: Members and Creditors to Meet on March 30
---------------------------------------------------------
The members and creditors of S.S. Container Services Pty. Ltd.
will hold a joint meeting on March 30, 2007, at 3:50 p.m., to
hear the liquidator's report regarding the company's wind-up
proceedings and property disposal.

The company's liquidators can be reached at:

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

                      About S.S. Container

Located in Victoria, Australia, S.S. Container Services Pty.
Ltd. -- http://www.sscontainers.com.au/-- hires and sells new,
refurbished, specialized and customized shipping containers
throughout Australia.


SECURENET AUSTRALIA: Will Declare Final Dividend on March 27
------------------------------------------------------------
Securenet Australia Pty Ltd will declare a final dividend on
March 27, 2007.

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

Moreover, a final meeting will be held for the company's members
on April 3, 2007, at 10:30 a.m.

The company went into liquidation on Nov. 2, 2006, according to
the Troubled Company Reporter - Asia Pacific.

Securenet Australia's liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                   About Securenet Australia

Located in Victoria, Australia, Securenet Australia Pty Ltd
operates unit investment trusts, face-amount certificate
offices, and closed-end management investment offices.


SOUTHBANK MARKETING: Members Decide to Shut Down Business
---------------------------------------------------------
On Feb. 16, 2007, the members of Southbank Marketing Pty. Ltd.
met and decided to shut down the company's business.

In this regard, Gregory Stuart Andrews was appointed as
liquidator.

The company's Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs.
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                   About Southbank Marketing

Headquartered in Victoria, Australia, Southbank Marketing Pty
Ltd is a distributor of electrical apparatus, equipment wiring
supplies, and construction materials.


TECHNOVA PTY: Members & Creditors' Meeting Set for March 30
-----------------------------------------------------------
A joint meeting of the members and creditors of Technova Pty Ltd
will be held on March 30, 2007, at 4:20 p.m.

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

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 Technova Pty

Technova Pty Ltd is a distributor of metal doors, sash, frames,
molding, and trim manufacturing.  The company is located in
Victoria, Australia.


UNITED NETWORKS: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of United Networks (Australia) Pty.
Ltd. will hold a joint meeting on March 30, 2007, at 4:30 p.m.,
to hear the company's wind-up report and property disposal.

The company's liquidators can be reached at:

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

                     About United Networks

Headquartered in Victoria, Australia, United Networks
(Australia) Pty Ltd operates computer and computer software
stores.


WATKINS GROUP: Liquidators to Present Wind-Up Report
----------------------------------------------------
The members and creditors of Watkins Group Pty Ltd will meet on
March 30, 2007, at 4:40 p.m.

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

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 Watkins Group

Located in Queensland, Australia, Watkins Group Pty Ltd provides
engineering services.


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

ANDI (HONG KONG): Liquidator Quits Post
---------------------------------------
On Feb. 23, 2007, Ha Yue Fuen ceased to act as liquidator of
Andi (Hong Kong) Limited.

The former Liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre
         111 Connaught Road Central
         Hong Kong


AUXMAN INVESTMENT: Ha Yue Fuen, Henry Resigns as Liquidator
-----------------------------------------------------------
Ha Yue Fuen, Henry resigned from his post as the liquidator of
Auxman Investment Limited on Feb. 23, 2007.

According to the Troubled Company Reporter - Asia Pacific,
Mr. Ha presented the company's wind-up report on Nov. 23, 2006.

The former Liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre
         111 Connaught Road Central
         Hong Kong


BANK OF COMMUNICATIONS: Analysts Expect 43% Profit Rise in 2006
---------------------------------------------------------------
China's Bank of Communications is expected to post a 43% net
profit rise in 2006 on the back of stronger loan growth than its
rivals, analysts told The Standard.

According to the report, 25 analysts polled by Thomson Financial
forecasted a net profit of CNY12.78 billion to be recorded by
the bank in 2006, compared to CNY8.89 billion for 2005.

The analysts based their predictions on the bank's strong loan
growth, which range from 16% to 20%, The Standard says.

Moreover, Macquarie Research Equities predicts net fee income to
be CNY2.8 billion, while UBS forecasts a slightly higher CNY2.84
billion, the paper relates.

For non-interest fee income, Macquarie has set a forecast of
CNY460 million, while UBS expects CNY380 million.

Christina Fok, a banking analyst at Macquarie told The Standard
"the bank had a faster loan growth than its peers at 19.5%,
which is much higher than the government's benchmark of 15%."

Meanwhile, moving forward, analysts expressed concern that the
bank's income stream, already less diversified this year, will
be further affected by the worsening U.S. economy and the
tightening measures being imposed on the property market, the
paper relates.

"The bank has tended to focus on foreign exchange and the effect
of doing that may have been underestimated," The Standard cites
Credit Suisse head of financial research Bill Stacey, as saying.

                          *     *     *

Bank of Communications Co Ltd --
http://www.bankcomm.com/jh/en/index.jsp-- is a commercial bank
in the People's Republic of China.  As of December 31, 2005, the
bank had 137 branches and sub-branches, in addition, to over
2,600 business outlets in China.  It also has its branches in
Hong Kong, New York, Tokyo, Singapore and Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

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


BANK OF COMMUNICATIONS: HSBC In Talks to Maintain 19.9% Stake
-------------------------------------------------------------
HSBC Holdings PLC is in talks with the Chinese Government and
Bank of Communications Co to maintain its 19.9% stake in Bank of
Communications after the planned A-share listing of the bank as
early as this month, Market Watch reports.

According to a report from Dow Jones Newswires, Bank of
Communications plans an initial public offering of as many as
4.5 billion yuan-denominated class A shares as early as March to
raise about CNY20 billion.

Market Watch relates that Class A shares are yuan-denominated
stock of Chinese companies listed on mainland exchanges and are
restricted to local investors and approved foreign investors.

Vincent Cheng, chairman of HSBC's Asian unit, Hongkong &
Shanghai Banking Corp. said HSBC has gained "very strong
support" from discussions with Bank of Communications, but
declined to comment on the chances of keeping its stake as it is
now, Market Watch further relates.

"I think the government is looking at that and is aware that
HSBC and BoCom want to build up a partnership at the
shareholding ratio they're having today," HSBC Chief Executive
Michael Geoghegan, was quoted by the paper as saying.

                          *     *     *

Bank of Communications Co Ltd --
http://www.bankcomm.com/jh/en/index.jsp-- is a commercial bank
in the People's Republic of China.  As of December 31, 2005, the
bank had 137 branches and sub-branches, in addition, to over
2,600 business outlets in China.  It also has its branches in
Hong Kong, New York, Tokyo, Singapore and Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

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


CHINA MERCHANTS: Head Says Net Profit Up to 50%
-----------------------------------------------
China Merchants Bank posted a more than 50% rise in its 2006 net
profit, Reuters reports, citing a copy of a speech by its chief
executive, Ma Weihua.

According to Mr. Wa, the bank's non-performing loan ratio
dropped to 2.12% last year, and its capital-adequacy ratio
reached 11.44%.

The bank's total assets jumped nearly 30% to almost
CNY1 trillion at the end of last year, Mr. Ma added.

Reuters, however, notes that the bank has not officially made
public its 2006 results, although it said in January that
earnings would be at least US$758 million.

Meanwhile, the number of the company's credit cards has topped
10 million, and the company earned about CNY100 million from the
credit card business in 2006, Reuters relates.

                          *     *     *

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

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

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

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


CLASSIC FINE: Members to Receive Wind-Up Report
-----------------------------------------------
The members of Classic Fine Limited will hold a final meeting on
April 3, 2007, at 11:00 a.m., to receive the liquidator's report
regarding the company's wind-up proceedings and property
disposal.

The liquidator can be reached at:

         Chan Sek Kwan Rays
         Unit G, 12/F., Seabright Plaza
         9-23 Shell Street
         Hong Kong


MITTOLAND LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Feb. 26, 2007, the
members of Mittoland Limited passed a resolution to wind up the
company's operations.

In this regard, Man Mo Leung and Kenneth Graeme Morrison were
appointed as the company's liquidators.

The Liquidators can be reached at:

         Man Mo Leung
         Kenneth Graeme Morrison
         Moores Rowland Mazars Advisory Limited
         34th Floor, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


ORIENT EXPRESS: Members' Final General Meeting Set for April 3
--------------------------------------------------------------
Orient Express Container Air (Hong Kong) Company Limited will
hold a final general meeting for its members on April 3, 2007,
at 10:00 a.m., at 13/F., Chun Hoi Commercial Building, 688-690
Shanghai Street, Mongkok in Kowloon, Hong Kong

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Aug. 14, 2006.

The Liquidator can be reached at:

         Chui Chi Hung
         13/F., Chun Hoi Commercial Bldg
         688-690 Shanghai Street
         Mongkok, Kowloon
         Hong Kong


HUA CHIAO: Members' Meeting Slated for April 2
----------------------------------------------
The members of Hua Chiao Commercial Limited will meet on
April 2, 2007, at 4:00 p.m., at 18th Floor, Two International
Finance Centre, 8 Finance Street in Central, Hong Kong.

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


KUNQU SOCIETY: Members' Final Meeting Slated for April 18
---------------------------------------------------------
The Kunqu Society of Hong Kong Limited will hold a final meeting
for its members on April 18, 2007, at 10:00 a.m., at Units C &
D, 9/F., Neich Tower, 128 Gloucester Road in Wanchai, Hong Kong.

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

The company's liquidator can be reached at:

         Lam Chi Wai
         Units C & D, 9/Floor, Neich Tower
         128 Gloucester Road, Wanchai
         Hong Kong


PROFESSIONAL HAN: Final Meeting Slated for April 18
---------------------------------------------------
Professional Han Tang Language Institute Limited, which is in
members' voluntary wind-up, will hold a final meeting for its
members on April 18, 2007, at 10:00 a.m., at Units C & D, 9/F.,
Neich Tower, 128 Gloucester Road in Wanchai, Hong Kong.

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

The company's liquidator can be reached at:

         Lam Chi Wai
         Units C & D, 9/F., Neich Tower
         128 Gloucester Road, Wanchai
         Hong Kong


TCL CORP: Expects to Record Profit in 2007
-----------------------------------------
TCL Corp's group chairman Li Dongsheng is confident the company
and its two Hong Kong-listed subsidiaries will post a profit
this year, The Edge Daily says.

According to TCL, it returned to the black in the third quarter
of last year but still expected to post a loss for the full year
of 2006.

TCL's listed company, TCL Multimedia, posted a HK$1.6 billion
net loss in the first half of last year, while TCL Communication
Technology Holdings Ltd reported a net loss of HK$71 million in
the same period, the paper recounts.

The companies have yet to report earnings for the whole of 2006,
The Edge notes.

Mr. Li said TCL Multimedia has no plans to sell its business in
Poland, rejecting reports in Chinese media that TPV Technology
Ltd was in talks to buy a television plant in Poland from the
company.

The Edge recounts that a TPV executive recently told Reuters it
expected to finalize a US$35 million deal to buy and expand a
liquid-crystal-display TV plant in Poland soon.  The executive
declined to say if the plant was TCL's.

                          *     *     *

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


UNIVERSAL ALUMINIUM: Members & Creditors Set to Meet on April 4
---------------------------------------------------------------
The annual meeting of the members and creditors of Universal
Aluminium Company will be held on April 4, 2007, at 10:00 a.m.,
and 10:30 a.m. respectively, at at 10/F., Xiu Ping Commercial
Building, 104 Jervois Street in Sheung Wan, Hong Kong.

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


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

AES CORP: Appoints Andres Gluski As Executive Vice President
------------------------------------------------------------
The AES Corp. appointed Andres Gluski as Executive Vice
President and Chief Operating Officer, a move that will enable
the company to maintain its focus on operational excellence as
it continues to pursue new growth opportunities.

Dr. Gluski will oversee AES Corp.'s generation and distribution
businesses in its four geographic regions as well as human
resources, safety and environment, information technology,
engineering and construction, insurance and strategic sourcing.
He continues to report to AES Corp. President and Chief
Executive Officer Paul Hanrahan.

Dr. Gluski, who joined AES Corp. in 2000, most recently was an
AES Corp.'s Executive Vice President and President of AES Corp.
Latin America.  Previously, he held business leadership
positions in Chile and Venezuela.  Prior to AES Corp., Dr.
Gluski worked in executive positions in multilateral and
financial institutions and in private utilities.  He earned a
PhD in Economics from the University of Virginia, an MA in
Economics from the University of Virginia and a BA from Wake
Forest University, where he graduated Phi Beta Kappa.

"As we continue to grow our company into new areas, it is
critical that we maintain our focus on our existing operating
businesses," Mr. Hanrahan said.  "Andres has played a key role
in AES Corp.'s overall success and in Latin America in
particular.  He led our growth initiatives in key markets,
including Chile and Panama, and completed the restructuring and
refinancing of our Latin American businesses.  Andres has the
broad experience needed to help us achieve the company's long-
term goals in the new position of Chief Operating Officer."

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in China, India and Sri Lanka.

                          *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from
'B+'.  S&P said the outlook is stable.


BHARTI AIRTEL: Bids for Saudi Arabia's Mobile License
-----------------------------------------------------
Bharti Airtel Ltd disclosed in a filing with the Bombay Stock
Exchange that it is a part of a consortium bidding for Saudi
Arabia's third mobile license.

Bharti Airtel said it is supporting a Saudi-led consortium with
a minority stake of 15%.

Saudi Arabia's telecom regulator Communications and Information
Technology Commission had invited bids globally for the third
mobile license, Zee News reported.

According to The Economic Times, the deadline for submitting
applications for the new mobile license was set to February 24,
and for the fixed-line license to March 10.  The new licenses,
when awarded, will break the monopoly of Saudi Telecom Co. in
the landline segment in addition to adding a third mobile phone
operator after STC and Mobily, The Times relates.

Bharti makes it clear that its principal role will be to provide
comprehensive management services including negotiation with
vendors, roll out of networks, brand building and distribution,
setting up management processes and providing training and
development under a management services pact.  Under the
agreement, the company will get a management fee in addition to
reimbursement of all actual costs.

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.


CANARA BANK: Sets Up Life Insurance JV with HSBC & Oriental Bank
----------------------------------------------------------------
Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and
Oriental Bank of Commerce on March 5, signed a non-binding
Memorandum of Understanding to jointly establish a life
insurance company in India.

The new company will have exclusive access to the customer bases
of both of the State-owned banks, Canara Bank and OBC, and of
HSBC in India.  This comprises more than 40 million people and a
nationwide network of 3,600 branches.  This formidable
distribution capability will be used by the company to become a
significant player in the country's rapidly expanding life
insurance industry.

Under the proposed agreement, Canara Bank will take a 51% stake
in the new company, HSBC a 26% interest and OBC the remaining
23%.  The new life insurance company will be capitalized at
INR3,250 million (approximately US$73 million), of which HSBC
will contribute INR1,770 million (approximately US$40 million),
Canara Bank INR1,020 million (approximately US$23 million) and
OBC INR460 million (approximately US$10 million).  Under the
terms of the agreement, HSBC will provide a range of management
services, which may include providing executives for senior
roles.

Life insurance premiums in India grew at an annual rate of 21%
in the six years following the opening of the market to private
players in 1999, exceeding US$20 billion in 2005.  From April to
November 2006, new life insurance premiums grew by 155%,
according to the business figures released by India's Insurance
Regulatory and Development Authority.  However, with a
penetration rate of only 2.5% in 2005, India's nascent life
insurance market has considerable long-term growth potential.

Shri M B N Rao, Chairman and Managing Director, Canara Bank,
said: "Canara Bank, which has built up a distinguished track
record of performance and service excellence over 100 years, has
emerged as a front ranking banking institution in India.
Recognized as a financial conglomerate with a strong presence
across varied financial markets, the Bank has been providing a
wide array of need based banking and financial services to its
fast growing cross section clientele.  Among others, Canara Bank
has already established its presence in Mutual Fund, Factoring,
Housing and Venture Capital Financing activities through its
subsidiary companies and insurance domain by distributing
insurance products -- both life and non-life through its network
of branches.

"The signing of the MoU today to promote a life insurance
company with HSBC Insurance and Oriental Bank of Commerce marks
a significant step forward for Canara Bank in terms of creating
and delivering value added insurance products not only to the
existing customers but also to the customers and prospects of
our partner institutions.  By collaborating with HSBC we shall
be in a position to bring the best of international insurance
products to the fast growing Indian markets.

"I have no doubt indeed that the domain expertise of HSBC with
the strong network and presence of the Indian Public Sector
Banks augurs well for the success of our alliance."

David Fried, Regional Head of Insurance Asia Pacific for HSBC,
said: "This is a unique opportunity to expand HSBC's footprint
in one of our major emerging markets and to bring to the
partnership considerable insurance experience, product range and
our proven bancassurance capabilities.  HSBC has an extensive
and successful bancassurance operation in over 40 countries
around the world serving more than 30 million customers, in both
developed and emerging markets.  HSBC has been in the insurance
business since 1808, employs over 6,000 staff in the
manufacturing and sourcing of insurance products globally and
has 40,000 staff involved in selling insurance.  HSBC Insurance
also has a long history in Asia and we are recognized in the
industry for our prudent management and high quality of service.
In Hong Kong, HSBC Insurance has won industry awards such as
Asia Insurance Review's Life Insurance Company of the Year in
2006, for being a pioneer in product and service excellence as
well as for our effective and sound financial management.

"The financial services industry in India has seen remarkable
development over the past few years and life insurance has been
a key part of that success story.  Working closely with our two
partners, and by bringing our rich experience to India, we
believe we can build a significant presence in India's life
insurance industry.  The sector has experienced rapid
development since it was opened up in 1999 and we expect to see
that robust growth continue over the next decade.  It is an
extremely promising time to be entering this market."

Shri Prithviraj, Chairman Oriental Bank of Commerce, said: "OBC
has a strong presence in rural and semi-urban areas of northern
India with 1,350 branches and extension counters in all
important centres across India.  Our 14,500 strong work-force is
dedicated and committed to exploring new business activities.
Around 950 employees have already been handling life and general
insurance businesses for the past three years.  With this
alliance, OBC will augment its revenue streams by improving
return on equity after breakeven and commission earnings from
premia mobilized.  Since OBC understands the needs of the local
populace, our input into the design of customer-friendly life
insurance products will enable the partners to garner market
share.  OBC will help formulate products for Inclusive Growth
for the needy sectors of society, so as to extend the Social
Security net to the deserving."

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie-up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CANARA BANK: Government Appoints Vani J. Sharma to Director Post
----------------------------------------------------------------
The central government has nominated Vani J. Sharma, Bangalore,
as the new director of Canara Bank effective Feb. 27, 2007, a
filing with the Bombay Stock Exchange states.

Vani J. Sharma will replace G. Srinivasan of the Reserve Bank of
India with immediate effect.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie-up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of 'D' on
June 1, 2005.


EMCO LTD: 4th Quarter 2006 Net Profit Rises 64% to INR99 Million
----------------------------------------------------------------
Emco Ltd. reported a 64% rise in net profit in the quarter ended
Dec. 31, 2006, to INR99.02 million from the INR60.53 million
booked in the corresponding quarter in 2005.

The increase was driven by a surge in orders, Reuters says,
citing a statement made by an Emco official.

Emco's net sales rose 68% from INR971.24 million in the three
months ended Dec. 31, 2005, to INR1.63 billion in the latest
quarter under review.  Operating expenses increased by 67% to
INR14.10 billion in the December 2006 quarter bringing the
operating profit to INR221.66 million.  Operating profit booked
in the December 2005 quarter was INR126.05 million.

The company booked much higher provisions for taxes in the
December 2006 quarter -- INR62.97 million -- more than three
times the INR17.5 million booked in the same quarter in 2005.

A copy of Emco's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?1ae5

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to 'BB' on April 1, 2004.


EMCO LTD: To Declare Interim Dividend for FY 2006-07
----------------------------------------------------
Emco Ltd plans to declare an interim dividend for the financial
year 2006-07, a filing with the Bombay Stock Exchange reveals.

To discuss the declaration of dividend, the company's board of
directors will meet on March 15.

The board will also discuss in the upcoming meeting a proposed
merger of the company with Electrical Industry Company.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 13, 2007, the board showed interest in the electrical
equipment industry by allowing the company's managing director
to invest up to INR100 crore in that segment.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


HDFC BANK: To Allot 2,73,300 Equity Shares Under ESOS
-----------------------------------------------------
HDFC Bank Ltd will be issuing 2,73,300 equity shares to its
employees, the bank informs the Bombay Stock Exchange in a
regulatory filing.

The Investor Grievance (Share) Committee of the Bank at its
meeting held on March 6 approved the allotment of shares
pursuant to the Employees Stock Option Scheme.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the Committee approved on Feb. 12 the allotment of
4,18,200 shares to the employees also under ESOS.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


ROYAL & SUN: Completes Disposal of U.S. Businesses to Arrowpoint
----------------------------------------------------------------
Arrowpoint Capital Corp. has completed the acquisition of all
Royal & SunAlliance USA businesses formerly owned by Royal & Sun
Alliance Insurance Group plc of London.

Under the terms of the transaction approved Feb. 20 by Delaware
Insurance Commissioner Matthew Denn, Arrowpoint Capital will
focus on meeting policyholder obligations through a continuation
of current operational, financial and governance guidelines.

Arrowpoint Capital Corp. was formed in June 2006 by the senior
management and outside directors of Royal & SunAlliance USA.
The company is led by former R&SA USA President & CEO John Tighe
and his senior management team, who have successfully headed
Royal's US operation since 2003.

"Our focus has always been on our obligation to all of our
policyholders - the successful completion of this transaction is
a huge win for them," Mr. Tighe said.  "The transaction builds
on the strong success we've achieved to date through our
restructuring efforts and provides us with a solid foundation
for taking the business forward.  Most importantly, it
represents an excellent outcome for our policyholders, who are
the primary beneficiaries of the acquisition and the additional
US$287.5 million it provides."

Under the terms of the transaction, Arrowpoint Capital
management purchased 100% of the interests of Arrowpoint General
Partnership, the US holding entity, which owned the R&SA USA
businesses, for US$300 million of deferred consideration.  At
the close of the transaction, the Group contributed US$287.5
million of additional capital to the US-regulated entities.

"I would like to express my appreciation to Commissioner Denn,
the Delaware Insurance Department and Professor Hamermesh, the
independent hearing officer, who worked tirelessly to ensure a
fair, thorough and open process," Mr. Tighe said.

In addition to members of the management team, the Arrowpoint
board will include Michael Crall, formerly CEO of Equitas and
President & Chief Executive of Argonaut Insurance Company, who
serves as chairman; Edward Muhl, former Superintendent of
Insurance for the State of New York, Commissioner of Insurance
for the State of Maryland and President of the National
Association of Insurance Commissioners; and Larry Simmons,
former President & CEO of Royal & Sun Alliance Insurance Company
of Canada and Western Assurance Company.

                    About Arrowpoint Capital

Arrowpoint Capital Corp. is a newly formed company comprised of
the former senior management and outside directors of Royal &
SunAlliance USA.  Headquartered in Charlotte, NC, the company
will build on its experience in both run-off and active
insurance businesses by focusing on operational objectives,
including investment, claim and expense management, to satisfy
policyholder obligations.

                        About Royal & Sun

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

                          *     *     *

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

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


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

ALCATEL-LUCENT: European Group Committee Meeting Set on March 16
----------------------------------------------------------------
Alcatel-Lucent will bring together an exceptional European Group
Committee on March 16 under the leadership of chief executive
Patricia Russo, in response to the employee representative's
request made during the European Group Committee on Feb 23.

During the March 16 meeting, the European perspectives of
Alcatel-Lucent will be presented and discussed, as well as the
strategies of the different market segments.

It has also been reaffirmed to the French Prime Minister that:

   -- the French restructuring project will be based exclusively
      on volunteers;

   -- France remains a strategic center of research and
      development, especially in mobile broadband technologies,
      thanks to the acquisition of Nortel's UMTS activity;

   -- Alcatel-Lucent confirms its involvement in competitive
      clusters, in particular "Images & Networks" in Brittany.

Moreover, Alcatel-Lucent confirmed its willingness to actively
participate in the French government initiative to create a
working group on the future of telecoms in Europe.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: Inks Multi-Year Pact with University in Sydney
------------------------------------------------------------
Alcatel-Lucent disclosed a multi-year agreement to supply its
OmniSwitch 6850 solution for the distribution and access layer
of the University of Technology Sydney's IP network upgrade,
delivering reliable connectivity to more than 27,000 users
across two UTS campuses in Sydney.

Alcatel-Lucent's OmniSwitch 6850 solutions, which provide the
most advanced services, highest performance and best value in
the industry, will replace an existing multi-vendor legacy
network, reducing the cost and complexity of network operations
for UTS.  The 14,000 network ports that make up the access and
distribution network will be upgraded in phases by systems
integrator, Integ.  The initial phase has already been deployed
to address UTS' immediate requirements.

"We selected Alcatel-Lucent because of the strength of its
portfolio and the seamless integration it offered with the rest
of our network.  We have also, through previous projects with
them, built up a level of trust in their solutions," said Peter
James, Director IT Infrastructure and Operations at UTS.

More universities are responding to the needs of a new
generation of tech-savvy faculty and students through network
transformations similar to UTS'.  The network improvements will
enable UTS to differentiate themselves through an enhanced
learning process and increased overall user satisfaction.

"This win reinforces the partnership and strong ties that we
already enjoy with UTS," said Tom Burns, president of Alcatel-
Lucent enterprise solutions activities.  "The consolidation of
this relationship has also contributed to Alcatel-Lucent's
continued strong growth in the enterprise sector."

UTS, which became a member of Alcatel-Lucent's Research Partner
Program in 2003, also selected Alcatel-Lucent in April last year
for its 3-D Animation Multimedia Lab, the first of its kind in
an Australian university.  Developing 3-D animations require
sophisticated computers and software applications built over a
very high-speed network.  Users typically require huge bandwidth
at Gigabit Ethernet speeds to meet the demands of a distributed
rendering solution.

UTS selected the Alcatel-Lucent OmniSwitch 9700 to support the
core and the Alcatel-Lucent OmniSwitch 6800 to support the edge
of the network in the lab, which is made up of 50 Quad Mac G5
workstations, two Apple X Servers and 19 dedicated render
cluster nodes.  The two switches are linked together via 10
Gigabit Ethernet in order to deliver maximum performance to
simultaneous users.

"Alcatel-Lucent's innovation allows our students to do more,
learn faster and immediately visualize the results of their 3-D
animation," said Peter James of UTS.  "The benefit of an
Alcatel-Lucent network is a state-of-the-art facility that is
closely aligned to industry operating conditions, with flow-on
benefits for student creativity and employment opportunities.

                            About UTS

The University of Technology, Sydney is Sydney's city
university, with a main campus located on the edge of the CBD
and the vibrant Chinatown precinct.  In 2006 more than 32,700
students were enrolled at UTS in onshore and offshore courses.
TS is known for its practical and industry-focused teaching and
research in fields including business, engineering, design,
science, communications, social inquiry, law, IT, nursing and
education.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ANEKA TAMBANG: 2006 Unaudited Net Profit Up 85% to US$173 Mil.
--------------------------------------------------------------
PT Aneka Tambang Tbk disclosed unaudited consolidated net profit
of IDR1,559 billion (US$173 million) and earnings per share of
IDR817 for the full year ending Dec. 31, 2006, an 85% increase
from the net profit of IDR842 billion, or US$87 million, and EPS
of IDR441 for the full year of 2005.

Antam's consolidated net sales rose to IDR5,566 billion, or
US$617 million, a  69 % increase over the IDR3,287 billion, or
the US$364 million of 2005.  The increase was mainly attributed
to higher sales volumes and higher prices of ferronickel.  To a
lesser extent the increase is attributed to higher prices of
Antam's other products and higher sales volumes of high grade
nickel ore.

As in past years, the nickel and gold divisions were the biggest
contributors to Antam's revenues.  Overall, the revenue of
nickel products -- 100% of which were exported -- contributed
84% of revenue in 2006 compared to 76% in 2005.  Meanwhile the
contribution from gold decreased to 11% from 16% in 2005.

Revenues from ferronickel increased 177% to IDR2,731 billion as
ferronickel sales volume increased 92% to 13,389 tonnes while
the average price increased by 57% to US$10.14 per pound.  As a
result, ferronickel contributed the largest share of revenues as
its share increased to 49% from 30% in 2005.  This is in line
with the company's strategy to add value by moving away from
selling raw materials and increasing the manufacture and sale of
processed products.

                                               Comparison (%)
              2004       2005       2006      --------------
            (Audited) (Audited)  (Unaudited)  05/04    06/05
             -------   -------    ---------    -----    -----
Sales          2,858     3,287        5,566       15       69

COGS           1,498     1,827        2,820       22       54

Operating
Expenses         264       324          298       23       -8

Operating
profit         1,097     1,136        2,448        4      115

Net Income       810       842        1,559        4       85

Net Operating
Cash Flow        764       791        1,446        4       83

Capital
Expenditure    1,364     1,311          127       -4      (90)

(Free Cash
Flow)         (600)      (520)       1,320       N/A      N/A

Increased ferronickel sales volume was mostly due to the new
smelter FeNI III, which began producing export-quality nickel in
April 2006, on a trial basis, after two and a half years of
construction.

Revenue from nickel ore increased by 28% to IDR1,941 billion in
2006 from IDR1,522 billion in 2005.  The contribution of nickel
ore, 87% of which was from high grade, dropped to second place
with a revenue share of 35% compared to 46% in 2005.  High grade
nickel ore sales volume increased 12% to 3,375,466 wet metric
ton.  Coupled with an increase in average price of 23% to
US$54.74 per wmt, revenues increased 28% to IDR1,691 billion.  A
new nickel mine, Mornopo, located in North Maluku, which started
operation in 2005, contributed significantly to the increase of
high grade nickel ore volumes in 2006.  Although low grade
nickel ore sales volume decreased by 12% to 933,668 wmt,
revenues increased 27% to IDR250billion due to a 54% increase in
average prices to US$29.38 per wmt.

Despite lower sales volumes of gold, which decreased 8% to 3,340
kg from 3,639 kg, gold revenues increased 18.5% to Rp601 billion
due to higher prices.  The price of gold increased 37% to
US$611.59 per troy ounce in 2006.

The bauxite division experienced a 5% decrease in sales volume
to 1,536,542 wmt despite an increase in production.  However, in
view of 3% increase in selling price to US$13.60 per wmt,
revenues from bauxite increased 3% to IDR192 billion.

Revenues from other products, namely silver, iron sands and
precious metals refinery services recorded quite significant
increases at 7.4%, 450% and 13% respectively.  However, their
contribution to overall revenues remained small at 1.3%, 0.2%
and 0.3% for silver, iron sands and precious metals refinery
services respectively.

              (In IDR Billion)
           -----------------------            Revenue Shares(%)
           2004    2005     2006      2006    -----------------
          (Sales) (Sales)  (Sales)  Growth(%)  (2005)    (2006)
          ------- -------  -------  ---------  ------    ------
  Nickel
  Ore      1,195    1,522    1,941     27.5       46       35

  Ferro
  nickel     971      986    2,731    176.9       30       49

  Gold       457      507      601     18.5       15.5     10.8

  Bauxite    135      187      192      2.7        6        3.4

  Silver      50       68       73      7.4        2        1.3

  Iron
  Sands
  /Other      31        2       11    450          0.1     0.2

Others
(including
precious
metals
refinery)    20       15       17      13.3       0.4     0.3

ANTAM      2,859    3,287    5,566              100     100

                          Cost of Sales

Antam's 2006 cost of sales rose 55% to IDR3,040 billion from
IDR1,832 billion.  This increase, however, did not surpass the
pace of sales growth which resulted in an increase of Antam's
gross margin to 48% from 44%.  The top five components accounted
for 76% of Antam's cost of sales.  In descending order, they
were: materials, fuels, mining services, depreciation and
labour.

Antam's materials costs increased by almost 100% to IDR585
billion in line with higher ferronickel production, which
increased the consumption of nickel ore and other production
inputs.  Included also in this category was the nickel ore Antam
began to buy from PT Inco to feed the ferronickel plants.
Materials costs contributed 19% of overall cost of sales, up
from 12% in 2005.

Accounting for 17% of overall cost of sales, fuel was the second
largest item in 2006, up from the fourth in 2005 when it
accounted 10% of total cost of sales.  Fuel costs recorded an
increase of 187% to IDR51 billion due to higher ferronickel
production, which increased 97% to 14,474 tonnes, as well as due
to higher fuel prices, which for MFO rose 42% to IDR3,126 per
litre and for IDO rose 123% to IDR4,823 per litre.  Fuel is the
largest cost component of the energy-intensive ferronickel
production process as it requires extraordinary electrical power
from Antam's diesel power plant.  Antam switched from using
mostly Industrial Diesel Oil to using mostly the cheaper Marine
Fuel Oil in 2005, to reduce the impact of higher prices.
Antam's new 102 megawatt power plant was built, and is operated
and maintained by, Wartsila of Finland.  The plant can operate
normally using MFO, however, the viscosity and other properties
of MFO create the need for more frequent power plant
maintenance.

In 2005, mining services was the top cost, accounting for 20% of
the total cost of sales.  In 2006, mining services dropped to
third position, or 16% of the total cost of sales.  The cost of
mining services however increased 31% to IDR486 billion due to
higher excavation costs of Antam's contractors inline with the
increased production volume of nickel ore.  Two of Antam's
contractors are owned by Antam's pension fund.  However, the
prices of their services are on par with those of other
contractors.

Once the production of FeNi III began at the end of March 2006,
depreciation of the smelter began.  Depreciation therefore
increased 148% to IDR414.75 billion and remained Antam's fourth
largest cost of sales.  Furthermore, interest on the associated
debt was no longer capitalized.

Labour, last year's second largest cost, dropped to the fifth
largest cost in 2006, despite increasing 37.5% to IDR380.86
billion on the back of higher bonuses granted to employees in
relation to the higher revenues and profits of the company.
Labour is to a large extent a fixed cost and so did not increase
in synch with the ramp up in ferronickel production.

                 Operating Expenses and Profit

Antam's operating expenses decreased 8% to IDR298 billion, and
accounted for 5% of Antam's revenues compared to 10% in 2005.
The decrease was mainly due to lower general and administration
expenses, which Antam decreased by 16% to IDR255 billion.  The
largest contributor of this decrease was the absence of expenses
related to the Early Retirement Program, which cost IDR103
billion in 2005.  Meanwhile, in line with efforts to boost
productivity and efficiency, Antam increased training
expenditures by almost 80% to IDR12 billion.  The largest
component of General and Administrative expenses remained
salaries, wages and bonuses, which increased by less than 0.2%
to IDR130.67 billion, although its contribution to general and
administration expenses increased to 51% from only 43% in 2005.

Antam's exploration expenses increased by 289% to IDR31.59
billion in 2006 from IDR8.13 billion in 2005 in line with the
strategy to increase reserves.

When Antam's cost of sales and operating expenses are combined,
the rate of cost increase compared to last year was 45%, which
was less than the 69% increase of net sales.  Thus, Antam's
operating profit rose 115.5% to IDR2,448 billion (US$271million)
resulting in an operating margin which widened to 44% from 35%.

            Product/Service Sales    Sales Volume     Growth (%)
                Volume 2005              2006           2006
            ---------------------    ------------     ----------

  High grade
  nickel ore   3,025,841              3,375,466         11.55

  Low grade
  nickel ore   1,060,240                933,668        -11.93

  Ferronickel      6,988                 13,389         91.60

  Gold             3,639                  3,340         -8.22

  Silver          29,823                 21,063        -29.37

  Bauxite      1,617,566              1,536,542         -5.00

                  Other Income and Net Income

In 2005, Antam posted Other Income of IDR67 billion, whereas in
2006 Antam recorded Other Expenses of IDR221 billion.  Antam's
interest expense jumped 572% to IDR172 billion as the interest
on the loan associated with the construction of FeNi III was
expensed from the end of March, when the assembly and operation
of the unit was complete.  A foreign exchange gain of IDR20
billion in 2005 turned into a foreign exchange loss of
IDR57billion.  As the Rupiah strengthened Antam's large dollar
assets become less valuable in Rupiah terms.  Antam achieved net
income of IDR1,559 billion (US$173 million), a 85% increase
compared to net income of Rp842 billion in 2005.

                           Cash Costs

Antam's ferronickel cash cost of production rose 12% to US$4.40
per pound in 2006 from US$3.92 per pound in 2005, mostly, as
explained above, due to higher fuel prices and mining services
costs.  The cash cost of saprolite and limonite was US$19.83 per
wet metric ton and US$8.67 per wmt respectively.  The cash cost
of gold was 12% higher at US$283.93 per troy ounce inline with
higher materials and labor costs.  Higher materials costs were
inline with work done at the Pongkor gold mine to improve the
extraction rate as well as the safety rate of the mine.  As
such, Antam is achieving over 50% cash cost margin for all of
its products.

In 2006, the cost of electricity produced by Antam's diesel
power plant reached USc12/ kwh.  Anticipating the high
ferronickel costs, Antam plans to convert the use of diesel in
its power plant to other alternative energy in 2009.  The energy
alternatives being studied are either natural gas, hydropower,
or coal.  Recently a Canadian engineering firm confirmed the
feasibility of the hydropower plan, which has the most momentum
as the plans for natural gas have begun to look less likely due
to the high cost of transporting the gas relative to the size of
Antam's power plant.  A new technology called Smart Predictive
Line Control, which eliminates fluctuation in the power load, is
creating the possibility for Antam to use coal, which previously
had been omitted as a potential fuel.

Converting to a less expensive fuel will bring the most
significant cost reductions.  Other efforts include reducing the
workforce from 2,754 to 2,500 by 2009, using lower cost
equipment and materials and upgrading equipment to benefit from
better efficiency and higher productivity.

                          Balance Sheet

Antam's balance sheet strengthened as total assets grew by 12%
to IDR7,174 billion (US$795million), while total interest-
bearing debt decreased 32% to IDR1,335 billion (US$148 million),
or 19% of total assets, down from IDR1,973 billion or 31% of
total assets.  Antam's current ratio remained comfortable at
337% although slightly decreased from 360% in 2005.  Antam's
working capital, however, increased to IDR2,048 billion from
IDR1,308 billion.  The ratio of Antam's total liabilities to
equity was 67% or 40:60.  As an important pillar of Antam's
strategic growth plans, efforts will continue to strengthen
Antam's financial structure.

Of Antam's IDR4,288 billion in total equity, which rose 41.5%
from  2005, IDR3,311 billion was retained earnings a 61%
increase over last year.

              Sales Price  Sales Price  Sales Price   Growth (%)
                 2004         2005         2006          2006
              -----------  -----------  -----------   ----------

  High grade
  nickel ore
  (USS/wmt)     42. 35        44.64         54.74          23

  Low grade
  nickel ore    16. 47        19.06         29.38          54

  Ferronickel     6.23         6.45         10.14          57

  Gold          411.97       446.14        611.59          37

  Silver          6.64         7.27         11.83          63

  Bauxite        11.36        11.91         13.60           2.5

                              Assets

The IDR772 billion increase in total assets was largely due to
the 54% increase of total current assets to IDR3,201 billion,
which itself was largely due to the IDR452 billion, or 63%,
increase in cash and cash equivalents to IDR1,173 billion, the
IDR366 billion or 78% increase in trade receivables to IDR834
billion and the IDR395 billion, or 75%, increase in inventories
to IDR923 billion.  The increase in cash was due to higher sales
of nickel contained in ferronickel and higher prices of nickel.
The cash and its equivalent, which was 96% in US dollars, was
held in several banks with about 35% in the form of cash and 65%
in form of time deposits.  Antam receives interest rates of
between 3.75%-5.30% per annum for its US Dollar time deposits
and 8.00%-12.75% for its Rupiah time deposits.  The increases in
trade receivables and inventories are largely due to higher
prices for Antam's finished goods and, for inventories, spare
parts and supplies.  About 60% of Antam's receivables were
current, 26% were overdue within 30 days and 14% were overdue
for more than 30 days.  Antam's allowance for doubtful accounts
is sufficient to cover losses from the non-collection of the
accounts.

Antam's non-current assets decreased by 8% to IDR3,964 billion
from IDR4,315 billion mainly due to depreciations of fixed
assets.  Fixed assets, which represented 85% of non-current
assets, decreased by 12% to IDR3,354 billion from IDR3,825
billion.  Reflecting Antam's continued focus on exploration,
deferred exploration and development expenditures increased 40%
to IDR376 billion.

                           Liabilities

Antam's total liabilities decreased 14% to IDR2,887 billion,
mainly due to a 34% decrease in non-current liabilities to
IDR1,724 billion from IDR2,594 billion in view of Antam's
continuing debt repayment activities.  Due to the abolishment at
the end of 2004 of the Avoidance of Double Taxation Treaty
between Indonesia and Mauritius, Antam exercised its rights
under the terms of the notes issued by its subsidiary, Antam
Finance Limited, in Mauritius, to call the AFL notes at par.
Antam had taken every reasonable means available to avoid
invoking the early redemption clause of the AFL, but there was
finally no other choice but to repay the notes early.  On 29
December 2006, Antam had fully repaid the US$171 billion of
outstanding AFL notes, and refinanced them with a US$71 million
drawdown of a US$121 million credit facility provided by BCA and
a US$50 million borrowing from a US$60 million Bank Mandiri.
Antam also used US$50 million from internal cash.  Another
significant component of non-current liabilities, pension and
post-retirement obligation, increased slightly to IDR582 billion
from IDR577 billion.

Antam's current liabilities increased 49% to IDR1,162 billion
mostly due to the 76% increase of taxes payable to IDR396
billion, and the 783% increase of current maturity of investment
credit facilities to IDR265 billion.  Antam's trade payables to
third parties increased by 7% to IDR121 billion, while another
significant portion of current liabilities, Accrued Expenses,
decreased by 9% to IDR349 billion.

                            Cash Flow

Antam's cash flows reflect the increase in ferronickel
production and sales from FeNi III and higher nickel prices,
together with higher costs, and reduced investment expenditures
as Antam's payments for FeNi III construction began to decrease.
Related to FeNi III, Antam's operating cash was furthered
bolstered by relatively large tax restitution payments amounting
to IDR201 billion.

Antam's cash flows from operations increased 83% to IDR1,447
billion as receipts from customers rose 71% to IDR5,245 billion.
The largest component of operating cash out flows were payments
to suppliers which increased 90% to IDR2,511 billion.  Payments
to commissioners, directors and employees increased 1.6% to
IDR563 billion, and tax payments increased 22% to IDR507
billion.

Antam's cash flows used for investing activities decreased by
87% to IDR217 billion as the construction of FeNi III smelter
came to an end.  This decrease was mainly due to a 95% decrease
in payments for fixed assets to IDR71 billion.  The largest
component of cash flows from investing activities were Antam's
expenditures for exploration and development which stood at
IDR145 billion, a decrease of 24% from 2005 figure.

Antam's capital expenditure in 2006 was IDR127 billion, 90%
decrease from 2005 figure.  Antam's lower capital expenditure
coupled with higher larger operating cash flow resulted in Antam
generating free cash flow of IDR1,320 billion, compared to
negative free cash flow of IDR520 billion in 2005.

Despite a receipt of IDR1,102 billion of long term borrowings,
Antam's net cash used for financing activities increased 65% to
IDR778 billion, as Antam repaid IDR1,593.5 billion of long term
debt, and paid an 11% higher dividend  at IDR286 billion.

                      About Aneka Tambang

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

                          *     *     *

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

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


COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
---------------------------------------------------------------
Comverse Technology, Inc. is commencing a cash tender offer for
all of its outstanding Zero Yield Puttable Securities Due May
15, 2023 (CUSIP Nos. 205862AK1 and 205862AL9), and New Zero
Yield Puttable Securities due May 15, 2023 (CUSIP No.
205862AM7), upon the terms and conditions set forth in the Offer
to Purchase and related Letter of Transmittal, each dated
March 2, 2007.

The delisting of Comverse Technology's Common Stock from The
NASDAQ Global Market was a Designated Event under the Indentures
governing the ZYPS, and in order to satisfy its obligations
under the Indentures, Comverse Technology is offering to
purchase all of its outstanding ZYPS at a purchase price of
US$1,000 in cash for each US$1,000 principal amount of ZYPS
tendered.

The Offer is scheduled to expire at 5:00 p.m., New York City
time, on March 30, 2007, unless extended by Comverse Technology.
As of Jan. 31, 2007, there was US$419,647,000 aggregate
principal amount of ZYPS outstanding.

Comverse Technology has retained The Bank of New York Trust
Company, N.A. to serve as the Depositary and D.F. King & Co.,
Inc. as the Information Agent for the Offer.  Questions
regarding the Offer and requests for documents in connection
with the Offer may be directed to D.F. King & Co., Inc. at (800)
829-6551 (toll free) or, for banks and brokers, (212) 269-5550
(call collect).

In addition, on or about March 19, 2007, Comverse Technology
will disclose its unaudited financial results for the fiscal
year ended Jan. 31, 2007.

As a result of Comverse Technology's ongoing investigation of
past stock option grants, including its evaluation of actual
dates of measurement for certain grants which differ from the
recorded grant dates, and of additional accounting issues,
including errors in the recognition of revenue related to
certain contracts, errors in the recording of certain deferred
tax accounts and the misclassification of certain expenses in
earlier periods as well as the possible misuse of accounting
reserves and the understatement of backlog, Comverse Technology
did not release earnings for the fiscal year ended Jan. 31,
2006, or for any subsequent fiscal quarter.

                    About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT)
-- http://www.comverse.com/-- provides software and systems
that enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

The Troubled Company Reporter - Asia Pacific reported on Jan. 4,
2007, that Standard & Poor's Ratings Services said that it is
leaving its 'BB-' corporate credit and senior unsecured debt
ratings on New York, N.Y.-based Comverse Technology Inc. on
CreditWatch with negative implications, where they were placed
on March 15, 2006.


GARUDA INDONESIA: Jet Crashes on Landing in Yogyakarta
------------------------------------------------------
A PT Garuda Indonesia Airline Boeing 737-400 plane carrying 140
people burst into flames on landing at Yogyakarta airport,
Bloomberg News reports, citing Indonesian Transport Minister
Hatta Rajasa.

Rescuers have evacuated 97 people, Bloomberg's latest update
says citing Cabinet Secretary Sudi Silalahi.

Twenty-three people have died in the crash, health ministry
national crisis center chief Rustam Pakaya told Reuters in a
text message.

According to Reuters, the flight was carrying some Australian
diplomats, officials and journalists who had been accompanying
Foreign Minister Alexander Downer, who was not aboard, on a
visit to Indonesia.

Bloomberg notes of two recent plane crashes in Indonesia.  In
January, a PT Adam Skyconnection Airlines Boeing Co. 737-300
plane plunged into the ocean off the coast of Indonesia's
Sulawesi island and another plane broke up on landing in
February, the news agency relates.

Bloomberg says that the recent airline accidents have prompted
President Susilo Bambang Yudhoyono to order an investigation
into the country's transportation safety standards.

"It's a serious problem when you have two fatal crashes in a
short period of time," Bloomberg quotes Jim Eckes, managing
director of Indoswiss Aviation as saying. "There's a lot of
indication that airlines in Indonesia are not being maintained
properly or that pilot training isn't up to par."

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
were due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before, the report
discloses.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.

Reuters reported that Garuda's outstanding debt, mostly owed to
the ECA, fell to US$749 million as of November 2006 from
US$794.5 million by the end of 2005.


GENERAL NUTRITION: Consent Deadline on Senior Notes Expires
-----------------------------------------------------------
GNC Parent Corporation, the parent company of General Nutrition
Centers, Inc., revealed that with respect to Parent's previously
disclosed tender offer to purchase any and all of its
outstanding Floating Rate Senior PIK Notes due 2011, Parent has
received valid tenders and consents representing a majority of
the aggregate principal amount of Parent Notes outstanding as of
the Consent Date.  Parent executed the supplemental indenture
relating to the Parent Notes, which became effective upon
execution but will not become operative until after acceptance
of, and final payment for, the Parent Notes on the Payment Date.

In addition, Centers with respect to its previously announced
tender offer to purchase any and all of each of its outstanding
8-5/8% Senior Notes due 2011 and 8-1/2% Senior Subordinated
Notes due 2010 Centers has received valid tenders and consents
representing a majority of the aggregate principal amount of
each of the Centers Notes outstanding as of the Consent Date.
Centers also said that it executed the supplemental indentures
relating to each of the Centers Notes, which became effective
upon execution but will not become operative in each case until
after acceptance of, and final payment for, the respective
Centers Notes on the Payment
Date.

The consent deadline pursuant to the terms of the offers to
purchase and consent solicitation statements for each of the
Parent Notes and the Centers Notes.  In each case, rights to
withdraw tendered Notes and to revoke delivered consents
terminated on the Consent Date, except in limited circumstances
or as otherwise required by law.

Centers also disclosed that the consideration payable for each
of the Centers Notes given the expected expiration date of 12:00
midnight, New York City time, on March 15, 2007 and the payment
date of March 16, 2007, is as follows:

    -- Holders who validly tendered and did not withdraw their
       Centers Senior Notes and related consents before the
       Consent Date will receive, for each US$1,000 principal
       amount of Centers Senior Notes tendered, tender offer
       consideration equal to US$1,066.40, which includes a
       US$30 consent payment.  Holders who tender their Centers
       Senior Notes and deliver their consents after the Consent
       Date, but before the Expiration Date, will receive, for
       each US$1,000 principal amount of Centers Senior Notes
       tendered, tender offer consideration equal to
       US$1,036.40.  Accrued and unpaid interest will be paid on
       all Centers Senior Notes tendered and accepted for
       purchase.

    -- Holders who validly tendered and did not withdraw their
       Centers Senior Sub Notes and related consents before the
       Consent Date will receive, for each US$1,000 principal
       amount of Centers Senior Sub Notes tendered, tender offer
       consideration equal to US$1,061.35, which includes the
       Consent Payment.  Holders who tender their Centers Senior
       Sub Notes and deliver their consents after the Consent
       Date, but before the Expiration Date, will receive, for
       each US$1,000 principal amount of Centers Senior Sub
       Notes tendered, tender offer consideration equal to
       US$1,031.35.  Accrued and unpaid interest will be paid on
       all Centers Senior Sub Notes tendered and accepted for
       purchase.

The tender offers and consent solicitations for each of the
Notes are being conducted in connection with the previously
announced acquisition of Parent by an affiliate of Ares
Management LLC and the Ontario Teachers' Pension Plan.

J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are the
Dealer Managers for each of the tender offers and Solicitation
Agents for each of the consent solicitations.

                     About General Nutrition

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

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


TELKOMSEL: Adds Two Million New Subscribers this Year
-----------------------------------------------------
PT Telekomunikasi Selular has added about two million new users
so far this year, signalling growth of around 6% from year-end
levels, Reuters News reports.

According to the report, Telkomsel Marketing General Manager
Nirwan Lesmana was optimistic that the company would attract 9.5
million new users this year.

The report notes that Mr. Lesmana said that currently they have
37 million users, up by around 2 million from 34.9 million last
year, with 95% of these customers are prepaid users.

Mr. Lesmana said that the company is optimistic that their 9.5-
million target customers for this year can be achieved with the
hope that they can even exceed it, the report relates.

The company also expects the number of users industry wide would
increase by 18 million this year, Mr. Lesmana added.

                        About Telkomsel

PT Telekomunikasi Selular Indonesia
-- http://www.telkomsel.com/-- is the leading operator of
cellular telecommunications services in Indonesia by market
share.  By the end of June 2006, Telkomsel had close to 29.3
million customers, which based on industry statistics
represented a market share of more than 50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

A Troubled Company Reporter - Asia Pacific report that Fitch
Ratings, on August 18, 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

FORD MOTOR: Signs Deal Selling APCO to Trident IV
--------------------------------------------------
Ford Motor Company has entered into a definitive agreement to
sell Automobile Protection Corporation to Trident IV, L.P., a
private equity fund managed by Stone Point Capital LLC.
The transaction is the result of the review of strategic options
for the business announced by Ford on Oct. 11, 2006.

The sale is expected to close during the second quarter and is
subject to customary closing conditions, including applicable
regulatory approvals.  Terms and conditions specific to the
agreement are not being disclosed at this time.

Last week, Ford estimated US$11,182 million in total life-time
costs for restructuring actions.

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

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

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

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

                           About APCO

APCO, a wholly owned subsidiary of Ford Motor Company, was
purchased by Ford Motor Company in July 1999.  APCO offers
vehicle service contracts and related after-market products to
dealers of all makes and models.

                          About Trident

Stone Point Capital is a global private equity firm based in
Greenwich, Conn., that manages the Trident Funds and has raised
more than $8 billion in committed capital to make investments in
the global insurance and financial services industries.

                       About Ford Motor Co.

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

The company also has operations in Japan.

                          *     *     *

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

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

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


GAP INC: Earns US$219 Million for Period Ended February 3
---------------------------------------------------------
Gap Inc. earned US$219 million on net revenues of US$4.9 billion
for the 14 weeks ended Feb. 3, 2007, compared to net income of
US$337 million on US$4.8 billion of net revenues for the
13 weeks ended Jan. 28, 2006.

The company also earned US$778 million on US$15.9 billion of net
revenues for the 53 weeks ended Feb. 3, 2007, compared to a net
income of US$1.1 billion on net revenues of US$16 billion for
the 52 weeks ended Jan. 28, 2006.

The company noted that fiscal year 2006 had 53 weeks versus
52 weeks in fiscal 2005.

"We were not satisfied with our 2006 results and are taking
action," said Bob Fisher, interim president and chief executive
officer of Gap Inc.  "In 2007, we are focusing on three
priorities: fixing our core business by creating the right
product and outstanding store experiences; retaining and
developing the best talent in the industry; and examining our
organizational structure to ensure that we enable our brands to
make decisions and effect change more efficiently.
I am confident that we are taking the necessary actions to
revitalize our brands."

Since January 2007, the company has taken the following actions:

   * Leadership changes.  The company's board of directors
     announced a change in the chief executive officer position.
     Mr. Fisher, the company's current non-employee chairman of
     the board of directors, stepped in to serve as interim
     president and chief executive officer.  The company is in
     the final stages of selecting a search firm for a permanent
     chief executive officer.  In addition, the company
     announced Marka Hansen, former president of Banana
     Republic, as the new president of Gap Brand and
     Michael Cape as the new executive vice president of
     marketing for Old Navy.

   * Conversion of Old Navy's Outlet stores into Old Navy
     stores.  In order to drive improved returns and leverage
     its existing retail channel, the company made the decision
     in February to convert its 45 Old Navy Outlet stores into
     stand-alone Old Navy stores.  The company expects the
     conversion to be completed by October 2007.

   * Closure of distribution facility.  As part of the company's
     on-going assessment of its network capacity, it made the
     decision in February to close a distribution facility in
     Hebron, Kentucky.

   * Closure of Forth & Towne.  After thorough analysis revealed
     that the concept was not demonstrating enough potential to
     deliver acceptable long-term return on investment, the
     company announced on Feb. 26, 2007 that it would close
     Forth & Towne.  The company plans to close all 19 stores by
     the end of June 2007.

Net sales for the 14 weeks ended Feb. 3, 2007, rose 2% to
US$4.9 billion, compared with US$4.8 billion for the 13 weeks
ended Jan. 28, 2006.  Comparable store sales for the 13 weeks
ended Jan. 27, 2007 decreased 7%, compared with a decrease of 6%
for the fourth quarter of the prior year.

Net sales for the 53 weeks ended Feb. 3, 2007, were
US$15.9 billion.  Net sales were US$16 billion for the 52 weeks
ended Jan. 28, 2006.  Comparable store sales for the 52 weeks
ended Jan. 27, 2007 decreased 7%, compared with a decrease of 5%
in the prior year.  The company's online sales for the 53 weeks
ended Feb. 3, 2007 increased 23 percent compared with the
52 weeks ended Jan. 28, 2006.

                          About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 7,
2007, that Moody's Investors Service downgraded Gap Inc. senior
unsecured notes to Ba1 and assigned a corporate family rating of
Ba1 and speculative grade liquidity rating of SGL-1.  The rating
outlook is stable.

The following ratings are downgraded:

For Gap Inc.:

Senior unsecured notes to Ba1 (LGD4-58%) from Baa3;

For Gap (Japan) K.K.:

Senior unsecured notes guaranteed by Gap Inc. to Ba1 (LGD4-58%)
from Baa3.

The following ratings are assigned:

For Gap Inc.:

Corporate family rating at Ba1;

Probability of default rating at Ba1;

Speculative grade liquidity rating at SGL-1.


NIKKO CORDIAL: S&P Puts Group Companies' Ratings on CreditWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
developing implications its 'BBB-' long-term  counterparty
credit and senior unsecured debt ratings on Nikko Cordial Corp.
At the same time, Standard & Poor's also placed on CreditWatch
with developing  implications its 'A-3' short-term counterparty
credit rating on Nikko Cordial Corp., its 'BBB' long-term
counterparty credit and 'A-2' short-term counterparty credit
ratings on Nikko Cordial Securities Inc., and its 'A'
long-term counterparty credit rating on NikkoCiti Trust &
Banking Corp.  The CreditWatch listing follows the announcement
by U.S.-based Citigroup Inc. (AA/Stable/A-1+) that it will
purchase over 50% of Nikko Cordial group's outstanding shares
with the aim of making it a consolidated subsidiary.

The 'A-1' short-term counterparty credit rating on NikkoCiti
Trust & Banking Corp. remains on CreditWatch with negative
implications.  This is because even if the long-term
counterparty credit rating on NikkoCiti Trust & Banking is
raised by one notch, there is a high likelihood that the bank's
short-term rating will be affirmed.  The ratings on the three
companies were first placed on CreditWatch on Dec. 26, 2006,
following the resignations of the Nikko Cordial group's
president and chairman over the group's disclosure
problems.

Nikko Cordial group's operating base suffered a blow from the
impact of faulty accounting practices.  If the takeover bid
proceeds according to plan, the heightening concerns over Nikko
Cordial group's reputation risk and fundraising will recede, as
the group will be backed by Citigroup's creditworthiness.  In
addition, an expansion in profits for Nikko Cordial group, such
as in its asset consulting business, from the strengthening of
ties with Citigroup is also expected.  As a result, the
likelihood exists that the company may be upgraded by a few
notches.  However, the degree of the upgrade depends on
Citigroup's ownership percentage following the takeover
bid, cohesiveness with the Nikko Cordial group, and strategies
going forward.  Conversely, if the takeover bid fails to
solidify, and Citigroup's support for the Nikko Cordial group
becomes unclear, the ratings on the Nikko Cordial group
companies may be affirmed or even lowered.

As the rating on NikkoCiti Trust & Banking already incorporates
to a high degree the support from Citigroup, even if Nikko
Cordial group companies are upgraded, there is a low likelihood
that NikkoCiti Trust & Banking will also be upgraded.  However,
NikkoCiti Trust & Banking remains on CreditWatch as its
performance is indirectly influenced by the credit quality of
the Nikko Cordial group, which will see major changes, including
group-wide restructuring.

                       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.


NIKKO CORDIAL: Fitch Revises Rating Watch To Evolving
-----------------------------------------------------
Fitch Ratings, on March 7, 2007, revised the Rating Watch on the
foreign and local currency Issuer Default and Individual ratings
of Nikko Cordial Corporation and Nikko Cordial Securities Inc.
to Evolving from Negative.  These ratings were placed on Watch
Negative on Dec. 21, 2006.

The ratings are as follows:

   NCC: Long-term IDR 'BBB-', the Short-term IDR 'F3',
   Individual rating 'C/D' and Support rating '5'.

   Nikko Cordial Securities: Long-Term 'BBB+', Short-term 'F2',
   Individual 'C' and Support rating '4'.

On March 6, Citigroup Inc. of the US and NCC announced a
strategic business and capital alliance in which Citigroup will
launch a tender offer for 100% of NCC within a week.  The
success of the bid -- which Citigroup judges to be acquisition
of a more than 50% stake in NCC -- is unknown as yet.  However
in the meantime Citigroup and various Nikko Cordial group
companies, including NCC itself, Nikko Cordial Securities and
Nikko Citigroup Limited -- which is the JV between NCC (51%) and
Citigroup (49%) -- signed an agreement that Citigroup will
provide financing to Nikko Citigroup Limited in case of any
disruption that may result, if Tokyo Stock Exchange decides on
de-listing of NCC stocks.  Fitch believes it is in the best
interests of Citigroup to protect the franchise, and the
prospect of support mitigates our concern which led to the
ratings being placed on Watch Negative at the first place.

Fitch will continue to monitor developments.  An upward rating
change could result if Citigroup successfully obtains a
controlling stake in NCC.  However, failure of the tender offer
cannot be ruled out at the moment, at which time we envisage the
credit support agreement would lapse.

          No Impact on Citigroup's Credit Ratings from
             Planned Tender Offer for Nikko Cordial

Fitch said that Citigroup's credit ratings will not be impacted
by the announcement to launch a tender offer for 100% of the
shares of Nikko Cordial.  The potential acquisition of a major
stake in Nikko Cordial provides Citigroup an opportunity to
capitalize on one of the largest franchises in the Japanese
securities business.  Citigroup Inc.'s ratings are Long-term
Issuer Default 'AA+' Outlook Stable; Short-term 'F1+';
Individual 'A' and Support '5'.

The tender offer is designed to protect Citigroup's 4.9%
interest in Nikko Cordial as well as its interests in the
investment banking joint venture Nikko-Citigroup which had been
operating quite successfully until December 2006.  The offer is
expected to commence shortly.

Citigroup's credit ratings are supported by leading franchises
in global corporate and retail banking and good financial
performance.  Announced acquisitions are in line with its goals
of expanding retail businesses and improving operating leverage.
Importantly, Citigroup remains committed to the maintenance of
strong capital ratios.  The integration of Nikko Cordial is an
opportunity to improve its market share in Japan in retail
businesses.  Operations are expected to be immediately
accretive.

                         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.


NIKKO CORDIAL: Moody's To Review Issuer Ratings for Upgrade
-----------------------------------------------------------
Moody's Investors Service placed the Baa3 issuer rating of
Nikko Cordial Corporation, and the Baa2 issuer rating/Commercial
Paper P-2 rating of Nikko Cordial Securities under review for
upgrade.  This follows the announcement of a comprehensive
strategic alliance between Citigroup and NCC under which
Citigroup will launch a tender offer to become NCC's majority
shareholder.  The ratings were previously on review for
downgrade, due to the ongoing impact of the accounting fraud and
potential delisting of Nikko Cordial Corporation.  The Aa2/P-1
long-term/short-term ratings of Nikko Citigroup are unaffected.

Moody's views the potential takeover of Nikko Cordial Group by
Citigroup (rated Aa1) as positive for the debt ratings of NCG.
A takeover is expected to stabilize the ongoing business
activities of NCG, and provide reassurance regarding liquidity
and capital adequacy at the firm.  Moody's also notes that
Citigroup has entered into a credit support agreement which
underpins NCG's creditworthiness even in the event the firm is
delisted prior to the bid being completed.

Moody's commented that the new review would focus on the details
of the acquisition and the integration plans.  Moody's would
expect to incorporate a high level of parental support in the
future ratings of NCG, if Citigroup takes majority ownership of
the firm and demonstrates its commitment to making it a core
part of its strategy for its business in Japan.

Moody's will also examine how smoothly Citigroup can expect to
manage the integration of NCG.  Whilst noting the benefits of
the well-established relationship between the two firms, Moody's
also considers the cultural and strategic gap between the two
firms to be significant, and to have presented challenges to the
wholesale securities JV, Nikko Citigroup.

Moody's expects to be able to conclude the ratings review upon
the completion of the bid.

The following ratings were affected;

Baa3 Issuer Rating of Nikko Cordial Corporation -- placed on
review for upgrade

Baa2 Issuer Rating and P-2 Commercial Paper Rating of
Nikko Cordial Securities -- placed on review for upgrade

                        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.


TENNECO INC: Moody's Rates US$830 Million Loans at Ba1
------------------------------------------------------
Moody's Investors Service has assigned Ba1 ratings to the new
first-lien senior secured credit facilities of Tenneco
Automotive, Inc.

In a related action, Moody's has affirmed these ratings:

   * the company's Corporate Family Rating at B1; and,

   * the ratings on the senior secured  second-lien notes and
     senior subordinated notes, at B1 and B3, respectively.

The outlook remains stable.

Tenneco's business profile as an automotive component supplier
is strong, benefiting from good geographic and customer
diversity and well balanced exposures to the original equipment
and aftermarket segments.  The company's leading positions in
the markets it serves are well defended by ongoing investment in
new technologies. Tenneco's emission technologies for diesel
engines and portfolio of ride control technologies for passenger
and commercial vehicles should enable it to increase its content
on vehicle platforms and demonstrate strong revenue growth even
as overall automotive demand weakens.  These attributes are
potentially supportive of a higher rating under Moody's rating
methodology for auto parts suppliers.

However, the ratings balance these strengths against the
company's high financial leverage and moderate profit margins;
which yield overall financial metrics more consistent with the
assigned rating.  For the fiscal year ending Dec. 31, 2006.
Tenneco's debt/EBITDA is approximately 4.3x, while EBIT/Interest
is approximately 1.5x.

Going forward, Tenneco expects increased revenue to result from
higher booked business in emission controls and greater
penetration in the commercial vehicle exhaust segment.  Margins
should be stable through this time frame as continuing industry
pressures and the greater amounts of lower margin substrate
sales in revenue are offset by new business growth and
continuing efforts to control costs.  Nevertheless, the company
will face some headwinds from lower production volumes at key
automotive OEMs, and ongoing commodity cost volatility.

The refinancing should also moderate borrowing costs and enhance
the company's overall financial flexibility.  Upon closing of
the new senior secured credit facilities Tenneco is expected to
have full access to its US$375 million revolving credit and
unused availability under the US$177.5 million letter of
credit/revolving credit facility.  The company also maintains
large cash balances which could be used to reduce debt, although
indenture provisions currently place some limitations on the
ability to reduce some of the company's higher coupon
obligations during the near term.

Ratings assigned:

   * Ba1, LGD2, 16% to the five-year US$375 million first lien
     senior secured revolving credit facility;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured L/C and revolving credit facility;

   * Ba1, LGD2, 16% to the five-year US$100 million term loan A;

   * Ba1, LGD2, 16% to the seven-year US$177.5 million first
     lien senior secured term Loan B;

Ratings affirmed:

   * B1 Corporate Family rating;

   * B1 Probability of Default rating;

   * B1 rating for the US$475 million 10.25% guaranteed senior
     secured second-lien notes due 2013, with the LGD Assessment
     changed to LGD3, 43% from LGD3, 42%;

   * B3, LGD6, 92% rating for the 8.625% guaranteed senior
     subordinated unsecured notes due November 2014,

These ratings will be withdrawn upon their refinancing:

   * Tenneco's guaranteed credit facilities consisting of:

      -- Ba1, LGD2, 16% on the US$320 million first-lien senior
         secured revolving credit facility due December 2008;

      -- Ba1, LGD2, 16% on the US$155 million first-lien senior
         secured term loan B letter of credit/revolving loan
         facility due December 2010;

      -- Ba1, LGD2, 16% on the US$356 million remaining first-
         lien senior secured term loan B facility due
         December 2010;

The last rating action was on Sept. 22, 2006 when the LGD
Methodology was applied.

The rating outlook is stable.

Future events that could improve Tenneco's rating or rating
outlook include the generation of material new business awards
that facilitate improved margins coupled with debt reduction
that enhances overall credit metrics.  Consideration for a
higher rating or outlook could arise if any combination of these
factors were to increase EBIT/Interest coverage to over 2.0x or
reduce leverage below 4.0x.

Assuming no protracted disruptions in automotive production,
downward pressure on the ratings is not expected during the near
term.  Consideration for a lower outlook or rating could arise
if credit metrics were to deteriorate such that leverage,
measured by Debt/EBITDA, were to exceed 5.0x or if EBIT/Interest
coverage fell to 1.0x on a sustained basis.  The ratings could
also be adversely affected if the company's current sound
liquidity profile were to weaken.

                      About Tenneco Inc.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has operations in Argentina, Japan, and Germany,
among others.


TENNECO INC: S&P Rates Planned US$830 Mil. Bank Facilities at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' bank loan
ratings and recovery ratings of '1' to Tenneco Inc.'s proposed
US$830 million bank facilities, indicating expectations for
recovery of 100% of principal in the event of a payment default.

In addition, a recovery rating of '3' was assigned Tenneco's
existing US$475 million 10.25% senior secured notes due
Jul. 15, 2013, indicating Standard & Poor's expectation of
meaningful prospects for recovery in the event of a payment
default.  The rating was also raised to 'B+' from 'B'.

Standard & Poor's will withdraw its ratings on Tenneco's
existing bank facilities upon the closing of the proposed bank
facilities.

Tenneco's ratings reflect the company's weak business profile
and highly leveraged, but stable, financial profile.  Tenneco's
credit measures modestly slipped in 2006 amid a difficult
environment in the second half of the year.  The company
benefits from good diversity among its customers, business
platforms, and regions of operation.  However, Tenneco is still
exposed to declining vehicle production by its large customers;
General Motors Corp. and Ford Motor Co.

                       About Tenneco Inc.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has operations in Argentina, Japan, and Germany,
among others.


TENNECO INC: Timothy Donovan Resigns as Executive Vice-President
----------------------------------------------------------------
Tenneco Inc. disclosed that Timothy R. Donovan, executive vice
president, general counsel and member of the board of directors,
is leaving the company to pursue another opportunity.

His resignation from Tenneco is effective Mar. 16, 2007.  His
resignation from the company's board of directors was effective
February 28, 2007.  Tim joined Tenneco as senior vice president
and general counsel in August 1999.

Both internal and external candidates will be considered to fill
the general counsel position.

"Tim has played an important role in establishing Tenneco as a
successful stand-alone company.  Over the past seven years, his
leadership and strong legal counsel have greatly facilitated
Tenneco's restructuring efforts and growth strategies around the
world," said Gregg Sherrill, chairman and CEO, Tenneco.  "On
behalf of all Tenneco employees, I thank Tim for his outstanding
contributions and dedication.  We wish him much success in his
new endeavor."

                       About Tenneco Inc.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has operations in Argentina, Japan, and Germany,
among others.

                          *     *     *

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. Automotive and Equipment sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Tenneco Inc.


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

ACTUANT CORP: Inks Third Amendment to JP Morgan Credit Agreement
----------------------------------------------------------------
Actuant Corporation entered into a Third Amendment to the
Amended and Restated Credit Agreement, dated as of Feb. 16,
2007, with JP Morgan Chase Bank National Association as the
administrative agent.

The agreement amends and modifies the company's amended and
restated credit agreement, dated as of December 27, 2004.

The company said that the third amendment increased the existing
term loan facility from US$250 million to US$400 million, which
is in addition to the existing US$250 million revolving credit
facility, eliminates amortization of the term loan such that the
entire amount of the term loan matures on Dec. 22, 2009.

Additionally, the third amendment permits the company future
incremental term loans and increases in aggregate revolving loan
commitments of up to an additional aggregate principal amount of
$200 million.  It also increases certain limits concerning the
incurrence of other indebtedness.

The company used the proceeds from the US$150-million increase
in the term loans to pay down amounts outstanding under the
revolving credit facility and reduce commercial paper
borrowings.

                   About Actuant Corporation

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial
company with operations in more than 30 countries, including
Australia, China, Hong Kong, India, Japan, Taiwan and South
Korea.  The Actuant businesses are market leaders in highly
engineered position and motion control systems and branded
hydraulic and electrical tools and supplies.  Since its creation
through a spin-off in 2000, Actuant has grown its sales from
US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.
Actuant Corporation trades on the NYSE under the symbol ATU.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. manufacturing
sector, the rating agency affirmed its Ba2 Corporate Family
Rating for Actuant Corporation.

Additionally, Moody's held its Ba2 ratings on the company's
US$250 million Senior Unsecured Revolver Due 2009, and
US$250 million Senior Term Loan Due 2009.  Moody's assigned
those debentures an LGD3 rating suggesting lenders will
experience a 43% loss in the event of a default.

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


ARAMARK CORP: Subsidiary Inks Beverage Service Deal with NetJets
----------------------------------------------------------------
ARAMARK Refreshment Services has been selected by NetJets
Services Inc. to provide beverage service for its employees and
business clients in its Columbus, Ohio location.

"At ARAMARK, we pride ourselves on providing world-class
experiences, environments and outcomes for our clients, and for
their customers and employees," said Michael Oppenheim,
executive vice president of ARAMARK Refreshment Services.  "We
are pleased to work with NetJets to help get their employees and
the executives they serve motivated, energized, and on their way
to a great business day."

NetJets Services Inc. is a NetJets company.  NetJets provides
private aviation solutions globally that allow individuals and
companies to buy a share of a private business jet at a fraction
of the cost of whole aircraft ownership, and guarantees
availability 365 days a year with just a few hours' notice.
NetJets also offers aircraft management, charter management, and
on-demand charter services through its subsidiary, Executive Jet
Management.

NetJets provides the highest quality services to clients flying
on NetJets aircraft, from managing ground transportation to
ensuring an executive's favorite food, newspapers and other
amenities are onboard.  For employees, NetJets strives to
provide a comfortable, satisfying work environment to ensure its
workforce stays positive and productive.

As part of NetJets' strategy to keep employees and business
clients happy, ARAMARK is providing coffee service from Green
Mountain Coffee Roasters for approximately 2,000 NetJets
employees, as well as for nearly 100 aircraft.  Green Mountain
Coffee provides an assortment of gourmet specialty coffees,
including organic, Fair Trade, exotic and seasonal blends.
ARAMARK is also supplying NetJets with essentials for its coffee
areas, including paper goods and creamers.

              About Green Mountain Coffee Roasters

Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) --
http://www.GreenMountainCoffee.com/--is recognized as a leader
in the specialty coffee industry for its award-winning coffees
and successful business practices.  The Company sells over 100
high quality selections, including Fair Trade CertifiedTM and
organic coffees under the Green Mountain Coffee Roasters(R) and
Newman's Own(R) Organics brands.  While the majority of the
Company's revenue is derived from its wholesale, direct mail,
and e-commerce operations, it also owns Keurig, Incorporated, a
pioneer and leading manufacturer of gourmet single-cup brewing
systems.  Green Mountain Coffee Roasters has been ranked No. 1
on the list of "100 Best Corporate Citizens" for the past two
years, and has been recognized repeatedly by Forbes, Fortune
Small Business, and the Society of Human Resource Management as
an innovative, high-growth, socially responsible company.

               About ARAMARK Refreshment Services

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and businesses around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey. ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 14,
2007, Fitch has downgraded the Issuer Default Rating for both
ARAMARK Corporation and its wholly owned subsidiary, ARAMARK
Services, Inc. to 'B' from 'BB-' and has rated the new financing
of ARAMARK Corporation:

   -- US$600 million revolving senior secured credit facility
      due 2013 'BB-/RR2';

   -- US$4.15 billion senior secured term loans due 2014 'BB-
      /RR2';

   -- US$250 million senior secured synthetic letter of credit
      facility due 2013 'BB-/RR2'; and

   -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'.

In addition, the rating for the US$250 million senior unsecured
notes due 2012 was lowered to 'CCC+/RR6' from 'BB-'.  The
ratings are removed from Rating Watch Negative.

Fitch said the Rating Outlook is Stable.


BIOVEST INT'L: Dec. 31 Balance Sheet Upside Down by US$14 Mil.
--------------------------------------------------------------
Biovest International, Inc. filed its quarterly financial
statements for the three-month period ended Dec. 31, 2006, with
the United States Securities and Exchange Commission.

At Dec. 31, 2006, the company's balance sheet showed
US$8,960,000 in total assets and US$17,034,000 in total
liabilities, resulting in a US$14,074,000 stockholders' deficit.

At Sept. 30, 2006, stockholders' deficit stood at US$16,520,000.

The company's December 31 balance sheet also showed strained
liquidity with US$4,122,000 in total current assets available to
pay US$15,955,000 in total current liabilities coming due within
the next 12 months.

For the three-month period ended Dec. 31, 2006, the company
reported a US$23,950,000 net loss on US$1,327,000 of total
revenues, compared to a net loss of US$3,014,000 on total
revenues of US$1,085,000 in the same prior year period.

Total revenues for the three months ended Dec. 31, 2006 was
US$1.3 million which is an increase of US$0.2 million over the
three months ended Dec. 31, 2005.  This represents an increase
of 18%. This quarterly increase is primarily due to growth in
the sales of instrument hardware and disposables.

Research and development expenses for the three months ended
Dec. 31, 2006 were US$2.9 million compared to the same prior
year period of US$2.8 million.  These costs relate to vaccine
production supporting the on-going clinical trial and design
engineering expense associated with design of the AutovaxID.

The company has historically had significant losses from
operations and these losses continued during the three months
ended Dec. 31, 2006 resulting in a net operating cash flow
deficit of US$4 million.  At Dec. 31, 2006, the company had an
accumulated deficit of approximately US$76.2 million and working
capital deficit of approximately US$11.8 million.  It has been
meeting its cash requirements through proceeds from its cell
culture and instrument manufacturing activities, various
financing transactions, the use of cash on hand, short-term
borrowings (primarily from affiliates), the sale of stock to and
demand notes from Accentia Biopharmaceuticals, Inc., and by
managing its accounts payable.

A full-text copy of the company's financial statements for the
quarterly period ended Dec. 31, 2006, is available for free at

              http://researcharchives.com/t/s?1a7e

                      Going Concern Doubt

Aidman Piser & Company P.A., in Tampa, Florida, expressed
substantial doubt about Biovest International's ability to
continue as a going concern after auditing the company's
financial statements for the year ended Sept. 30, 2006.  The
auditing firm cited that the company incurred significant losses
and used cash in operating activities during the years ended
Sept. 30, 2006 and 2005, and had working capital and
shareholders' deficits at Sept. 30, 2006.

                  About Biovest International

BioVest International, Inc. -- http://www.biovest.com/-- is a
biotechnology company that provides cell culture services to
research institutions and the biopharmaceutical industry.
BioVest also develops, manufactures and markets cell culture
systems.  For over 10 years the company has been designated, by
the National Institutes of Health, as the National Cell Culture
Center.  Through its proprietary technology, BioVest provides
cell culture services to research institutions, biotechnology
companies and the pharmaceutical industry.  The company is the
holder of a Cooperative Research and Development Agreement with
the National Cancer Institute for the commercialization of a
personalized biologic therapeutic cancer vaccine for the
treatment of non-Hodgkin's lymphoma currently in its phase III
pivotal trial.

The company has sales offices in China, Europe, Japan, Korea,
Singapore, and Taiwan.


CURON INC: Amends KRW2.37-Billion Contract with Ubistar
-------------------------------------------------------
Curon Inc. has amended its supply contract with Ubistar Co.
Ltd., Reuters Key Development relates.

Pursuant to the amended contract, Curon will supply RNM-
T100(2GB) navigations instead of RNM-T100 PLUS (2GB) navigations
to Ubistar, the report says.  The contract is worth
KRW2.37 billion and is valid from Feb. 1, 2007, to Jan. 31,
2008.

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

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


CURON INC: Names Kim Seh Il as New CEO
--------------------------------------
Kim Seh Il has been appointed as Curon Inc. Chief Executive
Officer, replacing Lee Seung Noh, effective Feb. 12, 2007.

Reuters Key Developments notes that Mr. Kim is the company's
largest shareholder.

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

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


CURON INC: Completes 12.5-Mil. Rights Issue
-------------------------------------------
Curon Inc. has completed its issuance of 12,500,000 common
shares through a rights issue, Reuters Key Development reports.

According to the report, the common shares have a par value and
offer price of KRW500 and KRW820, respectively.  This brings the
company's total number of outstanding common shares to
28,096,389.  The confirmed listing date is Feb. 13, 2007.

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

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


DURA AUTOMOTIVE: Wants Exclusive Plan-Filing Period Extended
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
United States Bankruptcy Court for the District of Delaware to
extend their exclusive periods:

   (i) to propose and file a plan of reorganization through and
       including May 23; and

  (ii) solicit acceptances of that plan through and including
       July 23.

The Court will convene a hearing on March 21 at 10:00 a.m., to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
Debtors' exclusive periods are automatically extended until the
conclusion of that hearing.

Section 1121(b) of the Bankruptcy Code provides a debtor the
exclusive right to file a plan of reorganization for an initial
period of 120 days after the commencement of its Chapter 11
case.  Section 1121(c)(3) provides that if a debtor files a plan
of reorganization within the 120-day initial period, a debtor
has 180 days after the commencement of the Chapter 11 case
within which to solicit and obtain acceptances of its plan, at
which time competing plans may not be filed by any party-in-
interest.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that much has been
accomplished to rehabilitate the Debtor, not only in the first
120 days of their Chapter 11 cases, but also in the months
leading up to the Petition Date.  Specifically, the Debtors
have:

    -- ensured a smooth entry into Chapter 11 against a backdrop
       of continued deterioration in their domestic automotive
       industry;

    -- minimized the impact of the Chapter 11 on Dura Automotive
       Systems, Inc.'s non-debtor affiliates, ensuring that
       adequate liquidity is available as and when needed;

    -- engaged management in implementing their operational
       restructuring through the transfer of business from high
       to low-cost locations;

    -- conducted, with their advisors, a bottom-up analysis of
       their business on a location-by-location and part-by-part
       basis, and are now developing a transformational business
       plan based upon those analyses to reflect the changes in
       the automotive sector;

    -- augmented senior management to provide further support
       for their operational and financial restructuring;

    -- commenced negotiations with major customers, giving them
       reasons to return business to the Debtors;

    -- made significant progress in analyzing a potential
       avoidance action against the Second Lien Lenders based
       upon certain lien perfections issues, and assessing the
       potential impact of the litigation on the contours of a
       consensual plan;

    -- exchanged, and continues to exchange, substantial
       information with the Creditors Committee, the Second Lien
       Committee, and their advisors; and

    -- demonstrated a commitment to conduct the vast majority of
       the Chapter 11 tasks outside the courtroom on a
       consensual basis with its various constituencies.

Extending the exclusive periods will permit the Debtors to
develop an appropriate plan of reorganization that will best
meet the creditors' needs and fit into the development of the
Debtors' business plan, Mr. DeFranceschi tells the Court.

Mr. DeFranceschi cites the Debtors' sufficiently large and
complex cases, which involves 41 debtors, with two tranches of
secured institutional debt that are the subject of an intricate
intercreditor agreement and multiple issuances of unsecured
institutional debt in addition to the standard classes of
secured, priority, priority tax, and general unsecured claims.

Adding complexity to the Debtors' prepetition financial balance
sheet and equity structure is the potential avoidance action
against the Second Lien Lenders, Mr. DeFranceschi relates.  This
potential litigation, he says, has taken time to analyze, and
will continue to influence the course of the Debtors' Chapter 11
cases and the development of a plan of reorganization.

Mr. DeFranceschi assures the Court that the extension is
intended to facilitate an orderly, efficient and cost-effective
process for the benefit of all creditors.

                 About DURA Automotive Systems Inc.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No.
14Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MIJU STEEL: Establishes Overseas Subsidiary in Hong Kong
--------------------------------------------------------
Miju Steel Co., Ltd., has established Miju Steel HK Ltd., a
wholly owned subsidiary, in Hong Kong, Reuters Key Development
says.

The report notes that Miju Steel HK has a capital of
KRW60,310,000.

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.


WOORI BANK: Group Chairman to Focus on Privatization
----------------------------------------------------
New Woori Financial Group Chairman Bahk Byong-won said that he
will stake his three-year term on the successful privatization
of the state-owned lender without causing any major disturbances
in the market, Na Jeong-ju writes for The Korea Times.

"The top priority of my duties in Woori will be on its
successful privatization to help the government recover its
investment in the lender," the paper cites Mr. Bahk as saying.

Mr. Bahk also said that he will focus on strengthening non-
banking businesses, like investment banking and credit card
divisions, to diversify Woori's income sources.  About 93% of
Woori's profits come from its banking business, The Korea Times
notes.

The paper says that Mr. Bahk will officially take over Woori at
a regular shareholders' meeting scheduled for March 30,
replacing current Chairman Hwang Young-key.  According to the
paper, Mr. Hwang sought for another three-year term, but was
rejected by Woori's largest shareholder -- the Korea Deposit
Insurance Corp.

The KDIC earlier said it will sell 28% of its 78% stake this
year, and begin efforts to find a new owner for the country's
largest lender, The Korea Times recounts.

According to the paper, the KDIC is a state-run deposit insurer,
which acquired its stake in Woori through an investment of
KRW12 trillion in taxpayers' money after the 1997-98 financial
crisis.

This year, Mr. Bahk is expected to push for the sale of stakes
that are not tied to management rights, the paper says.

The Korea Times relates that Mr. Bahk resigned from his post as
the vice finance and economy minister to apply for the position
of Woori chairman.  His resignation has raised speculation that
he had already gained the government's approval, the paper says.

Unionists of Woori Bank and its affiliates have pledged to hold
a strike in protest of Mr. Bahk's appointment, The Korea Times
says.

According to The Korea Herald, the strike will be held on
March 26.

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


WOORI BANK: Regularizes 3,000 Contract Workers
----------------------------------------------
On March 1, 2007, Woori Bank granted full employee status to
3,000 short-term workers, The Hankyoreh reports.

According to the report, Woori's move was aimed at eliminating
job insecurity and increasing benefits for the contract workers.

The Hankyoreh relates that the contract workers represent 23% of
the bank's total employees, including 1,982 tellers, 548 phone
counselors, and 546 paperwork assistants.

The newly regularized employees' salaries will increase, but it
will still only be 70%-80% of what the current regular employees
earn, The Hankyoreh notes.

The paper explains that the workers' regularization was
accomplished by freezing the wages of the bank's current full-
time salaried employees, a move approved by Woori's union.
Thus, the company will see increased labor costs of KRW8 billion
this year, as opposed to the estimated KRW30 billion.

"Nearly 3,000 former non-regular workers joined the union on
March 2.  If those non-regular workers are freed from labor
insecurity by becoming regular workers, the competitive edge of
the bank will be enhanced, as well," the paper cites Ma Ho-ung,
a union leader of Woori Bank, as saying.

However, some insecurities remain for Woori's new regular
workers, The Hankyoreh relates.  Woori Bank has assigned them
yearly salaries and promotional opportunities based only on
their group, which will be kept separate from the bank's current
regular workers, at least for the time being, the paper
explains, noting that workers worry this will pigeonhole them as
well as block their access to opportunities afforded to current
regular employees.

The bank, however, assured that it plans to prepare
supplementary measures to correct this disparity in the long
term, The Hankyoreh notes.

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

CRIMSON LAND: Incurs MYR1.77-Mil. Net Loss in Qtr Ended Dec. '06
----------------------------------------------------------------
Crimson Land Bhd incurred a net loss of MYR1.77 million on
MYR22.07 million of revenues in the second quarter ended
Dec. 31, 2006, as compared with a net loss of MYR4.50 million on
MYR6.98 million of revenues in the corresponding period in 2005.

The company's unaudited balance sheet as of Dec. 31, 2006,
showed current assets of MYR220.28 million and current
liabilities of MYR74.18 million.

As at Dec. 31, 2006, Crimson's total assets amounted to
MYR469.92 million and total liabilities aggregated to
MYR448.83 million, resulting to a shareholders' equity of
MYR21.09 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/crim-2q-results.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd and is
therefore required to formulate and implement a plan to
regularize its financial condition.


CYGAL BERHAD: Incurs MYR9.72-Million Net Loss in 4th Quarter '06
----------------------------------------------------------------
Cygal Bhd posted a net loss of MYR9.72 million on
MYR16.58 million of revenues in the fourth quarter ended
Dec. 31, 2006, compared with a net loss of MYR10.17 million on
MYR30.81 million of revenues in the same quarter in 2005.

As of Dec. 31, 2006, the company's unaudited balance sheet
reflected strained liquidity with current assets of
MYR144.73 million available to pay current liabilities of
MYR493.44 million.

Cygal's total assets as of end-December 2006 amounted to
MYR215.28 million and total liabilities aggregated to
MYR508.28 million, resulting to a shareholders' deficit of
MYR293 million.

A full-text copy of the company's financial statement can be
viewed for free at:

         http://bankrupt.com/misc/cygal-4q-2006.xls

                          *     *     *

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

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in its Nov. 2001 Settlement Agreement
with its creditors.  The deal relates to the settlement of
Cygal's MYR229,637,109 debt to its lenders.

As of Dec. 31, 2006, Cygal's total assets amounted to
MYR215.28 million and its total liabilities aggregated to
MYR508.28 million, resulting to a shareholders' deficit of
MYR293 million.


EKRAN BERHAD: Asks for Further Extension of Plan Filing Deadline
----------------------------------------------------------------
Ekran Bhd asked the Bursa Malaysia Securities Bhd to further
extend its deadline to submit a regularization plan to the
Securities Commission and other relevant authorities for
approval.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, the bourse had already extended to March 7, 2007,
Ekran's plan submission deadline.  However, the company wasn't
able to meet that deadline.

The new extension request is currently pending Bursa's approval.

                          *     *     *

In related news, Ekran appointed AmInvestment Bank Berhad as its
advisor with regard to the submission of a regularization plan
to the Securities Commission and other relevant authorities.

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


EKRAN BERHAD: Updates on Default Status as of February 2007
-----------------------------------------------------------
Ekran Bhd disclosed with the Bursa Malaysia Securities Bhd its
payment default status to several lenders as of February 2007.

           Lenders                   Claimed Amount
           -------                   --------------
      Pengurasan Danaharta          MYR28,426,953.08
      National Sdn Bhd

      Danaharta Managers             MYR1,217,535.25
      Sdn Bhd

      Danaharta Urus                MYR29,535,045.28
      Sdn Bhd

      AmBank Berhad                  MYR3,079,661.39
      (Arab Malaysian Bank Berhad)   Plus interest

According to the company, negotiations for full and final
settlement with these debts are now in progress.

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


FA PENINSULAR: Dec. 31 Balance Sheet Upside Down by MYR6.22 Mil.
----------------------------------------------------------------
FA Peninsular Bhd's unaudited balance sheet as of Dec. 31, 2006,
went upside down with total assets of MYR15.86 million and total
liabilities of MYR22.08 million, resulting to a shareholders'
deficit of MYR6.22 million.

In addition, the company's balance sheet as of end-December 2006
reflected strained liquidity with current assets of
MYR15.75 million available to pay current liabilities of
MYR22.08 million.

FA Peninsular incurred a net loss of MYR3.503 million in the
third quarter ended Dec. 31, 2006, as compared with a net loss
of MYR11.49 million in the same period in 2005.

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/fap-3q-results.doc

                          *     *     *

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

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

FA Peninsular Bhd's unaudited balance sheet as of Dec. 31, 2006,
went upside down with total assets of MYR15.86 million and total
liabilities of MYR22.08 million, resulting to a shareholders'
deficit of MYR6.22 million.


FCW HOLDINGS: Gains MYR2.32 Mil. in 2nd Quarter Ended Dec. 31
-------------------------------------------------------------
FCW Holdings Bhd recorded MYR2.32 million of net profit on
MYR2.50 million of revenues in the second quarter ended Dec. 31,
2006, as compared with a MYR37,000 net loss on MYR4.14 million
of revenues in the same quarter in 2005.

As of Dec. 31, 2006, current assets of the company stood at
MYR25.54 million and current liabilities amounted to
MYR3.08 million.

FCW Holdings' total assets of Dec. 31, 2006, aggregated to
MYR29.43 million and total liabilities reached MYR3.08 million.
Shareholders' equity in the company amounted to
MYR25.72 million.

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

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

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the company
is required to submit a plan to regularize its financial
condition.


FEDERAL FURNITURE: Shareholders' Deficit at MYR17.67M in Dec. 31
----------------------------------------------------------------
Federal Furniture Holdings Bhd's unaudited balance sheet as of
Dec. 31, 2006, showed solvency problem with total assets of
MYR135.78 million and total liabilities of MYR153.46 million,
resulting to a shareholders deficit of MYR17.67 million.

In addition, the company's balance sheet as of end-December 2006
also reflected illiquidity with current assets of
MYR37.05 million available to pay current liabilities of
MYR149.90 million.

Federal Furniture posted a net loss after taxation of
MYR5.61 million on MYR13.69 million of revenues in the fourth
quarter ended Dec. 31, 2006, as compared with a net loss of
MYR2.7 million on MYR9.93 million of revenues in the same
quarter in 2005.

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

           http://bankrupt.com/misc/ffhb-4q-results.xls

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

Federal Furniture Holdings Bhd's unaudited balance sheet as of
Dec. 31, 2006, showed solvency problem with total assets of
MYR135.78 million and total liabilities of MYR153.46 million,
resulting to a shareholders deficit of MYR17.67 million.


FOREMOST HOLDINGS: Discloses Proposals Under Regularization Plan
----------------------------------------------------------------
Foremost Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd various proposals under its regularization plan.
The Plan, among others, contains:

    * Proposed Par Value Reduction;
    * Proposed Share Premium Reduction;
    * Proposed Amendment;
    * Proposed Rights Issue with Warrants;
    * Proposed Exemption; and
    * Proposed Debt Settlement.

Based on its proposal for capital reduction, Foremost will
reduce its paid-up share capital of MYR52,620,000 comprising
52,620,000 ordinary shares will be reduced to MYR26,310,000
comprising 52,620,000 ordinary shares of MYR0.50 each.

The reduction of MYR0.50 for each existing ordinary share would
give rise to a credit of MYR26,310,000, and will be utilized to
reduce the company's accumulated losses of MYR45,761,649 based
on the audited financial statements of FHB for the financial
year ended December 31, 2006.

In addition, the company also proposes to use its share premium
account of MYR3,630,164 against its accumulated losses.  A total
of MYR2,330,164 will be utilized towards setting-off against the
accumulated losses of the Company as at Dec. 31, 2006, and the
remaining balance of MYR1,300,000 will be used towards setting-
off the estimated expenses for the Proposals.

Accordingly, Foremost proposes to amend its Memorandum and
Articles of Association to facilitate the change in the par
value of its ordinary shares from MYR1.00 each to MYR0.50
resulting from the Proposed Par Value Reduction.

Meanwhile, the company also proposes to issue up to 13,155,000
new ordinary shares of RM0.50 each on the basis of one Rights
Share for every four FHB Shares.  In addition, the rights issue
will be offered together with 39,465,000 free detachable
warrants on the basis of three Warrants for every one Rights
Share.

According to the company, the Proposed Rights Issue with
Warrants is expected to raise gross proceeds of MYR6,577,500,
which will be utilized to finance the working capital
requirements of the Group and to defray the estimated expenses
incidental to the Proposals.

Foremost also proposes to exempt Ooi Chieng Sim from the
obligation to extend a mandatory take-over offer for the
remaining FHB Shares not already owned upon the completion of
the Proposed Rights Issue with Warrants.

Lastly, Foremost proposes to enter into a settlement arrangement
with its financial institution creditor by virtue of a corporate
guarantee for the debts owing by its 58.75% subsidiary, Yaku
Shin (Malaysia) Sdn Bhd, which has been placed under
receivership during the financial year ended December 31, 2005.

According to the company, the liabilities under the corporate
guarantee amounted to MYR16,904,000 has been recognized in the
financial statements of the company in its annual report ended
December 31, 2006.

The board has estimated that after the sale of YKSM's assets and
recovery of certain debts by the receiver and manager, the
outstanding sum would be in the region of approximately RM15.8
million.

Foremost is currently in the advanced stages of negotiations
with the creditor and is proposing for the settlement
arrangement to be conducted through:

    (i) issuance of up to 15,800,000 new FHB Shares of MYR0.50
        each at par after the Proposed Par Value Reduction to
        the Creditor as full and final discharge of the bank
        guarantee; and

   (ii) Any shortfall arising from the Proposed Issuance of
        Shares for the bank guarantee will be waived.

                          *     *     *

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing."
As an affected issuer, the Company is required to draft and
implement a plan to regularize its finances to avoid being
delisted from the Official List.


HALIFAX CAPITAL: Affin Bank Quits Post as Restructuring Adviser
---------------------------------------------------------------
Halifax Capital Bhd said in a disclosure with the Bursa Malaysia
Securities Bhd that it received a letter of withdrawal from
Affin Merchant Bank Bhd as its main adviser to the Proposed
Restructuring Scheme.

The company is now in the midst of finalizing the appointment of
a new main adviser, Halifax told the bourse.

In related news, Halifax is still waiting for the Bursa's ruling
on its request for a further extension of its deadline to file a
regularization plan.  The company was supposed to submit its
regularization plan to the Securities Commission and other
relevant authorities by March 7.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka Setron (Malaysia) Berhad -- is principally engaged
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
Company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.

The company is considered an affected listed issuer under
Practice Note 17 as the its shareholders' equity on consolidated
basis is less than 25% of the issued and paid-up share capital
of the listed issuer and such shareholders' equity is less than
the minimum issued and paid up share capital.


SATERAS RESOURCES: Bursa to Delist Securities on March 21
---------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist the securities of
Satera Resources Bhd and will remove them from its official list
on March 21, 2007, at 9:00 a.m.

According to the bourse, it has decided to delist the securities
of Sateras from the Official List as the company does not have
adequate level of financial condition to warrant continued
listing.

In addition, the bourse said that the Securities Commission
rejected the company's appeal to extend the implementation of
its regularization plan.  With the rejection, the bourse said
that Sateras is now deemed failed to complete the implementation
of its plan within the timeframe prescribed by the SC and no
further extension of time has been granted to the company.

Sateras filed its regularization plan with the SC and other
relevant authorities on July 1, 2003.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  Sateras' balance sheet as of
Sept. 30, 2006, showed insolvency with total assets of
MYR160.99 million and total liabilities of MYR575.17 million.
Shareholders' deficit in the company reached MYR414.18 million.


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

AIR NEW ZEALAND: Reaches Agreement with EPMU; SFWU Rejects Deal
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
March 5, 2007, the Engineering Printing and Manufacturing Union
has been engaged in legal proceedings alleging that Air New
Zealand acted in bad faith by deliberately misusing the
consultation clause of the ground services Collective Employment
Agreement to open negotiations at a time when members could not
take legally protected industrial action.

Air New Zealand sought to stop the proceedings, but the court
rejected the application, the TCR-AP said.  Accordingly, the
EPMU's case against the airline continued.

                   EPMU and Air NZ Reach Deal

However, a report from the New Zealand Press Association relates
that a deal -- to save workers' jobs -- between EPMU and Air New
Zealand is progressing.  Thus, the Employment Court Action
against the airline is not going ahead.

Stuff.co.nz, citing the NZPA, relates that EPMU and Air New
Zealand have reached agreement under which about 40% of staff
will get a pay rise, 40% will get a pay cut, and the rest will
stay on the same wage rate.  Those offered a cut will have an
automatic right to redundancy, NZPA notes.

The proposal has not been finalized and talks are still
continuing, NZPA says.  According to EPMU National Secretary
Andrew Little, it would be about a month before all the details
of the new agreement are finalized and offered to the union
members to vote on.

                         SFWU Disagrees

Air New Zealand has maintained that the Service and Food Workers
Union must also ratify the agreement, The Dominion Post relates.

Yet, the Service and Food Workers Union said that it is not a
party to the agreement and that it is unlikely its members will
agree to it, NZPA points out, noting that the SFWU represents
about 300 check-in staff.

According to the Dominion Post, the workers had voted to stick
together at the last negotiating round, when Air New Zealand had
wanted to split the workforce into separate agreements.  A
coverage clause prevented one group from "negotiating away the
core terms and conditions" of the collective, the paper relates.

The ballot may yet include a separate vote on whether to accept
the EPMU-negotiated deal, SFWU's northern regional secretary,
Jill Ovens, said.

According to Ms. Ovens, the SFWU did not have to take it to its
members because the union has "a separate collective agreement."

                   Unions Council to Step In

Accordingly, the Council of Trade Unions will step in to work
with both unions over the dispute, Stuff.co.nz relates.

The deal would be put to all affected staff and it would be up
to them, not their union groups, to decide whether to accept it,
NZPA notes.

                      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.


AIR NEW ZEALAND: Gov't. Should Sell Stake, Aviation Report Says
---------------------------------------------------------------
"This may be a good year for the New Zealand Government to sell
down its holding in Air New Zealand, to capture some of the
value as the share price soars, and to allow private investment
to carry the longer term risk," the New Zealand Press
Association cites Peter Harbison, executive chairman of the
Centre for Asia Pacific Aviation, as saying in a report.

On March 7, 2007, the Centre released an outlook report on the
aviation sector, which costs US$595 ($NZ8912) to buy, NZPA
relates noting that a summary released to the media said the
outlook for New Zealand aviation in 2007 is uncertain.

According to NZPA, Finance Minister Michael Cullen said that the
Government had no intention of selling down, even to 51%,
despite sitting on a NZ$735 million paper profit from its rescue
investment six years ago.

Air New Zealand may be facing domestic headwinds, as
Qantas/Jetstar and Pacific Blue reassess their market positions,
but the flag carrier's long-haul strategy appears to be working
well, NZPA cites the Aviation report, as saying.

New Zealand airports are hoping that competition will stimulate
growth for them and in the meantime they remain highly
profitable, the report says.

                      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.


ARIKI PROPERTIES: Court to Hear Wind-Up Petition on April 19
------------------------------------------------------------
On Dec. 18, 2006, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Ariki Properties Ltd.

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

The CIR's solicitor can be reached at:

         Timothy Chemaly
         c/o Auckland South Service Centre
         17 Putney Way, PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7048


CLEAR CHANNEL: Urges Shareholders to Vote for Proposed Merger
-------------------------------------------------------------
Clear Channel Communications, Inc., announced that it will mail
a letter to its shareholders regarding the proposed merger with
a group led by T.H. Lee Partners, L.P. and Bain Capital
Partners, LLC, for US$37.60 per share in cash.

The company's letter states:

Dear Fellow Shareholder:

At the March 21st special meeting of Clear Channel shareholders,
you will make a critical decision regarding the future of your
company.  If shareholders approve the company's agreement to be
acquired by funds sponsored by Bain Capital Partners, LLC and
Thomas H. Lee Partners, L.P., you will receive US$37.60 in cash
for each share of common stock you own.  The disinterested
directors of your Board have unanimously determined that the
merger is fair and in your best interests.  WE URGE YOU TO VOTE
FOR THE PROPOSED MERGER TODAY.

THE PROPOSED MERGER IS THE RESULT OF A HIGHLY COMPETITIVE PUBLIC
AUCTION CONDUCTED BY THE DISINTERESTED MEMBERS OF THE BOARD

The disinterested directors carefully managed the auction
process to maximize the competitive dynamics of the bid process
to obtain the highest price available:

    * Multiple rounds of robust bidding,

    * Firm, fully financed offers submitted by two separate
      consortiums of private equity funds,

    * Virtually every leading private equity sponsor
      participated -- no strategic buyers emerged, and

    * During the "go-shop" period, the company's financial
      advisor contacted a total of 22 potential strategic and
      private equity buyers, none of whom expressed interest in
      bidding for Clear Channel.

WE FIRMLY BELIEVE THERE IS NOT ANOTHER COMPETITIVE BIDDER FOR
CLEAR CHANNEL, AND THAT US$37.60 PER SHARE IN CASH MAXIMIZES
VALUE AND CERTAINTY

The auction process was conducted by the disinterested members
of the Board of Directors, and supported by a Special Advisory
Committee composed of three disinterested directors.  The Board
and the Special Advisory Committee also received advice and
assistance from separate financial and legal advisors, who were
actively involved in the auction process.  In order to ensure
independence, these meetings - and all of the Board's
deliberations in relation to the competitive sale process - were
conducted without the participation of Clear Channel management
or the Mays family.  Chairman and founder L. Lowry Mays has
informed the company that he will be selling a substantial
majority of his holdings in the transaction.

THE PROPOSED MERGER IS THE RESULT OF A COMPREHENSIVE REVIEW OF
STRATEGIC ALTERNATIVES

This merger proposal is the result of a comprehensive review of
strategic alternatives designed to enhance shareholder value,
taking into account the continued challenges in the radio sector
and the Board's views of the recent growth in the domestic
outdoor sector, as well as Clear Channel's future growth
opportunities.  During their review, the disinterested directors
considered a full range of alternatives other than the sale of
the company, including a sale or spin-off of Clear Channel
Outdoor, recapitalization, share repurchase and special
dividend, as well as remaining as an independent company.
Particular consideration was given to the structural issues
related to any potential separation of Clear Channel Outdoor,
including significant tax implications, and the likely trading
value of its shares in the absence of this transaction.

In light of these considerations, the unanimous conclusion of
the disinterested directors was that the US$37.60 per share in
cash merger proposal results in the greatest value and delivers
the greatest certainty to shareholders.

THE MERGER PROPOSAL DELIVERS A 28% PREMIUM OVER THE AVERAGE
SHARE PRICE DURING THE 60 TRADING DAYS PRIOR TO THE COMPANY'S
ANNOUNCEMENT THAT THE BOARD WAS CONSIDERING STRATEGIC
ALTERNATIVES

The all-cash merger consideration of US$37.60 per share
represents a premium of approximately 28% over the average
closing share price during the 60 trading days ended Oct. 24,
2006, the day prior to the company's announcement of the Board's
decision to consider strategic alternatives, and a premium of
approximately 26% over the average closing share price during
the one-year period prior to the announcement of the merger.

The merger consideration is also a significant premium to
research analysts' stock price targets for Clear Channel, prior
to the company's announcement that the Board was exploring
strategic alternatives.

The merger agreement negotiated by the disinterested directors
contains measures designed to ensure shareholders certainty of
closing as well as to protect against business and market risks,
including:

    * Certainty of US$37.60 in cash,

    * Regular annual dividend of US$0.75 per share to be paid
      quarterly through closing,

    * Daily "ticking fee"- in order to ensure that the
      transaction is closed as soon as possible -- of the lesser
      of 8% interest per year or the company's operating cash
      flow beginning Jan. 1, 2008, through closing,

    * Equity and debt commitments with no financing conditions,

    * Requirement for the buyers to take all necessary steps to
      obtain regulatory approval, with reverse break-up fees
      owed in the event of a failure to close should regulatory
      approval not be received, and

    * The ability to receive and consider competing proposals.

YOUR VOTE IS EXTREMELY IMPORTANT -- NOT VOTING IS A VOTE AGAINST
THE MERGER

Approval of the merger agreement requires the affirmative vote
of two-thirds of Clear Channel's outstanding shares.  Not voting
has the same effect as a vote against the merger.  Please vote
for the merger today by telephone or by Internet, as available
per the instructions on the enclosed proxy card, or by signing
and returning the enclosed proxy card in the postage-paid
envelope provided.

If you have any questions or need assistance in voting your
shares, please call our proxy solicitor, Innisfree M&A
Incorporated, toll-free at (877) 456-3427.

Thank you for your support.

On behalf of the Board of Directors,

Alan D. Feld - Perry J. Lewis

               About Thomas H. Lee Partners, L.P.

Thomas H. Lee Partners or THL Partners is one of the oldest and
most successful private equity investment firms in the United
States.  Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately US$12
billion of equity capital in more than 100 businesses with an
aggregate purchase price of more than US$100 billion, completing
over 200 add-on acquisitions for portfolio companies, and
generating superior returns for its investors and partners.  The
firm currently manages approximately US$20 billion of committed
capital.  Notable transactions sponsored by the firm include
Dunkin Brands, Nielsen, Michael Foods, Houghton Mifflin Company,
Fisher Scientific, Experian, TransWestern, Snapple Beverage and
ProSiebenSat1 Media.

                About Bain Capital Partners, LLC

Bain Capital http://www.baincapital.com/-- is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than US$40 billion in assets under management.
Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies
around the world, including investments in a broad range of
companies such as Burger King, HCA, Warner, Chilcott, Toys "R"
Us, AMC Entertainment, Sensata Technologies, Burlington Coat
Factory and ProSiebenSat1 Media.  Headquartered in Boston, Bain
Capital has offices in New York, London, Munich, Tokyo, Hong
Kong and Shanghai.

            About Clear Channel Communications Inc.

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

                          *     *     *

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

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


DOUG TAYLOR: Faces Liquidation Petition
---------------------------------------
Rivervista Ventures No.2 Limited filed an application to wind up
the operations of Doug Taylor Builders Ltd.

The petition will be heard before the High Court of Auckland on
May 17, 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


EFL(NEW ZEALAND): Wind-Up Hearing Set on March 15
-------------------------------------------------
On Nov. 20, 2006, the Commissioner of Inland Revenue filed an
application to wind up the operations of EFL (New Zealand) Ltd.

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

The CIR's solicitor can be reached at:

         Geraldine Ann Ryan
         c/o Auckland South Service Centre
         17 Putney Way, PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 984 2002


GENTRY RESIDENTIAL: Names Blanchett and Fatupaito as Liquidators
----------------------------------------------------------------
On Feb. 23, 2007, the shareholders of Gentry Residential Ltd.
appointed David Murray Blanchett and Vivian Judith Fatupaito as
the company's joint and several liquidators.

Accordingly, Mr. Blanchett and Ms. Fatupaito require the
company's creditors to prove their debts by May 23, 2007.

In a report by the Troubled Company Reporter - Asia Pacific, the
High Court of Hamilton heard the wind-up petition against the
company on Feb. 26, 2007.  The Commissioner of Inland Revenue
filed the petition.

The company's liquidators can be reached at:

         David Murray Blanchett
         Vivian Judith Fatupaito
         PricewaterhouseCoopers
         Corner of Bryce and Anglesea Streets
         PO Box 191, Hamilton
         New Zealand
         Telephone:(07) 838 3838
         Facsimile:(07) 839 4178


MARKDOWN MARINE: CIR Wants to Liquidate Company
-----------------------------------------------
The Commissioner of Inland Revenue filed an application to wind
up the operations of Markdown Marine Ltd. on Jan. 19, 2007.

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

The CIR's solicitor can be reached at:

         M. B. Smith
         c/o P. J. Smith
         Marsden Woods Inskip & Smith
         122 Bank Street, PO Box 146
         Whangarei
         New Zealand


MAYFIELD ENTERPRISES: CIR Wants to Liquidate Company
-----------------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Mayfield Enterprises Ltd on Dec. 18, 2006.

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

The CIR's solicitor can be reached at:

         Timothy Chemaly
         c/o Auckland South Service Centre
         17 Putney Way PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7048


NEROBBY HOLDINGS: CIR Seeks to Liquidate Company
------------------------------------------------
On Dec. 18, 2006, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Nerobby Holdings Ltd.

The High Court of Auckland will hear the petition on April 12,
2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         Timothy Chemaly
         c/o Auckland South Service Centre
         17 Putney Way PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7048


PLUS SMS: CRE8 Acquires Multiecast Limitada
-------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 15, 2007, CRE8 has signed a letter of intent to acquire a
leading South American content provider that has operations and
connectivity to mobile operators in seven countries as well as
distribution agreements with worldwide brands.  The deal was
forecasted to close in the first quarter of 2007 and generate
significant revenue streams for CRE8, the TCR-AP said.

In an update, CRE8 has acquired Multiecast Limitada, a leading
provider of interactive content services for mobile phone
operators and media companies in South America, the company said
in a press release.

Through its operations in Santiago Chile, Multiecast provides
content services to Movistar Chile, Entel PCS, and Claro Chile,
and delivers interactive TV services to the three largest media
companies in Chile.  Multiecast has also enabled some of the
most innovative mobile marketing campaigns for brands like
Kodak, Gillette, Nestl,, Duracell and banking applications for
the largest financial institutions in the region.

By combining key assets and capabilities, the two companies aim
to create the largest footprint for content services throughout
Latin America.  Through the Multiecast acquisition, CRE8 extends
its content service offering to mobile operators in Chile, Peru
and Colombia, and has existing content agreements and strategic
relationships in El Salvador, Guatemala, Honduras, Nicaragua,
Panama, Boliva and Mexico.

CRE8 will base its South American operations in Santiago, Chile,
and soon enter into Brazil and Argentina while continuing to
expand throughout Central America from Mexico City.

Christopher Tiensch, Chief Executive Officer of CRE8.

Under the terms of the agreement, Multiecast will operate as a
wholly owned subsidiary of CRE8, with CRE8 acquiring all of the
equity in return for:

   * Initial cash consideration of US$500,000 and US$200,000 in
     working capital to accelerate growth throughout the region;
     and

   * Conditional cash consideration of up to US$2 million over
     two years if Multiecast achieves a 50% yearly revenue
     growth, EBIT of 25%, and key management remains with the
     company during the period.

"By joining forces with CRE8, the combined company will be in a
stronger position to roll-out a portfolio of services throughout
Latin America and capitalize on a number a strategic business
opportunities," Cristian Olea, Chief Executive Officer of
Multiecast said.

                           About CRE8

CRE8 (NZAX: PLS) is a subsidiary company of Plus SMS Holdings
Limited.  CRE8 is a provider of content, connectivity, and
network services for mobile operators, brands and media
companies worldwide.

                         About Plus SMS

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service (SMS) and multimedia messaging system
(MMS) messages worldwide using a single short number.  On July
4, 2005, Plus SMS Limited acquired Plus SMS Holdings Limited in
a reverse acquisition.

The company suffered net losses of NZ$366,000 and NZ$362,000 for
the years ended March 31, 2006 and 2005, respectively.


PULZAR SOUND: Court to Hear Wind-Up Petition on March 12
--------------------------------------------------------
An application to wind up the operations of Pulzar Sound &
Vision Ltd. was filed by the Commissioner of Inland Revenue on
Jan. 31, 2007.

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

The CIR's solicitor can be reached at:

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


SPACE INTERACTION: Wind-Up Petition Hearing Slated for March 15
---------------------------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Space Interaction Ltd. on Nov. 24, 2006.

The High Court of Auckland will hear the petition on March 15,
2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         Geraldine Ann Ryan
         c/o Auckland South Service Centre
         17 Putney Way, PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 984 2002


STONEDON TRUSTEE: Faces Liquidation Proceedings
-----------------------------------------------
An application to wind up the operations of Stonedon Trustee
Company Ltd. was filed by the Commissioner of Inland Revenue on
Nov. 15, 2006.

The petition will be heard before the High Court of Auckland on
March 15, 2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         Geraldine Ann Ryan
         c/o Auckland South Service Centre
         17 Putney Way, PO Box 76198
         Manukau, Auckland
         New Zealand
         Telephone:(09) 984 2002


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

CHIQUITA BRANDS: Delays Annual Report Filing
--------------------------------------------
Chiquita Brands International Inc. disclosed in a regulatory
filing with the United States Securities and Exchange Commission
that it delayed the filing of its Annual Report on Form 10-K for
the year ended Dec. 31, 2006.

The company said it is currently seeking approval of an
amendment with lenders under its credit agreement dated as of
June 28, 2005, with respect to the treatment of a charge of
US$25 million recorded in its financial statements for the year
ended Dec. 31, 2006, and certain other related costs in
connection with the previously announced U.S. Department of
Justice's evaluation of the company's officers and directors.

"While the company is currently in compliance with the financial
covenants under the credit agreement, this amendment is
necessary to mitigate the potential of financial covenant non-
compliance in future periods, which would affect the
consolidated balance sheet classification of the company's debt
as of Dec. 31, 2006, and related disclosures," Brian W. Kocher,
Chiquita's vice president, controller and chief accounting
officer, said.

The company anticipates completing its credit agreement
amendment in sufficient time to file Form 10-K for the year
ended Dec. 31, 2006, by March 16, 2007, or sooner.

                U.S. Department of Justice Probe

In a press statement dated Feb. 22, 2007, Chiquita disclosed
that in April 2003, the company's management and audit
committee, in consultation with the board of directors,
voluntarily disclosed to the U.S. Department of Justice that its
former banana-producing subsidiary in Colombia, which was sold
in June 2004, had made payments to certain groups in that
country which had been designated under United States law as
foreign terrorist organizations.

Following the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury.  In March 2004, the Justice Department advised that, as
part of its criminal investigation, it would be evaluating the
role and conduct of the company and some of its officers in the
matter.  In September and October 2005, the company was advised
that the investigation was continuing and that the conduct of
the company and some of its officers and directors was within
the scope of the investigation.

During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement.  As a result of the discussions, and
in accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of $25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.

The amount reflects liability for payment of a proposed
financial sanction contained in an offer of settlement made by
the company to the Justice Department.  The $25 million would be
paid out in five equal annual installments, with interest,
beginning on the date judgment is entered.  The Justice
Department has indicated that it is prepared to accept both the
amount and the payment terms of the proposed $25 million
sanction.

According to the company, negotiations are ongoing, and there
can be no assurance that a plea agreement will be reached or
that the financial impacts of any such agreement, if reached,
will not exceed the amounts currently accrued in the financial
statements. Furthermore, the company said that the agreement
would not affect the scope or outcome of any continuing
investigation involving any individuals.

In the event an acceptable plea agreement between the company
and the Justice Department is not reached, the company believes
the Justice Department is likely to file charges, against which
the company would aggressively defend itself.  The company is
unable to predict the financial or other potential impacts that
would result from an indictment or conviction of the company or
any individual, or from any related litigation, including the
materiality of such events.

                      About Chiquita Brands

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

                          *     *     *

On Nov. 6, 2006, Moody's Investors Service downgraded the
ratings for Chiquita Brands L.L.C., as well as for its parent
Chiquita Brands International, Inc.  Moody's said the outlook on
all ratings is stable.  This rating action follows the company's
announcement that it had incurred a USUS$96 million net loss for
its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.  S&P
said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


CHIQUITA BRANDS: Unit Rejects 3K Boxes of Coosemupar Bananas
------------------------------------------------------------
Tecno Asesora Agricola, a banana exporter and unit of Chiquita
Brands International in Panama, has rejected 3 thousand boxes of
bananas from the Coosemupar cooperative, Fresh Plaza reports.

Coosemupar director Salustiano De Gracia complained to Fresh
Plaza that the rejection had no reason, as the fruit was of
first quality.  He claimed that the rejection leads to losses
for the cooperative.

Coosemupar has contractual obligations towards Chiquita Brands.
The cooperative plans to renegotiate the contract before
September, as it wants to sell bananas to another exporter,
Fresh Plaza states.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

                          *     *     *

On Nov. 6, 2006, Moody's Investors Service downgraded the
ratings for Chiquita Brands L.L.C., as well as for its parent
Chiquita Brands International, Inc.  Moody's said the outlook on
all ratings is stable.  This rating action follows the company's
announcement that it had incurred a USUS$96 million net loss for
its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.  S&P
said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


GEOGRACE RESOURCES: To Issue 1:3.5 Stock Rights
-----------------------------------------------
GEOGRACE Resources Philippines, Inc.'s board of directors, at
its meeting on March 6, approved a 1:3.5 stock rights offering
to its shareholders.

Pursuant to the terms of the rights offering, GEOGRACE Resources
will be issuing up to 560,467,915 common shares from its
authorized and unissued capital stock.

Each investor will be entitled to subscribe to one right per
share, at PHP1.00 per offer share, for every three and a half
GEOGRACE shares held as of record date.

The Record Date will be fixed not less than 15 trading days from
the date of the Philippine Stock Exchange's approval.  The offer
period will commence 30 calendar days from the Record Date.

Proceeds from the offer will be used to finance the company's
project development programs, acquisition of more mining
tenements, drilling programs, payment of advances made by
shareholders and additional working capital, GEOGRACE says.

AC&D Corporate Partners, Inc., is the company's financial
advisor for the transaction.   The company did not engage an
underwriter for the offer.

Angping & Associates Securities, Inc., commits to subscribe to
all shares that remain unsubscribed at the end of the Offer
Period, the company points out.

The issuance and listing of the shares covering the offering is
still subject to the approval of the Securities and Exchange
Commission and the PSE.

Formerly known as Global Equities Inc., GEOGRACE Resources
Philippines, Inc., manufactures and distributes absorbent
cotton, personal, health and baby care products.  The company
also develops premier vacation residential area within a Nature
Park along Tagaytay Ridge in Batangas.  The company also
develops properties.

GEOGRACE Resources was originally incorporated as La Suerte Gold
Mining Corporation on April 20, 1970, primarily to engage in the
exploration, exploitation, and development of mineral resources;
to purchase, lease and otherwise acquire mining claims and
concessions anywhere in the Philippines; and to carry on the
business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

The company was included in the Troubled Company Reporter - Asia
Pacific's Feb. 9 "Large Companies with Insolvent Balance Sheet"
column -- having total assets of US$24.18 million and
stockholders' deficit of US$1.81 million.

The parent company and subsidiaries have recorded negative
stockholders' equity of PHP263.302 million as of Sept. 30, 2006,
and PHP27.207 million as of Sept. 30, 2005.


RIZAL COMMERCIAL BANKING: SEC Approves Increase in Capital
----------------------------------------------------------
The Securities and Exchange Commission has approved the increase
of Rizal Commercial Banking Corp.'s capital stock from
PHP9 billion to PHP13 billion, the bank informs the Philippine
Stock Exchange in a regulatory filing dated March 6.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 24, the PHP13-billion authorized capital stock will be
divided into:

   -- 1.1 billion Common Shares of stock with par value of PHP10
      per share; and

   -- 200 million of Preferred Shares of stock with a par value
      of PHP10 per share.

To support the increase, the bank will declare 15% stock
dividend to holders of its common and preferred shares.

The record date of the stock dividend is on the 10th calendar
date from receipt of the approval of the Bangko Sentral ng
Pilipinas and the SEC.

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

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

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

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


PHIL. LONG DISTANCE: 2006 Net Income Rises to PHP35.32 Billion
--------------------------------------------------------------
Philippine Long Distance Telephone Co. filed with the United
States Securities and Exchange Commission on Tuesday its
consolidated financial statements as at Dec. 31, 2006.

PLDT registered total revenues and other income of
PHP133.84 billion in 2006, an increase of PHP7.80 billion, or
6%, as compared to PHP126.04 billion in 2005.  According to the
company, the increase was primarily due to an increase in
service revenues and other income by PHP4.08 billion and
PHP4.07 billion, respectively.  Other income in 2006 included a
net reversal of a provision for onerous contract amounting to
PHP3.5 billion as a result of an amendment to the Air Time
Purchase Agreement, the company notes.

PLDT's expenses increased by PHP4.22 billion, or 5%, to
PHP91.65 billion in 2006 from PHP87.43 billion in 2005, largely
resulting from increases in compensation and benefits, asset
impairment, depreciation and amortization, and professional and
other contracted services, partly offset by lower provisions,
cost of sales and taxes and licenses.

Net income attributable to equity holders of PLDT increased by
PHP1.00 billion, or 3%, to PHP35.12 billion in 2006 from
PHP34.11 billion in 2005.  Total net income (attributable to
both equity holders and minority interest) increased from
PHP34.48 billion in 2005 to PHP35.32 billion in 2006.  Basic
earnings per common share, however, decreased to PHP187.91 in
2006 from PHP189.96 in 2005 due to an increase in the weighted
average number of common shares outstanding from 172.1 million
in 2005 to 184.5 million in 2006.

As of Dec. 31, 2006, PLDT has assets totaling PHP244.88 billion,
liabilities aggregating PHP140.57 billion and stockholders'
equity of PHP104.31 billion.

The company's Dec. 31, 2006 balance sheet shows strained
liquidity with current assets of PHP42.97 billion available to
pay current liabilities of PHP55.21 billion.

A full-text copy of the company's financials statements for the
year ended Dec. 31, 2006, is available at the U.S. SEC Web site
at http://ResearchArchives.com/t/s?1ae3

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

                          *     *     *

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

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

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


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

ADVANCED MICRO: May Not Meet First Quarter 2007 Revenue Target
--------------------------------------------------------------
Advanced Micro Devices Inc. disclosed Monday that it is likely
to miss its revenue guidance for the first quarter of 2007.

In a regulatory filing with the U.S. Securities and Exchange
Commission, the company had said it expected revenues for the
first quarter in the range of US$1.6 billion to US$1.7 billion.

                            About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.

Standard & Poor's also raised its rating on the company's
US$600 million (US$390 million outstanding) senior notes to 'B+'
from 'B', because the company plans to withdraw its shelf
registration which structurally subordinated the notes.
Concurrent with the closing of the new bank loan and pursuant to
a debt incurrence test in the indenture for the notes, the notes
will become pari passu to the bank loan and the note rating will
become 'BB-' with a '1' recovery rating.

The Troubled Company Reporter - Asia Pacific reported on Nov. 2,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. technology semiconductor
and distributor sector, the rating agency affirmed its Ba3
corporate family rating on Advanced Micro Devices, 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$600 Mil. senior
   unsecured notes         B1      Ba3     LGD4        59%

   Shelf - Sr.
   Unsecured Notes         B1      Ba3     LGD4        59%

   Shelf - Subor.          B2       B2     LGD6        97%

   Shelf - Preferred       B3       B2     LGD6        97%


PETROLEO BRASILEIRO: To Hold Shareholders Meetings on April 2
-------------------------------------------------------------
Petroleo Brasileiro SA will hold it's the Ordinary and
Extraordinary Meeting on April 2, 2007, at 3:00 p.m. in the
auditorium of the company's head office at Avenida Rep£blica do
Chile 65, 1st floor in the City and State of Rio de Janeiro for
the purpose of deliberating on the following matters:

Ordinary General Meeting

   * Management Report, Financial Statements and Audit
     Committee's Opinion for the fiscal year 2006;

   * Capital Expenditure Budget for the fiscal year 2007;

   * Distribution of results for the fiscal year 2006;

   * Election of members of the Board of Directors, Audit Board
     and their respective substitutes;

   * Election of Chairman of the Board of Directors;

   * Establishment of the compensation of management and
     effective members of the Audit Committee, as well as their
     participation in the profits pursuant to Articles 41 and 56
     of the Company's Bylaws.

Extraordinary General Meeting

   * Increase in the Capital Stock through the incorporation of
     part of the revenue reserves constituted in previous fiscal
     years amounting to R$ 4.380 million, increasing the capital
     stock from BRL48.264 million to BRL52.644 million without
     any change to the number of issued shares pursuant to
     Article 40, Item III, of the Company's Bylaws, and the
     consequent modification on article 4§ of mentioned
     Company's Bylaws.

   * The minimum percentage of the voting capital necessary to
     apply for multiple voting rights for the purpose of
     electing members of the Board of Directors at the Ordinary
     General Meeting is 5% of the voting capital pursuant to CVM
     Instruction 282 of June 26 1998. Application for exercising
     multiple voting rights must be made in terms established in
     1§ of article 141 of Law 6.404 of December 15, 1976.

   * The shareholders, who are holders of preferred shares, with
     rights that shall make them eligible at the Ordinary
     General Meeting to elect, via a separate vote, a
     representative of this class of shareholders as a members
     of the Board of Directors, must represent at least 10% of
     the capital stock, as well as prove uninterrupted ownership
     of the share ownership since December 31 2006.

   * The Shareholder wishing to be represented at the aforesaid
     Meetings must comply with the provisions of Article 126,
     Paragraph 1 of the Joint Stock Corporation Law and Article
     13 of the Company's Bylaws, presenting at the meeting, or,
     preferably by delivering, the appropriate proxy document
     containing specific powers to room 2202-A at the Company's
     Head Office until 5:00 p.m. on March 29, 2007.

                   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.


SHIP FINANCE: Earns US$180.8 Million for Full Year 2006
-------------------------------------------------------
Ship Finance International Ltd. released its preliminary results
for the fourth quarter and year ended Dec. 31, 2006.

Ship Finance posted US$57.81 million in net profit on
US$118.43 million in net revenues for the fourth quarter of
2006, compared with US$83.01 million in net profit on
US$143.16 million in net revenues for the same period in 2005.

The company posted US$180.8 million in net profit on
US$415.25 million in net revenues for the full year 2006,
compared with US$209.55 million in net profit on US$437.51
million in net revenues for 2005.

The Board of Directors has reviewed the long-term prospects for
the Company including its significant fixed charter backlog and
growth prospects, and decided to increase the dividend payment
for the quarter to US$0.54 per share.  The dividend will be paid
on March 22 to shareholders of record as of March 8.  The ex-
dividend date is March 6.

As of Dec. 31, 2006, the fleet consisted of 60 vessels,
including seven vessels under construction or conversion.  After
subsequent announced sales and new acquisitions, the fleet will
consist of 57 vessels, including nine vessels under
construction.

The gross fixed-rate charter backlog was US$5.2 billion as of
Dec. 31, 2006, with an average charter tenor of 11.4 years. Some
of our charters have purchase options, which, if exercised, will
reduce the fixed charter backlog and average charter tenor.

At Dec. 31, 2006, US$449.1 million of the 8.5% Senior Notes due
2013 was outstanding.  Senior Notes with a par value of US$51.5
million were subject to Bond Swap Agreements as of year-end.
During the first quarter of 2007, this has increased by an
additional US$5.0 million.  The annual interest rate on the
US$56.5 million of Senior Notes held under Bond Swap Agreements
has been effectively reduced to approximately Libor + 1.00%.

                    Strategy and Outlook

The strategy of the Company is to increase its portfolio of
assets and to employ its assets on medium to long-term
contracts.  The Company will seek to reduce the risks for its
shareholders by investing in different sectors of the shipping
and oil service industry, and also by having a diversified
client base.

Over the last 12 months, the Company has committed to new
investments in excess of US$1.1 billion, and these investments
are expected to increase the Company's fixed charter income and
dividend distribution capacity.

The Company will continue to pursue new projects, and additional
investment opportunities are currently under consideration.  The
Company has significant capital available to fund the equity
portion of new projects, including approximately US$130 million
in net cash proceeds from the sale of the six single-hull
tankers and US$78.9 million in profit-share due from Frontline.
Based on current financing levels available in the market for
projects with long-term charters, Ship Finance has the capacity
to invest in new projects with a gross cost price in excess of
US$1.0 billion without raising additional equity capital.

                     About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


SPECTRUM BRANDS: To Hold Annual Shareholders' Meeting on Apr. 25
----------------------------------------------------------------
Spectrum Brands, Inc., will hold its annual shareholders'
meeting on April 25, 2007, at 8:00 a.m. CT at the company's
North American headquarters, at 601 Rayovac Drive in Madison,
Wisconsin.

Shareholders of record as of March 27, 2007, will be entitled to
vote at the meeting.

A detailed description of matters to be discussed at the meeting
will be included in a proxy statement to be filed with the
Securities and Exchange Commission and mailed to shareholders
shortly after the record date.

                         About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb.
13, 2007, that Standard & Poor's Ratings Services lowered all of
its ratings on
Atlanta, Georgia-based Spectrum Brands Inc., including the
company's corporate credit rating, which was lowered to 'CCC+'
from 'B-'.

The outlook is developing.

Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


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

DAIMLERCHRYSLER AG: Blackstone is Lead Contender for U.S. Unit
--------------------------------------------------------------
Blackstone Group is the leading contender to buy DaimlerChrysler
AG's Chrysler Group, Reuters reports, citing The Detroit News.

According to the report, the private equity firm is moving
forward with a detailed analysis of Chrysler's finances and
operations with an eye toward making a formal bid.

Other possible buyers to the German automaker's troubled U.S.
unit include Cerberus Capital Management, Reuters says, quoting
The Detroit News.

Reuters relates that two sources close to the sales said last
week that a detailed sales prospectus for Chrysler Group bidders
should be completed soon, the first step toward a potential sale
that would unwind the 1998 merger that created DaimlerChrysler.

Private equity firms are expected to be among the potential
bidders for Chrysler that would consider the automaker's sale-
related documents, the sources told Reuters.

                       Lower February Sales

As reported in the Troubled Company Reporter on Mar. 2, 2007,
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units; down 8% compared with February 2006 with
190,367 units.  All sales figures are reported unadjusted.

"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.  Also,
the Jeep Wrangler had its best February ever," Chrysler Group
Vice President for Sales and Field Operations Steven Landry
said.

The Dodge Avenger posted sales of 5,205 units.  The vehicle is
one of the Chrysler Group's five new models that achieve 30
miles per gallon or better in highway driving.

Jeep Wrangler and Wrangler Unlimited continued to post strong
sales in February with 9,240 units, a rise of 63% over February
2006 sales of 5,673 units.  February 2007 marks the best month
of February in the history of the Jeep Wrangler.

Sales of the Jeep Compass increased 3% over the previous month
with 4,071 units compared with 3,965 units in January 2007.

The Dodge Caliber finished February with sales of 9,900 units,
an increase of 14% compared with last month with 8,672 units.

Dodge Ram pickup sales continued to increase after an already
strong January and posted sales of 28,633 units, up by 17% over
the previous month with 24,379 units.

"Building on the sales momentum of the Dodge Ram in the first
two months of 2007, March will be the Chrysler Group's 'National
Truck Month.'

"Our marketing approach will primarily focus on our biggest
volume model, the Dodge Ram, and tie it with the value of one of
our most successful product features, the legendary HEMI(R)
engine," Chrysler Group Vice President for Sales and Dealer
Operations Michael Manley said.

"Customers have the opportunity to get a no-extra-charge HEMI
engine upgrade for the Dodge Ram 1500 as well as the Dodge
Durango.  We are confident that 'National Truck Month' will
resonate well with our customers."

Chrysler Group finished the month with 492,230 units of
inventory, or a 68-day supply.  Inventory is down by 8% compared
with February 2006 when it was at 532,534 units.

                     About DaimlerChrysler

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

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

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

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

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


FEDERAL-MOGUL: Ernst & Young Raises Going Concern Doubt
-------------------------------------------------------
Ernst & Young LLP, in Detroit, Michigan, expressed substantial
doubt about Federal-Mogul Corp.'s ability to continue as a going
concern after auditing the company's financial statements for
the years ended Dec. 31, 2006, and 2005.

The auditing firm pointed to uncertainties inherent in the
bankruptcy process, referring to Federal-Mogul Corp. and its
wholly owned United States subsidiaries' voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy
code, and the joint filing of certain Federal-Mogul subsidiaries
in the United Kingdom for Chapter 11 and Administration under
the United Kingdom Insolvency Act of 1986.

Federal-Mogul reported a net loss of US$549.6 million on net
sales of US$6.326 billion for the year ended Dec. 31, 2006,
compared with a net loss of US$334.2 million on net sales of
US$6.286 billion for the year ended Dec. 31, 2005.

Of the US$40 million increase in net sales in 2006,
US$33 million is due to favorable foreign currency.

Included in Federal-Mogul's loss before income taxes for 2006 is
a charge of US$501 million associated with the settlement of the
U.K. pension plans.

Gross margin increased by US$64 million in 2006, primarily due
to productivity and restructuring initiatives and the reduced
pension expense of US$21 million associated with the settlement
of the U.K. pension plants, partially offset by the increase in
raw material costs over the prior year.

Results for the full year were also impacted by reduced selling,
general and administrative expenses, reduced charges related to
asset impairments, reduced costs associated with the company's
Chapter 11 proceedings, and higher average interest rates.

"We are pleased with the progress achieved in 2006 and the
company's improvement in operational performance.  We maintain
our focus on the implementation of our global profitable
growth strategy to provide leading products, services and
innovative technology that create value for our customers
worldwide while satisfying our employee and stakeholder
expectations," said Chairman, President and Chief Executive
Officer Jos, Maria Alapont.

"Federal-Mogul reached resolution of the Company Voluntary
Arrangements for emergence of the United Kingdom administrated
companies with activities in the Americas, Europe and Asia-
Pacific, and has received U.S. Bankruptcy Court approval on the
supplemental disclosure statement of our plan of reorganization.
These are significant milestones toward exit from Chapter 11 and
our commitment to confirm, on the hearing date set for May 8,
2007, our restructuring plan to emerge."

At Dec. 31, 2006, the company's balance sheet showed
US$7.179 billion in total assets, US$8.872 billion in total
liabilities, US$54.2 million in minority interest in
consolidated subsidiaries, resulting in a US$1.747 billion total
stockholders' deficit.

                           Cash Flows

Net cash used by operating activities totaled US$422 million for
the year ended Dec. 31, 2006, compared to net cash provided by
operating activities of $318 million for 2005.

Net cash flow used by investing activities was US$239 million in
2006, compared to net cash flow used by investing activities of
US$160 million in 2005.

Cash flow provided from financing activities was US$608 million
during 2006, compared to cash flow used by financing activities
of US$406 during 2005.  This change primarily resulted from the
release of US$762 million in restricted cash in 2006, partially
offset by net payments on the company's available credit
facilities.

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 128; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ITV PCL: Goes Off The Air As Government Gears for Take-Over
-----------------------------------------------------------
iTV Pcl station went off the air immediately after midnight on
March 7, pending the Council of State's ruling as to whether the
Public Relations Department can take over and operate the
station, which has failed to pay more than THB100 billion in
debts to the Prime Minister's Office, The Nation reports.

According to The Nation, iTV staff filed a petition with the
Central Administrative Court asking for an injunction against
the decision of the Prime Minister's Office to temporarily close
down the station.  However, the report notes, it is uncertain
whether the injunction, if granted, will take effect before the
Council of State's ruling comes out.

The Council of State is expected to issue its ruling on Friday
and the PR Department hopes to re-open iTV by Saturday, the
report notes.  The reopening can only take place if the Council
of State agrees that the PR Department is ready to take over
iTV.

The Nation says that iTV's last hope depends on the Central
Administrative Court's decision on the case.

According the report, PMO Minister Khunying Dhipavadee Meksawan
said that the PMO has no intention to close down iTV, and the
sooner the Council of States issues a ruling, the sooner can iTV
resume its operations.

The Nation recounts that on Tuesday evening, the PMO appointed a
Human Resource expert Chira Hongladarom to be the new project
manager of Thai Independent Television or TITV, the new name for
iTV, and just after midnight, equipment was moved out of the iTV
office at the Shinawatra III Building to an old vacant building
of the PR Department.

According to the report, Prime Minister Surayud Chulanont said
that his cabinet had reviewed the information relating to recent
events concerning iTV, and they had acted according to law.

The report states that, according to Minister Dhipavadee, the
temporary closedown of iTV was done in the best interests of the
country because the network would become the property of the
Prime Minister's Office if iTV fails to settle its debts.
Minister Dhipavadee said that the PMO should have the mandate to
assign the PR Department to operate the beleaguered station, but
the PMO will consult with the Council of State to ensure full
compliance with the law.

                         About iTV

iTV Pcl's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the Prime Minister's Office demanded a
concession fee payment and fines to the government from the
television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.
The original rate before the consent amounted to THB1 billion
per year.

On Dec. 15, 2006, the TCR-AP reported that the Supreme
Administrative Court upheld the Central Administrative Court's
verdict by voiding the arbitration ruling on concession fee
payments won by iTV in 2004.  The overdue concession payment and
fines that the broadcaster must pay reached THB100 billion.

The TCR-AP reported on Mar. 5, 2007, that the Prime Minister's
Office will form a panel to supervise iTV Pcl if the company's
license is revoked as a result of its failure to pay fines and
fees aggregating THB102.21 billion.


TRUE MOVE: Expects to Break Even in 2007
----------------------------------------
True Move Company Limited sets its sale growth target to half of
last year's due to shrinking consumer purchasing power, coupled
with unusually high sales growth last year and a saturating
local mobile-phone market, The Bangkok Post reports.

The report states that True Move will also enhance its
"lifestyle convergence" policy by differentiating products and
services through the True Corp. group's diverse distribution
channels to seek new revenue sources and improve the bottom
line.

"We hope to break even this year after having been in the red
since our inception," The Bangkok Post quotes True Move director
for marketing and customer-relationship management Suphakit
Vuntanadit.

The report states that True Move reported a net loss of
THB3.008 billion for last year, THB2.11 billion the year before,
and earnings before interest deductions and amortizations
amounted to THB5.07 billion in 2006, THB5.09 billion in 2005,
but revenue increased 14% to THB22.3 billion in 2006.

According to the report, Mr. Suphakit said that last year,
True Move had 3.1 million customers, up 70% -- a record-high --
lifting the company's customer base to 7.6 million, or 19.3% of
the market.

Mr. Suphakit also said that True Move wants to have 1.6 million
of the 5 million new mobile-phone subscribers expected in 2007,
80% of which would come from the provinces, especially in the
Northeast, the report says.

                         About True Move

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's senior unsecured notes, assuming a debt size of
about US$450 million.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Nolie Christy Alaba, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano,
Catherine Gutib, Tara Eliza Tecarro, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

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