TCRAP_Public/070316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, March 16, 2007, Vol. 10, No. 54

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Wants to Pay Worker Sale-Related Incentives
ALICOM PTY: Members and Creditors Set to Meet on April 3
BELL CORP.: Creditors' Proofs of Debt Due on March 21
BMA GOLD LIMITED: Court Appoints Special Purpose Administrator
COLMERO PTY: Final Meeting Slated for April 10

CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
CROWN CASTLE: Posts US$41.89 Mln. Net Loss for Yr. Ended Dec. 31
DEECOM GROUP: Members and Creditors to Meet on April 3
EVANS & TATE: Finalizes Management Buy-out of U.S. Distributor
EVANS & TATE: Board Terminates Yarraman Winery's Merger Proposal

FREEWAY FENCING: Will Declare Dividend for Unsecured Creditors
GETTY IMAGES: Delays Form 10-K Filing Due to Stock Options Probe
IDYLLIC HOLDINGS: Liquidator to Give Wind-Up Report on April 13
ITRON INC: Completes Private Placement of 4,086,958 Shares
JAMES HARDIE: Court Adjourns ASIC Case to May 1

NAPIER FABRIC: Will Declare First & Final Dividend on March 22
TRIPOS INC: ISS Urges Shareholders to Vote for Liquidation Plan
WILSON TRANSFORMERS: Members & Creditors to Hear Wind-Up Report


C H I N A   &   H O N G  K O N G

BENQ: Detains Head on Alleged Insider Trading Activities
BENQ: Probe Has No Immediate Impact on Ratings, TRC Says
BONCH INVESTMENTS: Liquidators to Receive Claims Until March 26
CASTLE PEAK: Members and Creditors to Meet on April 10
DAH CHUNG: Support Falls to 5; Fitch Individual C Rating Stays

E-CHANCE LIMITED: Members' Final Meeting Set for April 13
GRAND BILLS: Fitch Downgrades Support Rating to 5
HYUNDAI MICROELECTRONICS: Liquidators Quit Posts
INDUSTRIAL BANK (TAIWAN): Fitch Affirms Individual C/D Rating
KINGS INFORMATION: Members' Final Meeting Set for April 11

LEIGHTON GODOWN: To Hold Final General Meeting on April 10
NHJ (HK): Creditors' Proofs of Debt Due on March 23
ORIENT NETWORKS: Will Receive Claims Until March 23
QUICK REACH: Members & Creditors' Final Meeting Set on April 4
SHEEN CROWN: Creditors' Proofs of Debt Due on March 26

SURELIGHT HOLDINGS: Creditors Must Prove Debts by March 26
TA CHING: Fitch Affirms Long-Term Default Rating at BB+
TA CHONG: Fitch Keeps D/E Individual Rating; Support Falls to 5
UNION BANK (TAIWAN): Fitch's Affirms Individual Rating at D
UNION BILLS: Fitch Affirms Long-Term Default Rating at BB-

ZTE CORP: Gets Approval to Market Gears for 3G Phones


I N D I A

ALLEGHENY TECH: Good Performance Cues S&P's Positive CreditWatch
BPL LTD: Defaults on Interest Payment to Consortium Lenders
CANARA BANK: Names S.K. Kholi as New Officer Employee Director
CITY UNION BANK:  To Raise INR10 Crore in Bond Issue
CORPORATION BANK: D. N. Prakash Continues to Act as Director

EMCO LTD: Fixes March 22 as Record Date for Interim Dividend
GENERAL MOTORS: To Pay US$1 Bil. in Settlement Charges to GMAC
GMAC: Fitch Affirms Long-Term Issuer Default Rating at BB+
PRIDE INTERNATIONAL: Earns US$68.9 Mil. in Quarter Ended Dec. 31


I N D O N E S I A

AVNET INC: Operating Group Signs Distribution Pact with Plasmon
FREEPORT: Shareholders Approve Phelps Dodge Acquisition
INCO LTD: Appoints Murilo Ferreira as President Commissioners
INCO LTD: Indonesia Unit to Build US$1 Billion Nickel Plants
PERUSAHAAN GAS: Watchdog Fines Officials Over Late Disclosure

TELKOM INDONESIA: Partners with SingTel in Global Data Comm.


J A P A N

CONTINENTAL AIRLINES: Moody's Lifts Ratings on Good Results
DAIEI INC: Lowers Earnings Estimates For Year Ended Feb. 2007
DELPHI CORP: Court Grants Shareholder Access to Sensitive Docs
FIDELITY NATIONAL: Names Paul Perez as Chief Compliance Officer
FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale

FORD MOTOR: UAW Local 863 Wins Investment in Sharonville Plant
FURUKAWA CO: Moody's Places Ba2 Rating on Review for Upgrade
NIKKO CORDIAL: Citigroup Firm on JPY1,700-Per-Share Tender Offer
NIPPON SHEET: Establishes New Holding Company in United States
NOMURA HOLDINGS: Issues 5th and 6th Series Unsec. Straight Bonds

NOMURA HOLDINGS: Sets Dividend Payment for FY to Mar. 31, 2007
NOMURA HOLDINGS: Hires Rachel Tsang As Oil & Gas Research Head
SANYO ELECTRIC: To Form Business Alliance with Elmo Co.


K O R E A

BHK INC: Signs Contract With Trety Ltd. in Hong Kong
BOWATER INC: Posts Net Loss of US$138 Mln. in Year Ended Dec. 31
C&C ENTERPRISE: Buys More Yellow Submarine Shares for KRW6 Bil.
C&C ENTERPRISE: Will Issue Shares on Preferential Basis
DAEYUVESPER CO: Enters Into Two Supply Contracts

DURA AUTOMOTIVE: Creditors Must File Proofs of Claim by May 1
E-NET CORP: Korea Ratings Gives US$10MM Overseas Bonds B- Rating
EG GREENTECH: Allots 4.57 Million Shares to 48 Individuals
EG GREENTECH: Jo Yong Gil Is New Chief Executive
EG GREENTECH: Consolidated Science Corp. Acquires 5.02% Stake

RELIANCE STEEL: Earns US$354.5 Million in Year Ended December 31
SANDISK CORP.: Earns US$198.89 Million in Fiscal Year 2006
SORELL INC: Tojen Acquires 75 Mln. Issued & Outstanding Shares
TOWER AUTOMOTIVE: Exclusive Periods Extended to March 21
TOWER AUTOMOTIVE: Posts US$65Mil Net Loss in Qtr. Ended Sept. 30

TOWER RECORDS: Lease Assignment Period Extended Through March 30


M A L A Y S I A

KUMPULAN BELTON: Bursa Extends Plan Filing Deadline to June 5
MBf CORP: Takes OSK's MYR87M Bid for 49% Equity in Insurance Arm
METROPLEX BERHAD: February Loan Default Totals MYR1.78 Million
PAN MALAYSIAN: To Wind Up Three Dormant Subsidiaries
PROTON HOLDINGS: Lands on Top 3 Spot in Indonesian Taxi Market


N E W   Z E A L A N D

IRON MOUNTAIN: Prices CDN$175 Million Senior Sub. Debt Offering
IRON MOUNTAIN: Moody's Rates Proposed CDN$175-Mln Notes at B3
WEIGHT WATCHERS: Board Declares US$0.175 Per Share Cash Dividend


P H I L I P P I N E S

CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney and DOJ
CHIQUITA BRANDS: Names Vanessa Vargas-Land as Vice President
GLOBE TELECOM: Discloses Agenda for Mar. 28 Stockholders Meeting
* Philippine Economy to Grow 5.8% in 2007, Merrill Lynch Says


S I N G A P O R E

PETROLEO BRASILEIRO: Gov't. Inks MOU with US to Promote Biofuels
READER'S DIGEST: Names Eva Dillon as President & Group Publisher
REFCO INC: Plan Administrators Want May 11 Removal Period
REFCO INC: RCM Trustee Objects to Sevilleja's US$4.2MM Claim
SCOTTISH RE: Ernst & Young Raises Going Concern Doubt


T H A I L A N D

ABICO HOLDINGS: FY2006 Net Profit Plunges to THB39.73 Million
DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
DAIMLERCHRYSLER: CEO Meets with Gov. on Chrysler Group Status
DAIMLERCHRYSLER: Investors Want "Chrysler" Dropped from Name
KRUNG THAI BANK: To Float THB100 Bil. in New Bond Issue Program
TOT PCL: To Take Back Management Rights of 3 Private Networks


V I E T N A M

* Moody's Changes Vietnam's Rating Outlook to Positive


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCED MARKETING: Wants to Pay Worker Sale-Related Incentives
---------------------------------------------------------------
Advanced Marketing Services and its debtor-affiliates ask the
United States Bankruptcy Court for the District of Delaware for
approval for the payment of:

a) sale-related incentives to AMS employees including
    members of senior management (AMS Management Incentive
    Plan)

b) retention plan to certain AMS non-management employees (AMS
    Employee Retention Plan)
    
c) allowing all payments thereunder as administrative expenses
    of the estates.
   
This request is being made to ensure the continued availability
of qualified, trained, and motivated personnel and executives
necessary to bring an AMS sale to completion and to oversee and
implement the complicated business arrangements necessary to
effect a sale of the business or its material parts and an
inventory return program.

As reported in the Troubled Company Reporter on Feb. 27, 2007,
AMS and Baker & Taylor Inc. signed on Feb. 16, 2007, an asset
purchase agreement for the sale of majority of Debtor's assets.

As reported in the Troubled Company Reporter on Feb. 23, 2007,
the Court approved the asset purchase agreement between
Publishers Group West Inc. and Perseus Books LLC pursuant to
which PGW will transition to Perseus the books and business of
all publishers who consented to the deal.

The aforementioned plans were formulated to provide incentives
and reward the performance of critical employees who were called
upon to take on additional responsibilities and expend
significantly more hours working than contemplated by the normal
terms of their employment, as part of Debtors' efforts to
negotiate and close the PGW transaction and solicit interest of
Baker & Taylor and potential overbidders for the AMS business.

The approval and implementation of the AMS Management Incentive
Plan and AMS Employee Retention Plan assures not only continued
services for the consenting publishers under the asset purchase
agreement between PGW and Perseus, but also a significant
reduction in claims against the estate of PGW.  Under the
Perseus deal, PGW will continue to provide transition services
to Perseus following the closing.  

Furthermore, the services of these key employees will be
required in order to complete the return of US$40 million of
inventory not to be acquired by Baker & Taylor in the 20 days
contemplated by the asset purchase agreement the company signed
with Baker & Taylor.

               Management Incentive Plan Summary

A pool of funds shall be made available to the AMS Incentive
Plan Participants, conditioned upon the occurrence of either the
closing of the asset to Baker & Taylor or a transaction that is
higher or otherwise better.  

As a further condition to payment, AMS has required the
successful completion of an inventory return program.  The Baker
& Taylor sale documents currently provide that, unless otherwise
agreed by Baker & Taylor, all inventory must be removed from
AMS's facilities within 20 days of closing to the extent that it
is not sold to Baker & Taylor.  

The initial amount of the Incentive Compensation Pool shall be
US$765,000.  Additional compensation will only be earned upon
consummation of an alternative transaction of a higher or better
value than the value that the Debtors would receive upon
consummation of the Baker & Taylor sale.

The increase, if any, to the Incentive Compensation Pool will
only increase as the aggregate consideration received by the
Debtors increases, subject to the further condition that the
aggregate consideration received by the Debtors are sufficient
to pay the break up fee (if any) owed to Baker & Taylor under
the asset purchase agreement.

Debtors propose that the Incentive Compensation Pool receive 1%
of any additional consideration in excess of the purchase price
under the asset purchase agreement.  For any additional
consideration that exceeds US$2 million above the purchase price
under the asset purchase agreement, the Incentive Compensation
Pool shall receive 2% of such excess consideration.

                 Employee Retention Plan Summary

The new AMS Employee Retention Plan provides for payments to
certain additional key employees of AMS based on their continued
employments with AMS.  The Debtors have determined that the
total anticipated cost of the AMS Employee Retention Program is
approximately US$915,000, net of applicable employer paid taxes.  
The AMS Employee Retention Program applies to approximately 67
employees.  

Pursuant to the Plan, key employees are eligible to receive
bonuses in the range of US$7,500 to US$50,000, based on (1) a
conideration of their compensation in effect upon their approval
for participation in the AMS Employee Retention Plan, (2)
employment position classification, and (3) continued employment
with the Debtors on April 30, 2007.  Importantly, any key
employee that receive an offer of employment by Baker & Taylor
will not be eligible for payment under the plan.

Debtors believe that the potential costs associated with the
loss of employees would be far in excess of the combined costs
of the AMS Employee Retention Plan, and that without the Plan,
the employees will leave, causing an interruption in AMS's
business operations and irreversible harm to the value of the
estates.

The Debtors also believe that the loss of these key employees
may make it impossible to close the sale to Baker & Taylor and
thus to realize value for the estate, and will make the
inventory program contemplated by the agreement with Baker &
Taylor more expensive to implement.

                       Debtors Arguments

Implementation of the AMS Employee Programs pursuant to Section
363(b) of the Bankruptcy Code is a valid Exercise of the
Debtors' judgment.

  -- Debtors have articulated a valid business reason for
     implementing the AMS Management Incentive Plan.

  -- The AMS Employee Retention Plan is supported by a valid
     business reason.

Implementation of the AMS Employee Programs may additionally be
authorized pursuant to Section 105(a) of the Bankruptcy Code.

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.


ALICOM PTY: Members and Creditors Set to Meet on April 3
--------------------------------------------------------
The members and creditors of Alicom Pty Ltd will have their
final meeting on April 3, 2007, at 9:30 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Dean R. McVeigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia

                        About Alicom Pty

Alicom Pty Ltd operates management investment offices.  The
company is located in Victoria, Australia.


BELL CORP.: Creditors' Proofs of Debt Due on March 21
-----------------------------------------------------
Bell Corp. Victoria Pty. Ltd., which is subject to a deed of
company arrangement, requires its creditors to submit their
proofs of debt by March 21, 2007.

The company will declare the final dividend on March 22, 2007.

The company's deed administrator is:

         S. L. Horne
         Draper Dillon
         499 St Kilda Road, Melbourne 3004
         Australia

                        About Bell Corp.

Located in Victoria, Australia, Bell Corp Victoria Pty Ltd is an
investor relation company.


BMA GOLD LIMITED: Court Appoints Special Purpose Administrator
--------------------------------------------------------------
The Supreme Court of Queensland in Brisbane has entered an order
appointing John Greig of Deloittes as a special purpose
administrator of BMA Gold Limited (Administrators Appointed)
(BMA) and Twin Hills Operations Pty Ltd (Twin Hills).

The existing administrators, Messrs. Geroff and McCluskey of
Ferrier Hodgson, agreed to bring the application for the
appointment of the special purpose administrator after the ASIC
raised concerns with them that they had a potential or perceived
conflict of interest.

The ASIC was concerned that Messrs. Geroff and McCluskey were
aware, or should have been aware, before they accepted the
appointment as Voluntary Administrators, of circumstances that
gave rise to a potential or actual conflict of interest, whereby
a Ferrier Hodgson partner was a major shareholder of BMA through
his private company, and was also involved in the acquisition of
the Twin Hills project operated by BMA, through his directorship
of the vendor company.

As a result of the ASIC also raising concerns that the notice to
creditors of the first meeting had not made disclosure of the
involvement of that partner in the affairs of BMA, the Voluntary
Administrators circularized creditors with details of both their
partner's association with BMA, and the Court application.

The Court considered that the appointment of a special purpose
administrator was clearly appropriate in this instance to ensure
the independence of all aspects of the investigation process,
and ordered:

   * the appointment of a special purpose administrator to
     investigate and report on all aspects of the company's
     affairs associated with the partner of the Administrators
     firm;

   * that the special purpose administrator's report on his
     investigations be provided to creditors;

   * that all costs incurred in both the court application and
     the special purpose administrator be paid by Messrs. Geroff
     and McCluskey personally and not as a cost of their
     administration.

Allen Turton, the ASIC's Deputy Executive Director of
Enforcement, said that ASIC had intervened because
administrators must both be, and be seen to be, independent and
impartial in the roles they undertake.

"The court's decision confirms that disclosure after accepting
an appointment in circumstances that may give rise to a real
risk and perception of a conflict of interest, is not adequate
to overcome the perceived or actual conflict.  This action
serves to remind registered liquidators to carefully consider
the issue of conflicts before accepting any appointment to act,"
Mr. Turton said.


COLMERO PTY: Final Meeting Slated for April 10
----------------------------------------------
Colmero Pty Ltd will hold a final meeting on April 10, 2007, at
10:00 a.m., during which, Liquidator Stan Traianedes will
present a report about the company's wind-up proceedings and
property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Oct. 12, 2006.

The Liquidator can be reached at:

         Stan Traianedes
         Hall Chadwick
         Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                        About Colmero Pty

Headquartered in Victoria, Australia, Colmero Pty Ltd is an
investor relation company.


CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook
---------------------------------------------------------------
Constellation Brands Inc. disclosed that declining U.K. sales
and lower demand from U.S. wholesalers will pull the company's
2008 earnings way below analysts' estimates, Bloomberg News
relates.

According to the report, Constellation Brands, which issued a
news release on March 1, said that cheaper imports from
Australia have enticed U.K. consumers to switch from the
company's Nottage Hill and other brands.

"Our confidence in Constellation's long-term growth remains
strong and we continue to take actions intended to strengthen
the company during increasing consolidation in the beverage
alcohol industry," stated Richard Sands, Constellation Brands'
chairman and chief executive officer.

"We believe the logic of these actions is sound given the
business environment in which we currently operate, and we
believe those actions will position us well as Constellation
continues to invest in its brands and distribution network,
reduce costs and enter new markets.  Our unwavering commitment
to continuing along a path that we firmly believe results in
increasing shareholder value over the long term requires that we
maintain our focus on the road ahead."

The company also mentioned significant factors expected to
impact fiscal 2008 earnings, which include ongoing challenges in
the U.K. market, reflecting the U.K. retail environment, and the
Australian wine oversupply.  The combination of these factors
has resulted in pricing pressures and has made it difficult to
recover additional cost including the annual U.K. duty increase.

Another significant factor expected to impact fiscal 2008
financial performance is the Constellation Wines U.S. operating
plan decision to reduce distributor wine inventory levels in the
U.S.

As distributors continue to consolidate and become larger, the
company has been working with them on supply chain technology
improvements to gain efficiencies.  Distributors are looking to
operate with lower levels of inventory while maintaining
appropriate service levels to retailers.

In response, Constellation Wines U.S. is planning to reduce
distributor inventory levels and looks to complete most of this
effort during the first half of the fiscal year.

Management believes this is the right strategic decision for the
business and it is being driven by Constellation's desire to
work closely with its distributors on supply chain efficiencies,
lowering costs for both Constellation and its distributors, and
ultimately making the company's brands more competitive in the
marketplace.

"Absent the U.K. situation and our decision to reduce U.S. wine
inventories at distributors, our core branded beverage alcohol
business is expected to perform well," Mr. Sands says.

"We are confident in our U.S. and Canadian branded wine
businesses as we continue to see consumers trading up, and we
are very enthusiastic about the potential from our Crown Imports
beer joint venture and our premium spirits growth platform that
will be further energized by our SVEDKA Vodka acquisition.  
Additionally, we are encouraged by our near-term new product
development efforts, increased marketing support for key brands
and our previously announced U.K. facilities realignment," Mr.
Sands continues.

Constellation Brands' Board of Directors has authorized the
repurchase of up to US$500 million of the company's common
stock.  In addition, the company expects to close the previously
reported purchase of SVEDKA Vodka by mid-March.

In relation to the deals, Fitch Ratings has downgraded
Constellation Brands' issuer default rating to 'BB-' from 'BB';
Standard & Poor's Ratings Services lowered its corporate credit
and bank loan ratings to 'BB-' from 'BB'; and Moody's lowered
the company's corporate family rating to Ba3 from Ba2.

                   About Constellation Brands

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


CROWN CASTLE: Posts US$41.89 Mln. Net Loss for Yr. Ended Dec. 31
----------------------------------------------------------------
Crown Castle International Corp. had a net loss of US$41,893,000
for the year ended Dec. 31, 2006, compared with a net loss of
US$401,537,000 for the previous year.  During the previous year,
the company had US$283,797,000 in losses on purchase and
redemptions of debt.

For the year ended Dec. 31, 2006, the company had net revenues
of US$788,221,000, as compared with US$676,759,000 for the year
ended Dec. 31, 2005.  Site rental revenues and network services
and other revenues for 2006 were US$696,724,000 and
US$91,497,000, respectively, as compared with US$597,125,000 and
US$79,634,000, respectively, for 2005.  

The company had an operating income of US$121,427,000 for the
year 2006, as compared with an operating income of US$22,595,000
a year earlier.  Comprehensive net loss for the year 2006 was
US$18,830,000, down from US$415,521, 000 for the prior year.

The company's balance sheet as of Dec. 31, 2006, listed
US$5,006,168,000 in total assets, US$3,907,964,000 in total
liabilities, US$29,052,000 in minority interests, and
US$312,871,000 in redeemable preferred stock, resulting to
US$756,281,000 in stockholders' equity.

The company's accumulated deficit as of Dec. 31, 2006, stood at
US$2,184,598,000, up from US$2,037,914,000 a year earlier.

                        2006 Cash Flows

Net cash provided by operating activities were US$275,759,000
and US$204,912,000 in 2005 and 2006, respectively.  Net cash
used for investing activities were US$264,140,000 and
US$432,499,000 for 2005 and 2006, respectively.  Net cash
provided by discontinued operations were $3,973,000 and
$5,657,000 in 2005 and 2006, respectively.  Cash and cash
equivalents at the end of the years 2005 and 2006 were
US$65,408,000 and US$592,716,000, respectively.

                    Current Year Highlights

On Oct. 5, 2006, the company entered into a definitive
agreement, which contemplated the merger of Global Signal into
one of its wholly owned subsidiary.  Global Signal operated
10,749 towers, which are primarily concentrated in the
southwestern, midwestern, Pacific coast and northeastern regions
of the U.S.  The company completed the Global Signal Merger on
Jan. 12, 2007 in a stock and cash transaction valued at
approximately US$4 billion and issued approximately 98.1 million
shares of common stock to the shareholders of Global Signal and
paid the maximum Cash Consideration of US$550 million and
reserved for issuance approximately 600,000 shares of common
stock issuable pursuant to Global Signal warrants.

Pursuant to the indenture supplement dated Nov. 29, 2006, the
company issued the 2006 Tower Revenue Notes as additional debt
securities under the existing indenture pursuant to which the
2005 Tower Revenue Notes were issued in 2005.  The 2006 Tower
Revenue Notes have a weighted average fixed interest rate of
approximately 5.71%, and 78.6% of the outstanding balance was
rated investment grade.  The 2005 Tower Revenue Notes and 2006
Tower Revenue Notes are secured by the personal property,
license agreements, revenues, or distributions related to
substantially all of the company's U.S., including Puerto Rico,
towers as of the date of issuance of the 2006 Tower Revenue
Notes.  Proceeds from the 2006 Tower Revenue Notes were used to
repay the company's previously outstanding credit facility
entered into in June 2006.

On Jan. 9, 2007, Crown Castle Operating Company entered into a
credit agreement with a syndicate of lenders, pursuant to which
such lenders agreed to provide the 2007 Revolver in the amount
of $250 million, which matures in January 2008.  The proceeds of
the 2007 Revolver may be used for general corporate, which may
include the financing of capital expenditures, acquisitions and
purchases of the company's securities.  The 2007 Revolver is
currently undrawn.  On Jan. 26, 2007, CCOC entered into a term
loan joinder pursuant to which CCOC borrowed the 2007 Term Loan
under the 2007 Credit Agreement.  The 2007 Term Loan matures in
January 2014.  The proceeds of the 2007 Term Loan were used for
the January 2007 Stock Purchase.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1ab5

             About Crown Castle International Corp.

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.

                          *     *     *

Standard & Poor's Ratings Services placed the ratings of
Houston, Texas-based wireless tower operator Crown Castle
International Corp. and its related entities on CreditWatch with
negative implications, including its 'BB' corporate credit
rating and the 'BBB-' secured bank loan rating of intermediate
holding company Crown Castle Operating Co.

However, the '3' recovery rating for this bank loan is not on
CreditWatch.

Moody's Investors Service affirmed all ratings of Crown Castle
Operating Company, including its B1 Corporate Family Rating, B1
Senior Secured Rating and SGL-2 Liquidity Rating.  The ratings
reflect a B1 probability of default and loss given default
assessment of LGD 3 (43%) on the senior secured facility. The
outlook remains stable.


DEECOM GROUP: Members and Creditors to Meet on April 3
------------------------------------------------------
A final meeting will be held for the members and creditors of
Deecom Group Pty Ltd on April 3, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Dean R. McVeigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia

                       About Deecom Group

Located in Victoria, Australia, Deecom Group Pty Ltd is a
distributor of farm supplies.


EVANS & TATE: Finalizes Management Buy-out of U.S. Distributor
--------------------------------------------------------------
The Board of Directors of Evans & Tate Limited has finalized a
Management Buy-Out transaction in respect of its United States
distribution business -- Scott Street Portfolio Inc.

Scott Street's Jim Buckley (General Manager - Finance &
Administration) and Mitch Clark (General Manager - Sales and
Marketing) have formed Avanti Fine Wine Selections LLC, which
will purchase 80% of the business.  Evans & Tate will retain a
20% interest, board representation, and will receive US$400,000
(approx. AU$510,000) for the sale.

Together, Messrs. Buckley and Clark bring over 50 years of wine
industry experience to this transaction, most recently having
occupied key roles in the Robert Mondavi Corporation and Folio
Wine Company.

Under a rolling three-year distribution contract, Avanti (as
Scott Street will be renamed) will continue to distribute Evans
& Tate's wine in the United States, and the Caribbean, including
duty free, cruise ships, and airlines.  There are strong Key
Performance Indicators built into the Distribution Contract,
which support Evans & Tate's long-term sales plans for the
region.

Scott Street will also continue to represent fine Australian
wines from Tapestry, Simon Hackett, Peter Rumball, and Oakridge-
Over the Shoulder.  Significantly, however, Avanti will
recapitalize the Scott Street business and add broadly to its
portfolio of wine offerings, including new brands from the major
wine regions of the old- and new-world.

While in management at Scott Street, Messrs. Buckley and Clark
have reinvigorated Scott Street's operations, brought a new and
effective sales team into force, and renewed and strengthened
its internal U.S. distribution network on a national scale.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 15, 2006, that Evans & Tate posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.

Evans & Tate's Dec. 31, 2006 balance sheet also showed total
liabilities of AU$180.620 billion exceeding total assets of
AU$160.189 billion, resulting to total shareholders' deficit of
AU$74.431 billion.

The company's auditors -- PKF Chartered Accountants -- raised
substantial doubt on the company's ability to continue as going
concern after auditing the company's financial report for the
half-year period ended Dec. 31, 2006.


EVANS & TATE: Board Terminates Yarraman Winery's Merger Proposal
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 22, 2007, after a series of offers and counter-offers
between Evans & Tate Limited and Yarraman Winery Inc., the
companies have agreed to the manner in which they will proceed
with Yarraman's acquisition proposal.

According to the TCR-AP, the parties agreed on the satisfaction
of a 21-day period of due diligence investigation by each of
Evans & Tate and Yarraman.  Due diligence was scheduled to be
completed on March 14, 2007.

The TCR-AP noted that Evans & Tate's due diligence will allow it
to verify the debt and equity commitments for Yarraman's
proposal as well as Yarraman's forecasts.

However, in an update, the Evans & Tate Board did not consider
that satisfactory evidence of Yarraman having secured debt and
equity sufficient to complete their proposed transaction had
been provided.  Thus, on March 15, 2007, the Board resolved to
terminate the agreement with Yarraman Winery Inc.

Evans & Tate notes that it will immediately resume work on any
other proposals.  The Board and management of Evans & Tate
remain committed to achieving a commercial and sustainable
outcome for the company's stakeholders.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 15, 2006, that Evans & Tate posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.

Evans & Tate's Dec. 31, 2006 balance sheet also showed total
liabilities of AU$180.620 billion exceeding total assets of
AU$160.189 billion, resulting to total shareholders' deficit of
AU$74.431 billion.

The company's auditors -- PKF Chartered Accountants -- raised
substantial doubt on the company's ability to continue as going
concern after auditing the company's financial report for the
half year period ended Dec. 31, 2006.


FREEWAY FENCING: Will Declare Dividend for Unsecured Creditors
--------------------------------------------------------------
Freeway Fencing Pty Ltd, which is subject to deed of company
arrangement, will declare a first and final dividend for its
unsecured creditors on May 6, 2007.

Creditors are asked to prove their debts by March 27, 2007, to
be included in the dividend distribution.

The company's deed administrator is:

         J. P. McLeod
         c/o McLeod & Partners
         Level 3, 380 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3004 0800

                      About Freeway Fencing

Freeway Fencing Pty Ltd provides engineering services.  The
company is located in Queensland, Australia.


GETTY IMAGES: Delays Form 10-K Filing Due to Stock Options Probe
----------------------------------------------------------------
Getty Images notified the United States Securities and Exchange
Commission that the filing of its 2006 annual report will be
late because of an investigation into the Seattle company's
stock options practices.  The company previously delayed filing
its third quarter 2006 report for the same reason.

In a related matter, Getty also filed a Form 8-K with the SEC
indicating that it has received notice of an "event of default"
concerning its US$265 million in series B debentures due 2023.
The notice is based on the Getty's failure to file the third
quarter 2006 financial report.

In November, Getty Images received two "notices of purported
default" from holders of the debentures, demanding that the
company remedy the purported default within sixty days.  Getty's
failure to cure the default within the time period led to the
"event of default" notice received late in February, Getty said.
The company has maintained that the late filings do not
constitute a default and has left open the option of a legal
battle over the situation.

In notifying the SEC of the late annual report filing, Getty
said an internal committee has not completed its probe of the
company's historical stock options grant practices.  The company
did not specify a completion date for the investigation, which
was started after the SEC requested information about Getty's
stock options procedures.

Getty has publicly reported US$807.3 million in total revenue
for 2006, but the figure is considered preliminary until the
stock options investigation is finished and final financial
reports are filed with the government.

Concerning the event of default, Getty said that, ". . . the
trustee (The Bank of New York) or holders of at least 25% in
aggregate principal amount of the Debentures then outstanding
could declare all unpaid principal and accrued interest on the
Debentures then outstanding to be immediately due and payable."

Getty said it has enough money to pay the off the debt if
necessary.

                       About Getty Images

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.


IDYLLIC HOLDINGS: Liquidator to Give Wind-Up Report on April 13
---------------------------------------------------------------
The members and creditors of Idyllic Holdings Pty Ltd will hold
a final meeting on April 13, 2007, at 10:00 a.m.

During the meeting Liquidator B. N. Mulvaney will give a report
about the company's wind-up proceedings and property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on July 11, 2006.

Mr. Mulvaney can be reached at:

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

                     About Idyllic Holdings

Headquartered in Western Australia, Australia, Idyllic Holdings
Pty Ltd is a distributor of fabricated metal products.


ITRON INC: Completes Private Placement of 4,086,958 Shares
----------------------------------------------------------
Itron Inc. has completed the private placement of 4,086,958
shares of its common stock to ten institutional investors.

As reported, the company issued 4,086,958 million shares of its
common stock, no par value, to certain institutional investors
pursuant to a securities purchase agreement dated Feb. 25, 2007,
for an aggregate purchase price of US$235.0 million, or US$57.50
per share, which represents a 5% discount from the five-day
average share closing price during the week of Feb. 12 of
US$60.52. Net proceeds were US$225.3 million.

                           About Itron

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.

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%.

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.


JAMES HARDIE: Court Adjourns ASIC Case to May 1
-----------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 16, 2007, the Australian Securities and Investments
Commission, commenced civil penalty proceedings seeking to
address alleged breaches by certain former and current corporate
entities in the James Hardie group, and by certain former
executives and certain former and current directors.

According to the TCR-AP, the ASIC has filed civil penalty
proceedings in the Supreme Court of New South Wales relating to
disclosures by James Hardie Industries Limited in respect to the
adequacy of the funding of the Medical Research and Compensation
Foundation.

The case was heard for the first time in the NSW Supreme Court
on March 15, 2007, where Registrar Leonie Walton ordered the
ASIC to file its statement of claim, the Sydney Morning Herald
cites a report from the Australian Associated Press.

According to ABC New South Wales, the ASIC is seeking fines of
up to AU$200,000 each, plus disqualifications.

Robert Dick, barrister for one of the defendants, Phillip
Morley, said that the defendants may argue the ASIC's case was
inappropriate because the statement of claim was filed too late,
the Sydney Herald relates.

The paper further relates that Mr. Dick told the Court "[they]
would seek an additional order that any filing of the statement
of claim be without prejudice to any limitation argument that
the defendants may wish to make, including an argument that the
statement of claim ought not to be filed because the limitation
period has expired."

Registrar Walton made that order, AAP notes.

AAP recounts that last month, ASIC Chairman Jeff Lucy said the
ASIC delayed the filing of the legal action until after the
company's shareholders approved the AU$4 billion compensation
fund.

Barrister Robert Hollo, appearing on behalf of another of the
defendants, also requested an extended period of time for the
defendants to consider the statement of claim after its filing,
AAP says.

As reported in the TCR-AP on Feb. 12, 2007, security holders
approved the long-term compensation funding arrangements for
asbestos-related personal injury claims against certain former
James Hardie group subsidiaries.

Registrar Leonie Walton adjourned the matter until May 1, when
it is likely to be heard by the chief judge in equity, Peter
Young, the Sydney Herald notes.

                      About James Hardie

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

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

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

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

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

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


NAPIER FABRIC: Will Declare First & Final Dividend on March 22
--------------------------------------------------------------
Napier Fabric Imports Pty Ltd, which is in liquidation, will
declare a first and final dividend on March 22, 2007.

Creditors who cannot prove their debts on that day will be
excluded from sharing in the dividend distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on July 26, 2007.

The company's liquidator is:

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

                      About Napier Fabric

Napier Fabric Imports Pty Ltd is a distributor of piece goods,
notions, and other dry goods.  The company is located in
Victoria, Australia.


TRIPOS INC: ISS Urges Shareholders to Vote for Liquidation Plan
---------------------------------------------------------------
Institutional Shareholder Services, the leading independent
proxy advisor to the institutional marketplace, has recommended
that Tripos Inc. shareholders vote for the proposed sale of its
Discovery Informatics business to Vector Capital LLC and for the
proposed plan of liquidation and dissolution.  These proposals
will be presented at the March 15 special meeting of Tripos
shareholders.

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Tripos entered into a definitive agreement to sell substantially
all of the assets of its Discovery Informatics business to
Vector Capital.  This asset sale, expected to close in the first
quarter of 2007, is an initial step in the liquidation of
Tripos.

Liquidating distributions, in an amount to be determined, are
expected to begin approximately six months after the closing of
this transaction.  Tripos' preliminary estimate is that there
would be between US$6 million to US$12 million available for
distribution to common stockholders assuming completion of the
sale of its Discovery Informatics business to Vector, sale of
its Discovery Research business, completion of certain other
transactions described below, and satisfaction of all
liabilities at amounts currently estimated.

In recommending for the asset sale, the ISS report stated,
"Based on our review of the comprehensive sale process, the
impending need for the company to raise funds to meet debt
obligations, and the declining trend in core business, we
recommend shareholders support the asset sale proposal."

In recommending for the liquidation proposal, the ISS report
stated, "Since the company will have no business or operations
following the asset sale, which we support, we believe that this
proposal warrants shareholder support."

Shareholders are encouraged to read Tripos' proxy materials in
their entirety.

Shareholders who have questions or need voting assistance should
contact Tripos' proxy solicitor, Morrow & Co., Inc., at (203)
658-9400 or toll-free at (800) 607-0088.

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines  
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.

The company has offices in the U.K., Germany and Australia.


WILSON TRANSFORMERS: Members & Creditors to Hear Wind-Up Report
---------------------------------------------------------------
Wilson Transformers (Tasmania) Pty Ltd will hold a final meeting
for its members and creditors on April 10, 2007, at 9:15 a.m.

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

The company started to wind up its operations on June 30, 2005,
as reported by the Troubled Company Reporter - Asia Pacific.

The company's liquidator is:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road, East Hawthorn
         Victoria 3123
         Australia
         Telephone: 9882 6666

                    About Wilson Transformers

Wilson Transformers (Tasmania) Pty Ltd is a distributor of
specialty transformers.  The company is located in Tasmania,
Australia.


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

BENQ: Detains Head on Alleged Insider Trading Activities
--------------------------------------------------------
Taiwanese prosecutors raided BenQ's headquarter Neihu and a
factory in Taoyuan and detained its chief financial officer Eric
Yu on an alleged involvement in insider trading activities,
various reports say.

Taoyuan District Prosecutors' Office spokesman John Chang
confirmed that it was Mr. Yu who was detained by the authorities
after the raid, Taipei Times relates.

Mr. Yu could be detained for up to four months before being
charged, in accordance with Taiwan's legal system, the Times
says.

Prosecutors also questioned former Chief Financial Officer Alex
Liou and Accounting Manager Billy Liu, about their suspected
involvement in the scandal.  Both were released on bail.  Mr.
Liou's bail was NT$5 million while Mr. Liu's bail was NT$2
million, BenQ said in a statement.

Bloomberg News, in a telephone interview with Chang Chin-fung,
deputy prosecutor of the Taoyuan District Court, relates that
the allegations involve some employees who benefited from BenQ's
stock trading around March 2006, just before BenQ posted a
fourth quarter loss.

China Post adds that it is believed BenQ executives sold large
amounts of company shares ahead of the company's announcement of
huge losses incurred from its takeover of Siemens's handset
division.

"We have yet to find out whether those shares were owned by
those persons or by the company," Mr. Chang said, noting that
BenQ Chairman K.Y. Lee is not being investigated.

In an internal e-mail, BenQ said that the probe would not
significantly affect its operations, Taipei Times says.

                          *     *     *

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

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

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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


BENQ: Probe Has No Immediate Impact on Ratings, TRC Says
--------------------------------------------------------
On March 14, 2007, Taiwan Ratings Corp. said that its ratings on
BenQ Corp. -- twBB+/Negative/twB)-- are not immediately affected
by the current investigation by Taiwan's prosecutors into
alleged insider trading by some of the company's employees.

The prosecutors took action on March 13, 2007, to search for
evidence related to the alleged insider trading.  The
allegations involve some employees making profits from BenQ's
stock trading in March 2006, just before the company posted a
loss of NT$6 billion for the fourth quarter of 2005, which was
derived from its acquisition of German-based Siemens AG's money-
losing handset division in June 2005.

Taiwan Ratings views the alleged insider trading to have no
immediate impact on the company's business operations, as the
probe is not expected to change the company's fundamentals.  
Nevertheless, the incident raises concerns over BenQ's internal
controls.  Taiwan Ratings will monitor the progress of the
investigations, as well as the company's operating performance.


BONCH INVESTMENTS: Liquidators to Receive Claims Until March 26
---------------------------------------------------------------
Bonch Investments Limited requires its creditors to file their
proofs of claim by March 26, 2007.

Creditors who cannot prove their claims by the due date will be
excluded in the company's dividend distribution.

The company's liquidators are:

         Jacky Chung Wing Muk
         Gabriel Chi Kok Tam
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


CASTLE PEAK: Members and Creditors to Meet on April 10
------------------------------------------------------
The members and creditors of Castle Peak Properties (Hk) Limited
will meet on April 10, 2007, at 2:30 p.m., to receive the
liquidator's report regarding the company's wind-up proceedings
and property disposal.

The meeting will be held at the offices of Ferrier Hodgson
Limited, 14th Floor of Hong Kong Club Building, 3A Chater Road
in Central, Hong Kong.

The company's liquidator is:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Ltd
         14th Floor, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


DAH CHUNG: Support Falls to 5; Fitch Individual C Rating Stays
--------------------------------------------------------------
Fitch Ratings, on March 14, 2007, downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Dah Chung Bills Finance
Corporation's ratings showed:

   * LTIDR affirmed at BBB-/Stable
   * National Long-term A(twn)/Stable
   * STFC affirmed at F3
   * National Short-term affirmed at F1(twn)
   * Individual affirmed at C
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


E-CHANCE LIMITED: Members' Final Meeting Set for April 13
---------------------------------------------------------
The members of E-Chance Limited will hold a final general
meeting on April 13, 2007, at 11:00 a.m., at the 28th Floor of
Times Tower, 393 Jaffe Road in Wanchai, Hong Kong.

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


GRAND BILLS: Fitch Downgrades Support Rating to 5
-------------------------------------------------
On March 14, 2007, Fitch Ratings downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Grand Bills Finance Corporation's
ratings showed:

   * LTIDR affirmed at BBB-/Stable
   * National Long-term affirmed at A(twn)
   * STFC affirmed at F3
   * National Short-term affirmed at F1(twn)
   * Individual affirmed at C/D
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch notes that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


HYUNDAI MICROELECTRONICS: Liquidators Quit Posts
------------------------------------------------
Ying Hing Chiu and Ng Sai Chun, Johnny ceased to act as
liquidators of Hyundai Microelectronics Hong Kong Limited on
March 5, 2007.

The company's former Liquidators can be reached at:

         Ying Hing Chiu
         Ng Sai Chun, Johnny
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


INDUSTRIAL BANK (TAIWAN): Fitch Affirms Individual C/D Rating
-------------------------------------------------------------
On March 14, 2007, Fitch Ratings downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Industrial Bank of Taiwan's ratings
showed:

   * Individual rating affirmed at C/D
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


KINGS INFORMATION: Members' Final Meeting Set for April 11
----------------------------------------------------------
The members of Kings Information (H.K.) Company Limited will
have their final general meeting on April 11, 2007, at 11:00
a.m., at the 21st Floor of Fee Tat Commercial Centre, No. 613
Nathan Road in Kowloon, Hong Kong.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Jan. 12, 2007.

The liquidator is:

         Yip Chung Lam
         21st Floor, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


LEIGHTON GODOWN: To Hold Final General Meeting on April 10
----------------------------------------------------------
Leighton Godown Limited will hold its final general meeting on
April 10, 2007, at 10:00 a.m., to receive Liquidator Wong Shen
Dorothy's report about the company's wind-up proceedings and
property disposal.

The meeting will be held at Flat 7B, of Hill Lodge, 1 Lok Fung
Path in Shatin, N.T., Hong Kong.

According to the TCR-AP, the company started winding up its
operations on Oct. 20, 2006.

The Liquidator can be reached at:

         Wong Shen Dorothy
         Flat 7B, Hill Lodge
         1 Lok Fung Path, Shatin
         N.T., Hong Kong


NHJ (HK): Creditors' Proofs of Debt Due on March 23
---------------------------------------------------
NHJ (HK) Limited, which is in creditors' voluntary liquidation,
requires its creditors to submit their proofs of debt by
March 23, 2007.

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

The company's liquidators are:

         Alan C. W. Tang
         Wong Kwok Man
         13th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


ORIENT NETWORKS: Will Receive Claims Until March 23
---------------------------------------------------
Orient Networks (H.K.) Limited, which is in creditors' voluntary
liquidation, will receive creditors' proofs of claim until
March 23, 2007.

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

The company's liquidators are:

         Alison Wong Lee Fung Ying
         Alan C. W. Tang
         13th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


QUICK REACH: Members & Creditors' Final Meeting Set on April 4
--------------------------------------------------------------
The members and creditors of Quick Reach Trading and
Transportation Limited will have their final meeting on April 4,
2007, at 12:00 p.m., to hear the liquidator's report regarding
the company's wind-up proceedings and property disposal.

The meeting will be held at the Room 1001 on the 10th Floor of
Tai Yau Building, 181 Johnston Road in Wanchai, Hong Kong.

According to the TCR-AP, the company entered wind-up proceedings
on April 7, 2006.

The company's liquidator is:

         Li Man Wai
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


SHEEN CROWN: Creditors' Proofs of Debt Due on March 26
------------------------------------------------------
The creditors of Sheen Crown Limited are required to file their
proofs of debt by March 26, 2007.

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

The company's liquidators are:

         Jacky Chung Wing Muk
         Gabriel Chi Kok Tam
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


SURELIGHT HOLDINGS: Creditors Must Prove Debts by March 26
----------------------------------------------------------
Surelight Holdings Limited, which is in creditors voluntary
liquidation, will be receiving creditors' proofs of debt until
March 26, 2007.

The company's liquidators are:

         Jacky Chung Wing Muk
         Gabriel Chi Kok Tam
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


TA CHING: Fitch Affirms Long-Term Default Rating at BB+
-------------------------------------------------------
On March 14, 2007, Fitch Ratings downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Ta Ching Bills Finance
Corporation's ratings showed:

   * LTIDR affirmed at BB+/Stable
   * National Long-term affirmed at A-(twn)
   * STFC affirmed at B
   * National Short-term affirmed at F2(twn)
   * Individual affirmed at C/D
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


TA CHONG: Fitch Keeps D/E Individual Rating; Support Falls to 5
---------------------------------------------------------------
Fitch Ratings, on March 14, 2007, downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Ta Chong Bank's ratings showed:

   * Individual rating affirmed at D/E
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional  blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


UNION BANK (TAIWAN): Fitch's Affirms Individual Rating at D
-----------------------------------------------------------
Fitch Ratings, on March 14, 2007, downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Union Bank of Taiwan's ratings
showed:

   * Individual rating affirmed at D
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


UNION BILLS: Fitch Affirms Long-Term Default Rating at BB-
----------------------------------------------------------
Fitch Ratings, on March 14, 2007, downgraded the Support ratings
assigned to selected smaller banks and bills finance companies
in Taiwan to reflect the reduced likelihood of full and timely
support from the government for financial institutions that are
not deemed "too big to fail".

After Fitch's rating action, Union Bills Finance Corporation's
ratings showed:

   * LTIDR affirmed at BB-/Stable
   * National Long-term BBB(twn)
   * STFC affirmed at B
   * National Short-term affirmed at F3(twn)
   * Individual affirmed at D
   * Support downgraded to 5 from 4

According to Fitch, the recent partial default by Great Chinese
Bills in January 2007 highlights that the Taiwanese government
is gradually withdrawing its full support to smaller financial
institutions and is introducing an element of market discipline
by imposing costs on institutional creditors and depositors --
especially other financial institutions -- while ensuring that
retail depositors are paid in full.

Fitch noted that the revision to the Financial Restructuring
Fund Act in June 2005 effectively ceased the regulatory bail-out
fund's protection to non-deposit liabilities.  Beyond this, the
transitional blanket guarantee to all depositors of troubled
financial institutions covered by the FRF will be phased out by
2011.

Although Fitch does not expect full and timely government
support to be extended to the smaller financial institutions in
Taiwan, the agency still believes that support to large,
systemically important ones remains strong, given their
importance to Taiwan's economy.


ZTE CORP: Gets Approval to Market Gears for 3G Phones
-----------------------------------------------------
The Ministry of Information Industry has awarded ZTE Corp the
go-ahead to sell gear for third-generation (3G) mobile networks
based on the home-grown Time Division- Synchronous Code Division
Multiple Access standard, The Standard says, citing a report
from Shanghai Securities News.

According to the report, the regulator also awarded the network
entry certificates to Datang Network, which partly developed TD-
SCDMA technology.

Only equipment providers with network entry certificates will be
permitted to bid for contracts from carriers, the report said.

The Standard recounts that state-owned newspapers last month
reported that China Mobile Communications, parent of China
Mobile, was ready to award a series of contracts worth CNY18
billion.

The paper also relates that as ZTE is the number two telecom
equipment provider in the mainland after unlisted Huawei, it may
secure a large chunk of the contracts.  

"It is expected that the construction and optimization of the
TD-SCDMA trial network will be completed by about October, so I
believe the procurement will be completed within these one or
two months," The Standard cites Wong Chi-man, analyst at China
Everbright Research, as saying.

The central government has said 3G mobile services will be
available in time for the 2008 Beijing Olympics, but did not
provide more details, The Standard relates.

                          *     *     *

Headquartered in Shenzhen, China, ZTE Corp's --
http://www.zte.com.cn/-- principal activities are the  
production and sale of general system and communication terminal
equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


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

ALLEGHENY TECH: Good Performance Cues S&P's Positive CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Pittsburgh, Pennsylvania-
based Allegheny Technologies Inc. on CreditWatch with positive
implications.

"The action reflects the company's improved business and
financial
profile, currently robust industry conditions, particularly
strong end-user demand from the company's aerospace customers,
and debt reduction," said Standard & Poor's credit analyst Marie
Shmaruk.

"Through healthy product pricing coupled with the ability to
pass through spiking raw material prices, Allegheny has been
able to internally fund its capital expenditures, generate
significant cash balances, improve its credit metrics, and
somewhat shift its product mix away from commodity sheet
products."

Allegheny is one of the largest specialty steel and alloy
manufacturers in North America.

"In resolving the CreditWatch, we will review the company's
operating plans and its significant capital program and evaluate
the sustainability of its strong financial performance over a
range of business conditions," Ms. Shmaruk said.

                          *     *     *

Headquartered in Pittsburgh, Pennsylvania, Allegheny
Technologies Inc. -- http://www.alleghenytechnologies.com/-- is  
a specialty stainless steel and alloy producer.  The company has
international locations in Germany, the United Kingdom,
Australia, Korea, Singapore, Malaysia and India, among others.


BPL LTD: Defaults on Interest Payment to Consortium Lenders
-----------------------------------------------------------
BPL Ltd has defaulted on the payment of interest to consortium
lenders, BPL's auditors point out in its limited review report
of the company's financials for the quarter ended Dec. 31, 2006.

According to the auditors, BPL's overdue interest as of Dec. 31,
2006, totaled INR1,044 lakhs.

The auditors further observe that during the December 2006
quarter, there were delays in the company's remittance of
statutory dues including Provident Fund, Customs Duty and Tax
Deducted at Source.  Customs Duty amounting to INR406 lakhs, is
outstanding for a period exceeding six months as of Dec. 31,
2006.

As recently reported in the Troubled Company Reporter - Asia
Pacific, BPL posted a net loss of INR87.8 million in the quarter
ended Dec. 31, 2006.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.

In 2005, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

On Jan. 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

These ratings are reaffirmed:

   * INR600 Million Non-Convertible Debenture at D
   * INR210 Million Non-Convertible Debenture at D
   * INRFixed Deposit Programme at FD


CANARA BANK: Names S.K. Kholi as New Officer Employee Director
--------------------------------------------------------------
The central government, after consultation with the Reserve Bank
of India, has nominated Canara Bank Officers Association General
Secretary S. K. Kohli as the bank's new officer employee
director, a filing with the Bombay Stock Exchange reveals.

Mr. Kohli's appointment is for a period of three years from
March 8, 2007, or until his successor has been nominated or
until he ceases to be an officer of the bank, or until further
orders whichever is the earliest, provided he will not hold
office continuously for a period exceeding six years.

In another BSE filing, Canara discloses the retirement of both
directors from the bank's board -- Dr. Sone Lal and M. P.
Mehrotra.

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.


CITY UNION BANK:  To Raise INR10 Crore in Bond Issue
----------------------------------------------------
City Union Bank Ltd has issued INR10 crore with green shoe
option of INR10 crores unsecured redeemable non-convertible
subordinated bonds.

The bond issue, which opened on March 12, carries a 10% interest
payable annually.  The issue will close on March 26 and will be
allotted on March 31.

The bonds are listed at the Bombay Stock Exchange Ltd wholesale
debt market segment.

City Union Bank Limited -- http://cityunionbank.com/-- provides    
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.


CORPORATION BANK: D. N. Prakash Continues to Act as Director
------------------------------------------------------------
Consequent to an amendment to Nationalised Banks (Management and
Miscellaneous Provisions) Scheme, 1980, Corporation Bank's
Officer Employee Director D. N. Prakash ceased to be a member of
the bank's board effective March 8, 2007.

The Government of India, however, issued a Corrigendum
Notification, which the bank received on March 12, the bank
informs the Bombay Stock Exchange in a regulatory filing.  The
Notification allows Mr. Prakash to continue as the bank's
officer employee director until further notification.

In another BSE filing, the bank discloses the Government's
nomination of M. A. Srinivasan as director on the bank's board
with effect from Feb. 27, 2007.

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes    
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

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


EMCO LTD: Fixes March 22 as Record Date for Interim Dividend
------------------------------------------------------------
Emco Ltd fixed March 22, 2007, as the record date for the
purpose of payment of interim dividend.

As reported in the Troubled Company Reporter - Asia Pacific on
March 8, the company intends to declare an interim dividend for
the financial year 2006-07.

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.


GENERAL MOTORS: To Pay US$1 Bil. in Settlement Charges to GMAC
--------------------------------------------------------------
General Motors Corp. has agreed to pay approximately
US$1 billion in settlement charges to GMAC Financial Services by
the end of the first quarter in relation to a change in the
lending arm's balance sheet, John D. Stoll of The Wall Street
Journal reports.

The cash settlement is related to the impact that problems in
the subprime mortgage segment, which focuses on borrowers with
low credit scores, have had on GMAC's book value, WSJ says,
citing people familiar with the settlement.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 5, 2006, GM completed the sale of a 51% interest in GMAC to
a consortium of investors led by Cerberus FIM Investors LLC and
including wholly owned subsidiaries of Citigroup Inc., Aozora
Bank Ltd., and The PNC Financial Services Group Inc.

The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives, and strengthen its balance
sheet.

               2006 Results Expected on March 14

The automaker scheduled the release of its 2006 fourth-quarter
and calendar year financial results on Mar. 14, via PR Newswire
and GM Media Online.

As reported in the TCR-AP on Mar. 9, the automaker pushed back
the filing of its Annual Report on Form 10-K with the U.S.
Securities and Exchange Commission after failing to make the
March 1 filing deadline.

According to the company, the delay is due to the issues
regarding the accounting for deferred income tax liabilities and
certain hedging activities under the Statement of Financial
Accounting Standards.

GM also intends to report restated results for the years ended
Dec. 31, 2002, to Dec. 31, 2005, and for the first three
quarters of 2006.

"As disclosed in prior [SEC] filings, the current estimate of
the cumulative impact of the accounting adjustments under SFAS
No. 133 to retained earnings, as of September 30, 2006, is an
increase of approximately US$200 million," the company disclosed
in its SEC filing.

"In addition, GM previously disclosed that retained earnings as
of December 31, 2001 and subsequent periods are understated by a
range of US$450 million to US$600 million due to an
overstatement of deferred tax liabilities.  GM currently
estimates that the deferred income tax liability overstatement
is approximately US$1 billion.  This impact is partially offset
by an estimated US$500 million adjustment to stockholders'
equity related to taxation of foreign currency translation,
arising primarily prior to 2002, and affects all periods through
the third quarter of 2006.  The estimate net effect of such tax
adjustments results in an understatement of stockholders' equity
as of Dec. 31, 2001, and subsequent periods of approximately
US$500 million," the company said.

                  About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the  
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                          *     *     *

In December 2006, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

In November 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the US$1.5 billion secured term loan of
General Motors Corp.


GMAC: Fitch Affirms Long-Term Issuer Default Rating at BB+
----------------------------------------------------------
Fitch Ratings has affirmed GMAC LLC's long-term Issuer Default
Rating at 'BB+' and maintains the Positive Rating Outlook.
Approximately US$100 billion of debt is affected by this action.

The affirmation follows the release of GMAC's 4Q06 and full year
results.  GMAC's results reflect significant weakness from its
wholly owned subsidiary, Residential Capital LLC, as well as
restatements for FAS 133-Accounting for Derivatives and Hedging
Activities.  In addition, GMAC stated that General Motors will
contribute approximately $1.0 billion to GMAC as a purchase
price adjustment, which will be paid at the end of the first
quarter.

During the quarter, GMAC incurred a few material one-time gains
and losses.  First, the company recognized a US$791 million
benefit related to its conversion to a limited liability
company.  The company also recognized a US$568 million gain in
its insurance business due to a rebalancing of the company's
investment portfolio from equity into fixed income.  GMAC also
incurred charges related to the transaction with Cerberus, which
affected the automotive finance business.  GMAC's full-year
results also reflect goodwill writedowns of US$695 million
after-tax.  Excluding these items, Fitch believes operating
performance in the automotive finance and insurance businesses
were sound and should improve over time as the company continues
to fully execute its business plan.  The early returns of GMAC's
efforts to diversify its auto-related business activity have
been positive, but come off a low base.  Fitch's Rating Outlook
includes an expectation that GMAC will continue to develop
meaningful and reliable sources of diversified revenue.

Fitch is affirming GMAC's current ratings and Outlook reflecting
Fitch's view that the company's new ownership remains committed
to improving GMAC's credit profile, expanding diversified
financing and insurance businesses and addressing any weaknesses
within the organization.  Moreover, Fitch believes that GMAC's
liquidity remains solid and improving.  For example, GMAC
completed a dealer floorplan securitization which did not
contain a trigger related to a Chapter 11 bankruptcy.  
Nonetheless, Fitch believes that weakness at ResCap could slow
rating momentum at GMAC.

Ratings affirmed with a Positive Rating Outlook:

GMAC LLC
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance Corporation, Australia
General Motors Acceptance Corp. of Canada Limited

   -- Long-term IDR 'BB+';
   -- Senior debt 'BB+';
   -- Short-term Issuer 'B'; and
   -- Short-term debt 'B'.

General Motors Acceptance Corp. (N.Z.) Ltd.

   -- Long-Term IDR 'BB+';
   -- Short-term Issuer 'B'; and
   -- Short-term debt 'B'.

GMAC Australia (Finance) Limited
General Motors Acceptance Corporation (U.K.)

   -- Short-term Issuer 'B'; and
   -- Short-term debt 'B'.

                          *     *     *

GMAC LLC -- http://www.gmacfs.com/--formerly General Motors  
Acceptance Corporation, is a financial services company
providing a range of services to a global customer base.  It is
wholly owned subsidiary of General Motors Corp.  The company
operates in three primary lines of business -- financing,
mortgage and insurance.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.


PRIDE INTERNATIONAL: Earns US$68.9 Mil. in Quarter Ended Dec. 31
----------------------------------------------------------------
Pride International Inc. reported net income of US$68.9 million
on revenues of US$669.2 million for the fourth quarter ended
Dec. 31, 2006.  Net income increased 70% compared to net income
of US$40.6 million reported for the fourth quarter of 2005,
while revenues rose 21% compared to revenues of US$551 million
during the fourth quarter of 2005.  

Results for the fourth quarter included expenses of
US$14.4 million resulting from the early termination of certain
existing agency relationships associated with five of the
company's semisubmersible rigs in Brazil; US$4.9 million
relating to the Audit Committee's ongoing investigation; and
US$3.9 million resulting from the impairment of two platform
rigs in the company's Offshore segment and three workover rigs
in its Latin America Land segment.

In November 2006, the company announced the acquisition of its
partner's interest in the joint venture companies that owned the
two dynamically positioned, deepwater semisubmersible rigs Pride
Rio de Janeiro and Pride Portland, increasing the company's
ownership in the two units from 30% to 100%.  As a result of the
transaction, revenues for the fourth quarter increased by
US$8 million related to the amortization of deferred credits
associated with contracts acquired.  Operating costs declined by
US$7.8 million due to the elimination of lease payments on the
two rigs.  Depreciation expense increased US$5 million, and
interest expense increased by US$2 million, due primarily to the
addition of US$284.1 million of joint venture debt to the
company's balance sheet.  

For the year ended Dec. 31, 2006, net income totaled
US$296.5 million on revenues of US$2.495 billion, compared to
net income of US$128.6 million on revenues of US$2.033 billion
in 2005.

At Dec. 31, 2006, the company's balance sheet showed
US$5.097 billion in total assets, US$2.435 billion in total
liabilities, US$28.3 million in minority interest, and
US$2.633 billion 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?1b40

Louis A. Raspino, President and Chief Executive Officer of Pride
International Inc., stated, "The company achieved record
financial results in 2006 as a result of improving fleet
dayrates and activity.  These financial results were
accomplished despite an active rig maintenance and upgrade
schedule that included 10 rigs entering shipyards in 2006
combined with a moderating U.S. Gulf of Mexico jackup dayrate
environment.  The offshore drilling industry continues to
experience strong customer demand in most offshore drilling
regions, producing exceptional contracting opportunities for our
floating rig fleet.  The company concluded 2006 with a record
revenue backlog of approximately US$5.7 billion, providing an
excellent foundation for cash flow growth in 2007 and beyond.  
In addition, 2006 will be remembered for the company's excellent
safety performance, which was the best in its history and
followed record safety performance in 2005."

Raspino added, "With the completion of the Brazilian joint
venture acquisition in November 2006, combined with the
acquisition of our partner's joint venture interest in Angola in
late 2005, the company has made an aggregate investment of
approximately US$700 million in technically advanced deepwater
assets.  These investments, combined with the January 2007
appointment of an executive team capable of leading our Latin
America Land and E&P Services segments on a standalone basis,
and the continued sale of non-strategic assets, which totals
approximately US$250 million since late 2004, is evidence of the
company's continued progress toward a strategic focus on
offshore drilling with a greater exposure to the high-
specification floater segment.  During 2007, we will intensify
our efforts regarding the pursuit of other value-adding growth
opportunities."

For the 12 months ended Dec. 31, 2006, cash flow from operations
totaled US$611.7 million, up from US$321.9 million in 2005.  The
company reported total debt at Dec. 31, 2006 of US$1.386
billion, representing a US$319.5 million increase from total
debt at Sept. 30, 2006.  The increase in total debt during the
quarter related to the acquisition of the Brazilian joint
venture, including net borrowings of US$50 million under the
revolving credit facility to fund the purchase and the
consolidation of US$284 million of joint venture debt.

Capital expenditures during the fourth quarter ended Dec. 31,
2006, were US$130 million, resulting in total capital
expenditures for the year of US$356 million compared to capital
expenditures of US$157 million for 2005.  

                     About Pride International

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.  
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including in India and Malaysia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 6, 2006 Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors, confirmed its Ba1 Corporate Family Rating
for Pride International Inc.


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

AVNET INC: Operating Group Signs Distribution Pact with Plasmon
---------------------------------------------------------------
Avnet Technology Solutions, Americas, distributor of enterprise
computing products, software and services, and an operating
group of Avnet, Inc., entered a new distribution agreement with
with Plasmon.  Under the agreement, Avnet will distribute and
provide services and support for Plasmon's archival products and
solutions to authorized value-added reseller partners in North
America.

The addition of Plasmon's Ultra Density Optical professional
archival solutions expands Avnet's storage portfolio from disk
and tape-based solutions to include optical media.  Plasmon's
optical-based solutions are designed to meet the archival
storage demands of large corporations, small- to mid-sized
businesses, healthcare facilities and government agencies.  They
benefit end-customers by providing an archival storage option
that features media longevity of more than 50 years, fast random
access to data, low total cost of ownership, and an
environmentally conscious solution with low-power consumption
and carbon footprint.

"An archive strategy to meet today's demanding compliance
standards is a business imperative.  IT executives should strive
to separate fixed content data from production data and move
static data to an active archive," said Carolyn DiCenzo,
Research Vice President, Gartner, Inc.  "A best practice for
securing long-term data archives is to maintain three copies of
data on at least two different types of media in multiple
locations, mitigating the risk of media failure.  At least one
copy of the media should be removable and be maintained offsite
for disaster recovery purposes."

Plasmon's solutions help partners implement a tiered archival
strategy for their customers.  While Plasmon's products are
widely used as a primary active archive solution, they also have
the flexibility to work alongside existing disk and tape-based
solutions as a secure second disaster recovery solution where
two different types of media are recommended.

"The need for archival solutions continues to rise at an
accelerated pace because of regulatory compliance, litigation
protection and long-term retention requirements," said Jeff
Bawol, senior vice president and general manager, Enterprise
Software and Storage Business Unit, Avnet Technology Solutions,
Americas.  "Adding Plasmon to our existing storage portfolio
gives partners new, high-margin opportunities to help their
customers safeguard their data and ensure regulatory
compliance."

Through Avnet, partners will have access to Plasmon's flagship
product, UDO Archive Appliance, UDO 1 and 2 Drives and Media, G-
Series UDO Libraries, and IBM 3996 Libraries for IBM System i
and System p families.  Partners can also leverage Avnet's
Consolidation Impact Assessment for Storage service.  This
provides partners with a proven methodology to rapidly assess a
customer's storage environment, present a total cost of
ownership analysis, and recommend the storage solutions and
services most appropriate for end customers needs.  The data in
the analysis provides the partner's end-user customer with an
objective review of the financial and technical benefits of
storage consolidation.  Additionally, partners can demonstrate
Plasmon's products to potential customers through Avnet's IT
DemoCentral portal.  This portal provides easy access to full
production versions of leading enterprise hardware and software,
and offers a real-world environment for conducting training and
highlighting software functionality.

"The channel is vital to our company's go-to-market strategy,
and cultivating the right base of reseller partners is critical
to our success," said Mike Koclanes, chief strategy officer and
senior vice president of sales and marketing, Plasmon.
"Partnering with Avnet and leveraging the company's extensive
expertise in storage gives us the infrastructure and reach we
need to accelerate the adoption of advanced archival solutions
through valued reseller partners."

In addition to serving the needs of businesses in the mainstream
IT market, Plasmon has a 20-year track record of delivering
active archiving solutions to medical and healthcare providers.
Partners will be able to leverage Avnet's dedicated HealthPath
healthcare practice and its training program, HealthPath
University.  Through Avnet's HealthPath University, partners
will learn how to develop business practices to address the
growing healthcare industry and the types of solutions, such as
Plasmon's, that will enable them to meet the unique customer
needs of this market.

"Avnet has always focused on providing us with the solutions,
services and support that enable us to become trusted advisors
to our customers," said Ted Glahn, president, Presidio Networked
Solutions.  "The addition of Plasmon to Avnet's portfolio offers
us a unique option for customers that are looking for long-term,
removable storage solutions with longevity and data authenticity
for disaster recovery."

                          About Plasmon

Plasmon is the trusted source in archiving systems and provides
the most comprehensive line of archival storage solutions,
including the flagship Archive Appliance product.  Founded in
1984, Plasmon is listed on the London Stock Exchange, (LSE: PLM)
with worldwide headquarters in Cambridge, United Kingdom and
U.S. headquarters in Denver, Colorado.  Plasmon offers
longevity, authenticity, and ease of access to critical business
data to enterprises looking to protect business assets for
competitive reasons and meet regulatory compliance requirements.
For more information, visit http://www.plasmon.com/

                About Avnet Technology Solutions

Avnet Technology Solutions is a distributor focused on
enterprise computing solutions and an operating group of Avnet,
Inc. representing US$4.99 billion in annual revenue, with
locations in more than 30 countries.  As a global technology
sales and marketing organization, Avnet Technology Solutions has
sales divisions focused on specific customer segments and a
select line card strategy enabling an exceptional level of
attention to the needs of its customers and suppliers. Visit
http://www.ats.avnet.com/

                        About Avnet Inc.

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

The Troubled Company Reporter - Asia Pacific reported on March
6, 2007, that Moody's Investors Service affirmed the Ba1
corporate family and long-term debt ratings of Avnet, Inc. and
revised the outlook to positive from stable.

Ratings affirmed:

   * Corporate Family Rating, Ba1

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

   * Senior/Subordinated shelf ratings, Ba1 / Ba2

The outlook is positive.


FREEPORT: Shareholders Approve Phelps Dodge Acquisition
-------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge
Corporation's shareholders approved FCX's acquisition of Phelps
Dodge at special meetings.  At each meeting, approximately 98
percent of the votes cast supported the transaction.

Richard C. Adkerson, FCX's President and Chief Executive
Officer, said, "We are pleased with the approval from
shareholders which will allow us to complete the acquisition of
Phelps Dodge.  This is an exciting time for our company as we
transform FCX into the world's largest publicly traded copper
producer."

Under the terms of the merger agreement, Phelps Dodge
shareholders will receive US$88 in cash and 0.67 of a share of
FCX's common stock for each Phelps Dodge common share, which is
equivalent to a value of US$125.53 based on the closing price of
FCX's common stock on March 13, 2007.  The cash portion of $US18
billion represents approximately 70 percent of the total
consideration.  Following completion of the transaction, there
will be approximately 334 million shares outstanding.

The transaction is expected to close on March 19, 2007.

FCX stockholders also approved an increase in the number of
authorized shares of FCX common stock from 423.6 million to
700.0 million.

Upon the closing of the merger, FCX will operate a
geographically diverse portfolio of long-lived reserves of
copper, gold and molybdenum.  The Grasberg mine, the world's
largest copper and gold mine in terms of reserves, will be the
key asset of the combined company.  FCX will operate significant
mining operations in North and South America and will proceed
with the initial development of the world-class Tenke Fungurume
project in the Democratic Republic of Congo.

                     About Phelps Dodge Corp

Phelps Dodge is one of the world's leading producers of copper
and molybdenum and is the largest producer of molybdenum-based
chemicals and continuous-cast copper rod. The company employs
15,000 people worldwide.

                      About Freeport-Mcmoran

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

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2007, that Fitch Ratings assigned the following
ratings to FCX and downgraded the ratings of Phelps Dodge in
connection with the pending acquisition.

Freeport-McMoRan Copper & Gold

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

   -- 7% convertible notes due 2011 'BB-'.

   -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'

   -- FCX Convertible Preferred Stock at B+.


INCO LTD: Appoints Murilo Ferreira as President Commissioners
-------------------------------------------------------------
The shareholders of the Indonesian unit of Canada's Inco Ltd.,
PT International Nickel Indonesia Tbk, in an Extraordinary
General Meeting appointed Murilo Ferreira, Mark Cutifani and
Leonardo Moretzsohn as members of the board of commissioners,
with Mr. Ferreira assuming the role of president commissioners,
Antara News reports.

According to the report, Messrs. Ferreira, Cutifani and
Moretzsohn replace Peter Jones, Ronald C. Aelick and Robert D.J
Davies who recently resigned from the board.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used  
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Indonesia Unit to Build US$1 Billion Nickel Plants
------------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit, plans to build two nickel-processing plants
amounting to US$1 billion to tap increasing demand for the anti-
corrosive metal used to make stainless steel, Reuters News
reports.

According to the report, PT Inco President Director Arif Siregar
said that the processing plants, which will cost US$500 each,
will be built in Bahodopi and Pomala on Sulawesi island, before
2010.

Mr. Siregar said that they are considering building either
ferro-nickel or high-pressure acid leaching nickel plants, with
each plant expected to have an annual capacity of between 35-40
million lbs of nickel depending on the technology used, the
report notes.

Also citing Mr. Siregar, The Jakarta Post says that that the
Bahodopi plant would be constructed first due to the results of
a feasibility study on the type of nickel present in the area
but did not reveal the source of the project's funds.

In 1990, Inco was in a contract with the Indonesian government
in which under the terms the company is obliged to build a
nickel processing plant, the Post recounts.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used  
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


PERUSAHAAN GAS: Watchdog Fines Officials Over Late Disclosure
----------------------------------------------------------------
Bapepam LK, Indonesia's capital market and financial institution
supervisory agency, has fined PT Perusahaan Gas Negara and its
five top officials for late disclosure of market information,
reports say.

According to Antara News, the watchdog fined the company's board
IDR5 million for providing incorrect and late information
regarding the delay in the operation of a gas pipeline while the
company was also fined for IDR35 million.

The move was aimed at being a deterrent and maintaining public
confidence in Indonesia's capital markets, Reuters says citing a
statement made by Bapepam.

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Perusahaan Gas breached a rule that requires
companies to disclose within two working days information that
could affect stock price.

In January, the Jakarta Stock Exchange briefly suspended PGN's
shares after losing more than a fifth of their value, on the day
the news of the delayed pipeline project was reported, Reuters
recounts.

Problems at PGN, Reuters says, spooked the broader stock market
and also hit the rupiah, prompting a cabinet minister to meet
PGN's management over the issue.

Antara News recalls that news about the delay caused sparked
panic selling of Perusahaan Gas' stock causing its shares to
dive by IDR2,250 or 23.32 pct to 7,400 on Jan 12.

The Jakarta Post relates that Bapepam found the directors guilty
of delaying for 35 days the disclosure of essential information
on problems with a pipeline project, citing a Bapepam press
statement.

The Post adds that aside from president director Sutikno, those
sanctioned were directors Adil Abas, Djoko Pramono and
Nursubagjo Prijono, and commissioner W.M.P Simanjuntak.

                       About Perusahaan Gas

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service has affirmed the
Ba2 corporate family rating of PT Perusahaan Gas Negara
(Persero) Tbk.  At the same time, Moody's has affirmed the Ba3
debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.  This affirmation
followed the recent announcement of a delay in the South
Sumatera West Java gas commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


TELKOM INDONESIA: Partners with SingTel in Global Data Comm.
------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk will partner with Singapore
Telecommunications Limited in expanding coverage of its global
data communications services, Antara News reports.

According to the report, Telkom Executive General Manager Alex
Sinaga said that both companies' goals is to dominate Asian
markets with a capitalization of US$500 million and to attract
multinational companies as clients.

Mr. Sinaga is confident the pact will help Telkom achieve a
dominant market share in Indonesia and anywhere in Asia.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com-- provides local and long  
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings has revised the outlook on
Telekomunikasi Indonesia Long-term foreign and local currency
Issuer Default ratings to Positive from Stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company foreign and
local currency corporate credit ratings of BB+.


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

CONTINENTAL AIRLINES: Moody's Lifts Ratings on Good Results
-----------------------------------------------------------
Moody's Investors Service raised the ratings of Continental
Airlines, Inc.'s debt -- corporate family rating to B2, senior
unsecured to B3 and preferred stock to Caa1 -- as well as the
ratings of certain tranches of Continental's Enhanced Equipment
Trust Certificates.

Moody's also affirmed Continental's SGL-2 rating, the ratings of
the EETCs not upgraded, and the Loss Given Default rating of
LGD5 - 74%.  The outlook remains stable.

"Moody's upgrades follow Continental's first full year of net
profit in over three years on the strength of better unit
revenues and yields, combined with good control over operating
costs", noted George Godlin of Moody's Investors Service.

Also, the airline completed the normally challenging winter
season with a strong cash position exceeding $2 billion.  
Still strong passenger demand combined with some softening of
fuel prices and better hedging of fuel price volatility should
continue to support continued modest profit gains over the near
term.  With the solid airline operations resulting in steadily
better financial performance, debt protection metrics have
improved to be within the range of other issuers at the B2
corporate family rating.  Debt to EBITDA of 6.7x and EBIT to
Interest of 1.4x at Dec. 31, 2006, while improved, are still at
the weaker end of the range however.

Moody's notes that Continental's cost structure remains among
the highest of the legacy carriers.  The company has continued
focus on controlling costs, particularly important because
certain of Continental's routes are susceptible to competition
from Low Cost Carriers.  Continental's adherence to a steady
aircraft re-fleeting plan, resulted in one of the lowest
average-age fleets in the industry with cost savings through
lower maintenance expense and high fuel efficiency, and which
may provide Continental the ability to differentiate its
product.

A relatively young fleet has lowered Continental's fuel and
maintenance expense, but the re-fleeting strategy has resulted
in a weak capital structure and a history of increasing debt,
however.

The robust cash position provides Continental with some
insulation from economic shocks and unanticipated near-term
expenses.  While the company enjoys good access to capital
markets at this time, substantially all of the company's assets
are encumbered and access to external sources of liquidity could
suffer if economic conditions worsen.

Most EETC ratings were increased be one notch to reflect the
upgrade of the corporate family rating to B2.  Those ratings
affirmed considered the debt outstanding for each class relative
to the estimated value of the collateral supporting the
transactions, and Moody's notching practices for rating EETC's.

The stable outlook reflects the expectation of steadily
improving operating and financial performance over the near term
resulting primarily from somewhat better revenue yield while the
company controls growth in unit costs, as well as solid cash
balances. Downward pressure on the ratings could occur with an
EBITDA margin lower than 15%, or if debt to EBITDA exceeds 8x or
EBIT to interest expense falls to close to 1x.  The rating could
be raised further if growth in internally-generated cash flows
sufficient to sustain EBIT to interest greater than 2x, retained
cash flow to debt greater than 15%, with higher cash balances.

Upgrades:

   * Continental Airlines, Inc.

      -- Corporate Family Rating, Upgraded to B2 from B3

      -- Multiple Seniority Shelf, Upgraded to a range of Caa1
         to B3 from a range of Caa2 to Caa1

      -- Senior Secured Enhanced Equipment Trust, Upgraded to a
         range of B2 to Baa2 from a range of B3 to Baa3

      -- Senior Secured Equipment Trust, Upgraded to Ba2 from
         Ba3

      -- Senior Secured Shelf, Upgraded to Ba3 from B1

      -- Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded
         to B3 from Caa1

      -- Senior Unsecured Regular Bond/Debenture, Upgraded to B3
         from Caa1

                   About Continental Airlines

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


DAIEI INC: Lowers Earnings Estimates For Year Ended Feb. 2007
-------------------------------------------------------------
Daiei Inc. has lowered its group sales estimate for the business
year ended February 28, 2007, due to weaker-than-expected sales
of clothing and other items caused by this winter's unusually
warm weather, Red Orbit reports, citing Kyodo News.

The report states that Daiei's revised group earnings projection
for the 2006-2007 fiscal year puts sales at JPY1.27 trillion,
down from the JPY1.29 trillion in January's forecast.

Moreover, the report says that Daiei also expects to post a
group net profit of JPY40 billion for the year, down from the
JPY50 billion net profit earlier projected, by taking into
account a downward revision of earnings projections by the
company's financial subsidiary, OCM Card Inc.

The report adds that Daiei is still keeping its pretax profit
estimate at JPY33.5 billion, following its downward revision in
January from the JPY40 billion forecast in October 2006.

The report recounts that in the year ended February 2006, the
company reported a group net profit of JPY413.16 billion and a
pretax profit of JPY24.27 billion on sales of JPY1.68 trillion.  

                         About Daiei

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through    
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

                      *      *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.  
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Although Daiei cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier, Marubeni views
the debt level as still being too high.

The TCR-AP reported on Mar. 13, 2007 that Aeon Corp. will
acquire a 15% stake in Daiei Inc. for JPY46.2 billion in an
alliance that would create Japan's biggest retail group.  The
TCR-AP said that Aeon will also acquire a 20% stake in group
supermarket chain Maruetsu Inc. from Daiei for JPY16.5 billion,
and both purchases will be completed by the end of March.  


DELPHI CORP: Court Grants Shareholder Access to Sensitive Docs
--------------------------------------------------------------
The Honorable Gerald Rosen of the United States District Court
for the Eastern District of Michigan has permitted Delphi
Corporation shareholders to examine sensitive documents, which
Delphi provided to the U.S. Securities and Exchange Commission,
the Department of Justice, and other federal agencies in
connection with numerous financial fraud lawsuits filed against
the company and certain of its former executives, Margaret
Cronin Fisk of Bloomberg News reports.

The Delphi shareholders filed a class action lawsuit in the
Michigan District Court against Delphi and its officers and
directors in March 2005 after the company reported a
US$200,000,000 overstatement in 2000 cash flow from operations
and a US$61,000,000 overstatement in 2001 pre-tax income.  Among
the Delphi executives charged by the shareholders were former
Chief Executive Officer J.T. Battenberg III and former Chief
Financial Officer Alan Dawes.

Delphi spokeswoman Lindsey Williams told Bloomberg News that the
company "will abide by the terms of the order and provide the
necessary documents."  No timetable for Delphi to provide the
documents has been set.

                  About Delphi Corporation

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

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


FIDELITY NATIONAL: Names Paul Perez as Chief Compliance Officer
---------------------------------------------------------------
Fidelity National Financial Inc. reported that Paul Perez, the
United States Attorney for the Middle District of Florida, has
been appointed as Chief Compliance Officer for Fidelity National
Title Group.

"We're very pleased that a lawyer so highly placed and praised
by the Department of Justice as Paul Perez is joining our
company," said FNF General Counsel Peter Sadowski.  "We take
compliance to codes of conduct and federal and state regulations
very seriously and we're confident that Paul will continue to
uphold our high standards of ethics and regulatory compliance."

Mr. Perez was appointed by President George Bush in
January 2002, to be the United States Attorney for the Middle
District of Florida, covering 35 counties and home to 8.3
million Floridians.  As the chief of the office, he supervises
more than 100 assistant U.S. Attorneys in the prosecution of
criminal cases brought by the United States, prosecutes and
defends cases to which the United States is a party, and
collects debts owed to the government.  In addition, out of 93
U.S. Attorneys across the nation, Perez is one of 18 serving on
the Attorney General's Advisory Committee.  This committee
advises and counsels Attorney General Alberto Gonzales in areas
such as terrorism prevention, immigration enforcement and civil
rights.

As a prosecutor in the U.S. Attorney's office from 1989 to 1992,
Mr. Perez successfully pursued significant international
forfeitures and money-laundering cases.  He returned to the U.S.
Attorney's office in 2002 after a 10-year civil and criminal
trial career with the firm of Booth, Arnold and Perez.

Mr. Perez, born in Havana in 1955, immigrated to the United
States with his parents in 1960.  He received a degree in
history and international affairs from Jacksonville University,
a Master's Degree in Latin American Studies from the University
of Florida and his law degree (with honors) from The George
Washington University.

                    About Fidelity National

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --
http://www.fidelityinfoservices.com/-- provides core processing   
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage-
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50 percent of all U.S. residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 24, 2007,
Fitch Ratings assigned a senior unsecured rating of 'BB+' for
Fidelity National Information Services' new US$3 billion senior
unsecured credit facilities.  The facilities consist of a US$2.1
billion term loan and a US$900 million revolving credit
facility.  The company used the proceeds to refinance existing
debt.  Fidelity's Issuer Default Rating remains at 'BB+'.  Fitch
said the rating outlook is stable.

Standard & Poor's Ratings Services raised, on March 8, 2006, the
corporate credit and senior secured ratings of Fidelity National
Information Services Inc. to 'BB+' from 'BB', and removed it
from CreditWatch where it was placed on Sept. 15, 2005.


FORD MOTOR: Investors Speculate on Jaguar & Land Rover Sale
-----------------------------------------------------------
The recent sale of Ford Motor Company's Aston Martin brand has
led investors to wonder if the automaker will capitalize on the
current popularity of luxury brands and market its British
Jaguar and Land Rover units, John D. Stoll writes for the
Wall Street Journal.

As reported in the TCR-Europe on March 13, Ford has entered into
a definitive agreement to sell Aston Martin, its prestigious
sports car business, to a consortium comprised of David
Richards, John Sinders, Investment Dar, and Adeem Investment
Co., for GBP479 million (US$925 million).

Ford CEO Alan Mulally said on March 12 that the sale would help
Ford "operate profitably at lower volumes and changed model mix,
and speed development of new products."

Ford has said before that it isn't putting its Jaguar and Land
Rover brands on the market right now, although the company has
not closed the doors on a sale as it is still considering its
options, WSJ states.

Mr. Mulally revealed in January that he might consider selling
the company's Jaguar brand, threatening about 8,000 car workers'
jobs.

According to the WSJ report, analysts say there has been a
higher demand for luxury cars lately as compared with light
vehicles, signaling a marked boost in the luxury goods market.

However, selling the Jaguar and Land Rover units may prove to be
quite the challenge for Ford and potential investors, as it
would dismantle the Premier Automotive Group strategy, which the
company introduced in 1999 to cash in on the boom in luxury-car
demand, WSJ relates.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- including other brands like Volvo and Land Rover.

Ford predicted in 2002 that the unit would contribute at least a
third of its profits by 2005.  However, the group posted a
US$327 million (EUR247 million) net loss in 2006, which is one
of the reasons why Ford's net loss ballooned to US$12.7 billion
(EUR9.6 billion), the Financial Times reports.

In Ford's second quarter results, the segment incurred
US$180 million in net loss.  The company's management said the
decline in earnings in the PAG segment primarily reflected
unfavorable currency exchange related to the expiration of
favorable hedges, adjustments to warranty accruals for prior
model-year vehicles, mainly at Land Rover and Jaguar, and lower
market share at Volvo associated with new model changeovers,
offset partially by favorable product and market mix and lower
overhead costs.

                   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.


FORD MOTOR: UAW Local 863 Wins Investment in Sharonville Plant
--------------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America members at Local 863
in Sharonville, Ohio, have secured an agreement from
Ford Motor Co. to invest US$200 million for retooling to build a
new, fuel-efficient transmission, union officials said.

"This shows what we can accomplish when we work together to
preserve good-paying manufacturing jobs in the United States,"
UAW President Ron Gettelfinger said.

"Our members earned this agreement," UAW Vice President Bob King
added.  "Ford understands our extraordinary commitment to world-
class productivity and efficiency."

"This is great news for our members, for Ford Motor Co. and for
our communities," said Lloyd Mahaffey, director of UAW Region
2B, which covers the state of Ohio.

"Our members build world-class quality, and this is a great
opportunity to build the fuel-efficient transmissions that will
power the Ford vehicles of the future."

                     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.


FURUKAWA CO: Moody's Places Ba2 Rating on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the Ba2 senior unsecured long-term debt rating of
Furukawa Co., Ltd.  The review reflects Moody's view that the
company is likely to continue improvement in its balance sheet
structure, backed by stabilizing operational performance with
progress in business rationalization.

Furukawa's operations have been improving with business
rationalization, which is progressing on the back of solid
copper smelting business, as well as favorable construction and
mining machinery operation in the domestic and overseas markets.
For the year ending March 2007, the company expects to record an
operating margin of 7.9%, supported by the strong copper price
movement during the year.

Furukawa is also enhancing its capital structure, in line with
its 3-year mid-term plan ending in March 2008.  By end
March 2007, it expects to reduce total debt to JPY90 billion
from JPY99.4 billion a year earlier, which will be reflected
positively in its financial leverage.  In March 2006, its total
debt to capitalization ratio was 65% on an unadjusted basis.

In the review, Moody's will assess improvement in Furukawa's
capability to generate stable cash flow, along with its
continuing efforts on streamlining its business and improving
its cost structure.  The review will further assess the
company's strategy on its diverse operations, including
machinery, metal smelting and electronic materials, and how it
will manage its capital structure under the strategy.

                  About Furukawa CO. Ltd.

Headquartered in Tokyo, Japan, Furukawa Company Limited --
http://www.furukawakk.co.jp/-- is a diversified manufacturer of   
machinery products, metal smelting, and electronics materials
with a strong presence in truck-mounted cranes and mining
machinery.  The company's revenue for HYE9/2005 was
JPY82.6 billion.

The company has overseas branches in the Netherlands, Thailand,
China, the United States, Korea and Australia.


NIKKO CORDIAL: Citigroup Firm on JPY1,700-Per-Share Tender Offer
----------------------------------------------------------------
Citigroup Inc. will launch its US$13.4-billion takeover bid for
securities firm Nikko Cordial Corp., expecting investors to
accept its higher offer, Agence France Presse reports.

The Japan Times states that Citigroup will launch its public
tender starting March 15 through April 26 for the final price of
JPY1,700 per share.

Citigroup raised its offer from its initial bid of JPY1,350 a
day after the Tokyo Stock Exchange decided not to delist Nikko
Cordial for accounting fraud.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 14, 2007, that the TSE has decided not to delist
Nikko Cordial's securities because it cannot confirm whether the
brokerage falsified its financial statements in a systematic
manner.

The TCR-AP said that the TSE acknowledges the fact that there
were more than one Nikko Cordial officials involved in the
accounting scandal, but it was not able to reach the conclusion
that the company conducted the accounting manipulation
intentionally.

The AFP report recounts that Nikko Cordial shares jumped
JPY200 or 13.42% on Wednesday to JPY1,600 after Citigroup
increased its previous offer.  Citigroup believes that it can
succeed with its goal to have majority control of Nikko Cordial
under a deal approved by the boards of both firms.

The Times states that a clause was included in the agreement
between Citigroup and Nikko Cordial stipulating that Nikko
Cordial will pay JPY5 billion if it terminates the Citigroup
deal to take a better offer.  A non-solicitation clause also
prohibits Nikko Cordial from negotiating with any other party
that wants to purchase its shares.   

Nikko Cordial's four key shareholders have remained silent on
Citigroup's new public tender offer, The Times notes.  Citigroup
has not attempted to communicate with them so as to make them
respond to the bid.  

As earlier reported in the TCR-AP, Nikko shareholders Harris
Associates LP, Orbis Investment Management Ltd., Southeastern
Asset Management Inc. and Mackenzie Financial Corp. have
publicly said that Citigroup's initial US$11.42-per-share
(JPY1,350 a share) takeover bid was too low and not sufficient.

                       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 Corp

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
Mar. 8, 2007 that Fitch Ratings 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: Individual rating C/D and Support rating 5.
Nikko Cordial Securities: Individual C and Support rating 4.

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 Mar. 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.


NIPPON SHEET: Establishes New Holding Company in United States
--------------------------------------------------------------
Nippon Sheet Glass Company has established NSG Holding USA II
Inc., a holding company in the United States, to manage its
affiliated companies, Reuters Key Development reports.

According to the report, Nippon Sheet holds a 41.8% direct stake
in NS, while Pilkington (US) Investments (NO3) Unlimited and
Pilkington Glass of Canada Limited hold a 54.6% and a 3.6%
stake, respectively.

The report recounts that NSG's existing holding company, NSG
Holding USA Inc., has been dissolved after the merger with its
consolidated subsidiary, Pilkington Holding Inc.

                       About Nippon Sheet

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business     
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display products and others.  Its Glass
Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


NOMURA HOLDINGS: Issues 5th and 6th Series Unsec. Straight Bonds
----------------------------------------------------------------
Nomura Holdings, Inc., has determined the terms of its 5th and
6th series of unsecured straight bonds in the total principal
amount of JPY100 billion, Reuters Key Developments reports.

According to the report, the company will sell JPY60 billion of
1.35% 5th series of unsecured straight bonds due Mar. 23, 2012.
Issue price is 99.97% of the principal amount.  The company will
also sell JPY40 billion of 1.86% 6th unsecured straight bonds
due Mar. 23, 2017. Issue price is 99.95% of the principal
amount.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a    
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On Apr. 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


NOMURA HOLDINGS: Sets Dividend Payment for FY to Mar. 31, 2007
--------------------------------------------------------------
Nomura Holdings, Inc., has disclosed plans for a dividend
payment for the fiscal year ending Mar. 31, 2007, Reuters Key
Developments reports.

The report says that the year-end dividend amount will be the
sum of JPY8 per share -- the fourth quarter target dividend as
announced on Apr. 28, 2006 -- and an additional amount based on
the level of profits.  As a result, the total amount of
dividends paid for the fiscal year will exceed JPY32 per share.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 30, 2007, that Nomura Holdings, Inc., and its consolidated
entities reported net revenue of JPY779.8 billion for the nine
months ended Dec. 31, 2006, a decrease of 4.9% from the same
period in 2005, and non-interest expenses of JPY541.2 billion,
an 8% year-on-year increase.  Income before income taxes
decreased 28.9% to JPY238.6 billion, while net income decreased
18.8% to JPY142.7 billion.  As a result, ROE for the nine-month
period is 8.9%.  The company has yet to release its full year
results.

                   About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a    
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On Apr. 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


NOMURA HOLDINGS: Hires Rachel Tsang As Oil & Gas Research Head
--------------------------------------------------------------
Financial services group Nomura Holdings has appointed Rachel
Tsang as head of oil and gas research, Reuters reports.

According to Reuters, Ms. Tsang will be based at Nomura's Asia
headquarters in Hong Kong, and will be initiating coverage on
Chinese oil majors.  Ms. Tsang will report to Stewart Callaghan,
head of the Asia research division.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a    
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On April 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


SANYO ELECTRIC: To Form Business Alliance with Elmo Co.
-------------------------------------------------------
Sanyo Electric Co., Ltd., has agreed to enter into a business
alliance with Elmo Company, Limited, Reuters Key Development
states.

The report says that through the business alliance, the two
companies will:

   -- provide products under the name V-HORIZON;

   -- standardize network monitoring software;

   -- develop core competence technology V-HORIZON products; and

   -- expand the their sales market.

                     About Elmo Company Ltd.

Headquartered in Aichi Prefecture, Elmo Co. Ltd. --
http://www.elmo.co.jp/-- with its subsidiaries, chiefly  
develops, manufactures and sells optics-related equipment and
systems.  Its core products include surveillance cameras, such
as tilt cameras, zoom cameras, dome cameras, highly sensitive
cameras, micro cameras and networkable cameras; document
cameras, including visual presenters; as well as other image-
related products, such as monitoring system software and audio
visual (AV) control systems.  The company also offers post-sale
services for its equipment and systems.  Through its
subsidiaries, it is engaged in surveillance camera and document
camera sales activities in North America and Europe, as well as
production activities in Thailand.

The company operates with three subsidiaries variously located
in the United States, Germany and Thailand.  The Company is a
subsidiary of Tietech Co., Ltd.

                      About Sanyo Electric

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

                     *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, Fitch Ratings has placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


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

BHK INC: Signs Contract With Trety Ltd. in Hong Kong
----------------------------------------------------
BHK Inc. has signed a contract worth US$72 million with Trety
Ltd. in Hong Kong, Reuters Key Developments says.

The contract pertains to BHK's supply of 400,000 DJ digital
music players (pacemaker) in 2008.

Seoul, Korea-based BHK Inc. is engaged in international trading.  
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


BOWATER INC: Posts Net Loss of US$138 Mln. in Year Ended Dec. 31
----------------------------------------------------------------
Bowater Inc. reported a net loss of US$138.3 million for the
year ended Dec. 31, 2006, compared with a net loss of
US$120.6 million for 2005.  Sales in 2006 totaled
US$3.529 billion, up slightly from 2005 sales of
US$3.483 billion.

Bowater Incorporated reported net income for the fourth quarter
of 2006 of US$107.2 million on sales of US$861.3 million.  These
results compare with a net loss of US$101.9 million on sales of
US$876.4 million for the fourth quarter of 2005.

"During 2006, we realigned our organization to focus on
operational excellence," said David J. Paterson, Chairman,
President and Chief Executive Officer.  "This realignment,
combined with the addition of several key manufacturing leaders,
has resulted in the beginnings of meaningful operational
improvements.  In addition, we made substantial progress in debt
reduction, reducing net debt by US$280 million in 2006.

"Our fourth quarter results were impacted by significant
curtailments in paper production.  However, I am confident with
the changes we have made to our manufacturing base; we have laid
the groundwork for a better 2007.  While we continue to improve
our operations as a standalone company, our recently announced
agreement to merge with Abitibi is a transformational move that
will allow us to generate even greater efficiencies and compete
more effectively."

Fourth quarter 2006 special items, net of tax, consisted of a
US$19.5 million gain related to asset sales, US$14.1 million
charge related to tax adjustments, US$27.1 million gain relating
to foreign currency changes, US$101.1 million income from the
refund of lumber duties, US$3.2 million severance charge, and
US$7.8 million impairment charge.  Excluding these special
items, the net loss for the quarter was US$15.4 million,
compared with a 2005 fourth quarter net income before special
items of US$15.5 million.

During the fourth quarter, the company received a cash refund of
US$103.9 million, or 82% of the amount deposited with U.S.
Customs, pertaining to softwood lumber shipments from Canada to
the U.S. The refund consisted of a return of US$92.5 million of
the duties paid and US$11.4 million of interest due the company.  
Since 2002, the duties have been included in distribution costs
and deducted from operating earnings in the lumber segment.  
This cash refund was applied to debt during the quarter.  Total
debt, less cash on the balance sheet, declined by US$93 million
during the fourth quarter and has declined by US$279.5 million
since Dec. 31, 2005. During the quarter, the company repurchased
US$95.3 million face value of its Series A, 10.625% notes due
June 15, 2010, and booked a net gain of $5.2 million.  The
company ended the quarter with cash on hand of US$98.9 million.

Also during the quarter, the company received proceeds of
US$35.3 million from the sale of 19,100 acres of timberlands.  
Since the program was announced in the fall of 2005, the company
has received proceeds of approximately US$375 million from asset
sales. The company expects to receive an additional US$170
million of proceeds from timberland sales by the end of 2007.

At Dec. 31, 2006, the company's balance sheet showed US$4.645
billion in total assets, US$3.754 billion in total liabilities,
US$59 million in minority interests in subsidiaries, and
US$832.6 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?1af5

                          Recent Events

As reported in the Troubled Company Reporter on Jan. 30, 2007,
Bowater and Abitibi-Consolidated have entered into a definitive
agreement to combine in an all-stock merger of equals to create
AbitibiBowater Inc., a new leader in publication papers which
would become the third largest public paper and forest products
company in North America and the eighth largest in the world.  
Under the terms of the transaction, each common share of
Abitibi-Consolidated will be exchanged for 0.06261 common share
of AbitibiBowater, and each Bowater common share will be
exchanged for 0.52 common share of AbitibiBowater.  The exchange
ratio will result in 48% of AbitibiBowater being owned by former
Abitibi-Consolidated shareholders and 52% of AbitibiBowater
being owned by former Bowater shareholders.

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint  
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on June 27, 2006,
Fitch Ratings has assigned a 'BB' rating to Bowater, Inc.'s
senior secured bank debt.  The company's issuer default ratings,
'BB-' and senior unsecured bond ratings, 'BB-', remain
unchanged.  The Rating Outlook remains Stable.

The TCR, on June 21, 2006, reported that Moody's Investors
Service affirmed the Company's B1 long term debt ratings and
SGL-2 speculative grade liquidity rating.  The Outlook is
Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.

Standard & Poor's Ratings Services lowered its ratings on
Bowater and subsidiary Bowater Canadian Forest Products Inc.,
including the corporate credit rating on each entity to 'B+'
from 'BB' in December 2005.  S&P said the outlook is stable.


C&C ENTERPRISE: Buys More Yellow Submarine Shares for KRW6 Bil.
---------------------------------------------------------------
On February 28, 2007, C&C Enterprise Co., Ltd., acquired
3.4 million shares of Yellow Submarine Co., Ltd., for an
aggregate of KRW5.984 billion, Reuters Key Development reports.

C&C Enterprise now holds an 80.95% stake in Yellow Submarine,
which is mainly engaged in the distribution of records.

Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd. --
http://www.cncen.com/-- is specialized in the provision of  
electronic money systems.  The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS). Its AFC system
enables deferred payment on public transit usages. Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services. Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods.  In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that C&C Enterprise had a US$14.50 million
shareholders' equity deficit on total assets of
KRW28.05 million.


C&C ENTERPRISE: Will Issue Shares on Preferential Basis
-------------------------------------------------------
C&C Enterprise Co., Ltd.'s board of directors has decided to
issue 11,940,000 shares of common stock on a preferential basis,
Reuters Key Developments says.

C&C, the report says, expects to raise KRW5.97 billion from the
issue.

The shares will be listed on March 16, 2007, at the offering
price of KRW500 per share.

Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd. --
http://www.cncen.com/-- is specialized in the provision of  
electronic money systems.  The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS). Its AFC system
enables deferred payment on public transit usages. Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services. Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods.  In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that C&C Enterprise had a US$14.50 million
shareholders' equity deficit on total assets of
KRW28.05 million.


DAEYUVESPER CO: Enters Into Two Supply Contracts
------------------------------------------------
DaeyuVesper Co. Ltd. has signed a contract worth
KRW2,204,950,000 with another Korea-based company for the supply
of sludge processing facility construction service, Reuters Key
Developments reports.

The report, however, did not identify the counterparty to the
Sludge Facility Contract, which runs from March 5, 2007, to
December 19, 2009.

DaeyuVesper also signed a contract worth KRW986,700,000 with
Chinhung International Inc. for the supply of water main
construction, the report adds.  The Chinhung Contract runs from
Feb. 21, 2007, to September 19, 2008.

Headquartered in Gyoenggi Province, Korea, DaeyuVesper Co. Ltd.
-- http://www.emoris.co.kr/-- formerly SungKwang Co., Ltd., is  
a manufacturer specialized in the provision of wastewater
treatment equipment.  The company provides its products under
two categories: wastewater treatment and water treatment
equipment. Its wastewater treatment includes aerated grit
chambers, bar screens and micro screens, pumps, mixers and
aerators, clarifiers, skimmer systems, sludge collectors,
dissolved air flotation systems, ultraviolet (UV) disinfections
systems, spiral-type rotating biological contractors and
sequencing batch reactors (SBRs).

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that DaeyuVesper has a US$1.60 million
shareholders' deficit on total assets of US$19.06 million.


DURA AUTOMOTIVE: Creditors Must File Proofs of Claim by May 1
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
entered an order setting the deadline for creditors to file
proofs of claim in the chapter 11 cases of Dura Automotive
Systems Inc. and its debtor-affiliates.

Creditors who have a claim or potential claim against the
Debtors that arose prior to Oct. 30, 2006, must file a proof of
claim on or before 6:00 p.m. on May 1.

Creditors must send an original proof of claim form to:

         Kurtzman Carson Consultants LLC
         2335 Alaska Ave.
         El Segundo, California 90245
         USA

The company can be reached at:

         Dura Automotive Systems Inc.
         2791 Research Drive
         Rochester Hills, Michigan 48309
         USA
         248-299-7500

                 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: 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
leadcounsel 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. 14;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


E-NET CORP: Korea Ratings Gives US$10MM Overseas Bonds B- Rating
----------------------------------------------------------------
E-Net Corporation, on March 5, 2006, announced its fifth
unregistered/unsecured overseas convertible bonds issuance of
US$10 million in the Euro market through a public offering,
according to Reuters Key Developments.

The details regarding the bonds issuance are:    

   * maturity on March 19, 2010,

   * yield to maturity 4%,

   * 100% conversion rate of bonds to common shares at KRW881,
     and

   * the subscription period for conversion from April 19, 2007
     to February 19, 2010.

Korea Ratings gave this particular overseas bond with warrants a
'B-' rating with a stable outlook on March 6, 2007.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of  
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.


EG GREENTECH: Allots 4.57 Million Shares to 48 Individuals
----------------------------------------------------------
EG Greentech Co., Ltd., will sell 4,570,840 new common shares to
48 individuals at the price of KRW5,010 per share, effective on
March 28, 2007, Reuters Key Developments says.

Reuters adds that the proceeds will be used for its operations.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment. Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that EG Greentech has a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


EG GREENTECH: Jo Yong Gil Is New Chief Executive
------------------------------------------------
On Feb. 26, 2007, EG Greentech Co., Ltd., appointed Jo Yong Gil
as its new chief executive officer, Reuters Key Developments
reports.

Reuters adds that Mr. Jo replaces Lee Kang Shik, who resigned
from his position for personal reasons.

Seoul-based EG Greentech Co., Ltd. - http://www.keyeng.com--   
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment. Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that EG Greentech has a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


EG GREENTECH: Consolidated Science Corp. Acquires 5.02% Stake
-------------------------------------------------------------
Consolidated Science Corp., Ltd., and its affiliate have
acquired 697,580 shares in EG Greentech Co., Ltd., Reuters Key
Developments reveals.

Reuters adds that the shares represent a combined total of a
5.02% equity stake in EG Greentech.

The company also disclosed that Kim Sung Il and seven other
individuals have earlier acquired 2,404,192 shares of common
stock of EG Greentech, representing a 15.96% stake.

Seoul-based EG Greentech Co., Ltd. - http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment. Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that EG Greentech has a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


RELIANCE STEEL: Earns US$354.5 Million in Year Ended December 31
----------------------------------------------------------------
For the fiscal year ended Dec. 31, 2006, Reliance Steel &
Aluminum Co. reported that its net income amounted to a record
US$354.5 million, as compared with net income of
US$205.43 million for the same period in 2005.  Sales for the
2006 fiscal year were also a record at US$5.74 billion, an
increase compared with 2005 fiscal year sales of
US$3.37 billion.

The 2006 financial results include positive contributions to
sales and earnings from the Company's 2006 acquisitions,
primarily Yarde Metals, Inc. that was acquired on Aug. 1, 2006
and Earle M. Jorgensen Company that was acquired on April 3,
2006.  The Jorgensen acquisition included the issuance of
approximately nine million shares of Reliance's common stock.

For the 2006 fourth quarter, net income was US$74.64 million, as
compared with net income of $60.58 million for the 2005 fourth
quarter.  The 2006 fourth quarter sales were US$1.57 billion, as
compared with 2005 fourth quarter sales of US$868.64 million.

David H. Hannah, chief executive officer of Reliance said, "We
are very pleased with our fiscal year 2006 results.  All of our
end markets were strong with a very favorable operating
environment throughout our network of facilities.

"We experienced the normal seasonal slowdown during the 2006
fourth quarter.  However, gross profit margins were slightly
below our earlier expectations due to some inventory de-stocking
that resulted in added competitive pressures.

"In November of 2006, we replaced our US$700 million credit
facility with a US$1.1 billion five-year, unsecured syndicated
credit facility that provides increased availability of funds
and more favorable pricing.  This facility may be increased to
up to US$1.6 billion at our request with approval from the
lenders.  We used funds from the increased line to purchase
approximately US$250 million of the Jorgensen 9.75% senior
secured notes in a tender offer.  We then issued US$600 million
of senior unsecured notes and used the proceeds to pay down the
borrowings under our credit facility.

"We are optimistic regarding 2007 business conditions.  We
generally see continued growth in the markets we serve, but at a
slower rate than in 2006," Mr. Hannah, further stated.

On Feb. 14, 2007, the Board of Directors declared a 33% increase
in the regular quarterly cash dividend to US$.08 per share of
common stock.  The 2007 first quarter dividend is payable on
March 30, 2007 to shareholders of record March 9, 2007.  The
Company has paid regular quarterly dividend payments for 47
consecutive years.

The balance sheet of the company as of Dec. 31, 2006, had total
assets of US$3.61 billion, total liabilities of US$1.86 billion,
and minority interests of $1.24 million, resulting to total
stockholders' equity of US$1.74 billion.

                About Reliance Steel & Aluminum Co.

Reliance Steel & Aluminum Co., headquartered in Los Angeles,
California, (NYSE:RS) -- http://www.rsac.com/-- is a metals  
service center company in the U.S.  Through a network of more
than 180 locations in 37 states and in Belgium, Canada, China
and South Korea, the Company provides value-added metals
processing services and distributes a full line of over 100,000
metal products.  These products include galvanized, hot-rolled
and cold-finished steel; stainless steel; aluminum; brass;
copper; titanium and alloy steel sold to more than 125,000
customers in various industries.

                          *     *     *

Reliance Steel & Aluminum Co. carries Moody's Baa3 Senior
Unsecured Debt Rating and Standard & Poor's BBB- Long-term
Foreign and Local Issuer Credit Ratings.


SANDISK CORP.: Earns US$198.89 Million in Fiscal Year 2006
----------------------------------------------------------
SanDisk Corp. reported net income of US$198.89 million on total
revenues of US$3.25 billion for the fiscal year ended Dec. 31,
2006, as compared with a net income of US$386.38 million on
total revenues of US$2.3 billion in total revenues for the
fiscal year ended Jan. 1, 2006.

The company increased its research and development, sales and
marketing, and general and administrative costs for 2006.  It
also incurred additional expenses of US$225.6 million in write-
off of acquired in-process technology and US$17.43 million in
amortization of acquisition-related intangible assets that drove
total operating expenses to US$913.13 million for fiscal year
2006, up from US$396.15 million for fiscal year 2005.

Operating activities generated US$598.1 million of cash during
the year ended Dec. 31, 2006.  Operating activities generated
US$480.9 million of cash during the year ended Jan. 1, 2006.  At
Dec. 31, 2006, the company had cash, cash equivalents and short-
term investments of US$2.81 billion.

At Dec. 31, 2006, the company had a working capital balance of
US$3.3 billion and says that it does not expect any liquidity
constraints over the next twelve months.

The company's balance sheet showed US$6.96 billion in total
asset, US$2.2 billion in total liabilities, resulting to
US$4.76 billion in stockholders' equity at Dec. 31, 2006.  

In December 2006, the company announced that its Board of
Directors authorized a stock repurchase program under which
SanDisk intends to acquire up to US$300 million of its
outstanding common stock in the open market over the next two
years.  As of Feb. 15, 2007, the company has repurchased
US$400,000 of shares.

                      Work Force Reduction

On Feb. 15, 2007, the company's Board of Directors approved a
plan to reduce operating costs, which includes a worldwide
reduction in force of up to 10% of its headcount, or
approximately 250 employees.  SanDisk expects to incur a
restructuring charge in connection with the Plan in the range of
US$15 million to US$20 million, with the majority of the expense
occurring in the first quarter of 2007.  The work force
reduction will impact functions related to operations,
engineering, sales, and marketing and administration and will
primarily be based in the United States and Israel, and to a
lesser degree, other international locations.  The Plan is
expected to be completed by the third quarter of fiscal 2007.

                    Financing Arrangements

In May 2006, the company issued and sold US$1.15 billion in
aggregate principal amount of 1% Notes due 2013 that were issued
at par.  The Notes may be converted into our common stock, under
certain circumstances, based on an initial conversion rate of
12.1426 shares per US$1,000 principal amount of notes.

Concurrently, with the issuance of the 1% Notes, the company
purchased a convertible bond hedge and sold warrants.  The
separate convertible bond hedge and warrant transactions are
structured to reduce the potential future economic dilution
associated with the conversion of the 1% Notes and to increase
the initial conversion price to US$95.03 per share.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aad

                        About SanDisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of  
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
US$1 billion of senior unsecured convertible notes due 2013. The
'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SORELL INC: Tojen Acquires 75 Mln. Issued & Outstanding Shares
--------------------------------------------------------------
Sorell Inc. reported that on Feb. 28, 2007, Tojen Ltd. acquired
75,000,000 of its issued and outstanding shares, representing
approximately 83.1% of the issued and outstanding common stock.

Consequently, shareholders of the company cancelled 21,305,000
shares as part of Tojen's acquisition.

The company said that intends to change its name to Tojen
Holdings Ltd.

                       About Sorell Inc.

Sorell, Inc., fka NetMeasure Technology Inc., (OTCBB: SLII)
develops, manufactures, sells consumer electronics, which
includes mobile phones, MP3 players, MP3 CD players, portable
media players, mobile cameras and other devices.  S-Cam Co.,
Ltd., based in Korea, is an operating subsidiary of Sorell and a
divestiture from Samsung Electronics.

                      Going Concern Doubt

SF Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Sorell, Inc., fka NetMeasure
Technology Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2005, and 2004.  The auditor pointed to the
company's recurring losses.


TOWER AUTOMOTIVE: Exclusive Periods Extended to March 21
--------------------------------------------------------
Pending a final ruling on the request, the Honorable Allen L.
Gropper of the United States Bankruptcy Court for the Southern
District of New York extends Tower Automotive Inc. and its
debtor-affiliates' exclusive periods through and including
March 21, 2007.

Judge Gropper adjourns the hearing on the request to March 21.

As reported in the Troubled Company Reporter on Feb. 13, 2007,
the Debtors asked Judge Gropper to further extend, without
prejudice, their exclusive periods to:

   (a) file a plan of reorganization to May 3, 2007; and
   (b) solicit acceptances of that plan to June 29, 2007.

While the Debtors believed that they have made significant
progress in preparing and distributing a draft Chapter 11 Plan
to the Official Committee of Unsecured Creditors, negotiations
are
ongoing, Anup Sathy, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, told Judge Gropper.  The Debtors stressed that their
ability to formulate a Chapter 11 Plan is predicated upon
obtaining a substantial equity investment, possibly implemented
through a rights offering.

As evidence of the their good faith efforts to negotiate the
terms of an equity investment, late in December 2006, the
Debtors obtained the Court's permission to indemnify and pay
fees to certain investment funds managed by Strategic Value
Partners LLC, Wayzata Investment Partners LLC and Stark
Investments pursuant to a Backstop Commitment Letter and
Restructuring Term Sheet, Mr. Sathy noted.  While the Debtors
later withdrew the Term Sheet Motion after receiving a notice of
termination from the Initial Committed Purchasers, the Debtors
continued to evaluate other alternatives.

Moreover, if the Debtors are unable to locate a suitable
investor, the Debtors may consider alternative exit structures
that would be implemented through a Plan, Mr. Sathy said.  The
Debtors have continued to update the Creditors Committee's
advisors regarding these discussions.

Mr. Sathy maintained that the Debtors' Exclusive Periods should
be extended because:

   (a) The Debtors' Chapter 11 cases are large and complex;

   (b) The Debtors have made considerable progress in their
       Chapter 11 cases, are paying their obligations as they
       come due and are effectively managing their business and
       preserving the value of their assets; and

   (c) The Debtors have been actively working with the Creditors
       Committee and other key parties-in-interest to facilitate
       the Debtors' emergence from bankruptcy as soon as
       possible.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Posts US$65Mil Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Tower Automotive, Inc. reported a net loss of US$65.15 million
on revenues of US$615.66 million for the three months ended
Sept. 30, 2006, as compared with a net loss of US$76.55 million
on revenues of US$712.66 million for the three months ended
Dec. 31, 2005.

The decrease in revenues for the year 2006 was primarily due to
lower volume, the impact of two frame programs ending and
unfavorable product mix, which decreased revenue by US$103.5
million during the 2006 period, as compared with the 2005
period.

Chapter 11 and related reorganization expense for the quarter
decreased to US$2.74 million during the 2006 period, as compared
with US$6.61 million in the 2005 period.

                 Results for Nine-Month Period

Sales decreased during the nine months ended Sept. 30, 2006, to
US$2.15 billion from US$2.55 billion during the nine months
ended Sept. 30, 2005.  

For the nine months ended Sept. 30, 2006, the company had a net
loss of US$150.88 million, versus a net loss of US$309 million
for the same period a year earlier.

Chapter 11 and related reorganization expense incurred for the
nine months ended Sept. 30, 2006, decreased by US$93.5 million
to US$58.01 million during the 2006 period, as compared with
US$151.52 million in the 2005 period.

               Liquidity and Capital Resources

During the first nine months of 2006, the company's cash
requirements were met through operations and a US$725 million
commitment of debtor-in-possession financing.  

At Sept. 30, 2006, the company had available liquidity in the
amount of US$145.8 million, which consisted of US$103.44 million
of cash on hand and the availability of US$43 million for
borrowing under the DIP Financing.

Net cash provided by operating activities was US$13.89 million
during the nine months ended Sept. 30, 2006, as compared with
net cash utilized of US$125.8 million during the nine months
ended Sept. 30, 2005.  Net cash utilized in investing activities
was US$61 million during the first nine months of 2006, as
compared with net cash utilized of US$104.54 million in the
corresponding period of 2005.  Net cash provided by financing
activities was US$84.76 million during the first nine months of
2006, as compared with net cash provided of US$126.75 million
during the comparable period of 2005.

As of Dec. 31, 2006, the company had total assets were
US$2.21 billion and US$2.82 billion in total liabilities,
resulting to US$613.16 million in total stockholders' deficit.  
The company had strained liquidity with US$715.34 million in
total current assets available to pay US$1.29 billion in total
current liabilities as of Dec. 31, 2006.

The company's December 31 balance sheet also showed an
accumulated deficit of US$1.25 billion, as compared with
US$1.1 billion in 2005.

Full-text copies of the company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?1b2f

                   About Tower Automotive, Inc.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER RECORDS: Lease Assignment Period Extended Through March 30
----------------------------------------------------------------
On Oct. 25, 2006, the U.S. Bankruptcy Court for the District of
Delaware entered an order approving the:

   a) execution and delivery of certain designation rights
      agreements between MTS Inc. dba Tower Records; its debtor-
      affiliates; and a joint venture comprised of Great
      American Group LLC, Hudson Capital Group LLC, Crystal
      Capital Fund LP, and Retail Consulting Services LLC; and

   b) consummation of the transactions contemplated by the
      designation rights agreement.

The designation rights agreement grants the Joint Venture, as
purchaser, exclusive right to select and identify, from time to
time between the effective date of the designation rights
agreement and March 18 one or more designees to which any or all
of the Debtors' nonresidential leasehold interests may be sold
and assigned.

On Nov. 17, 2006, the Court gave the Debtors until March 18 to
assume or reject nonresidential leases.

One of the Debtors is party to a lease agreement with Nordhoff
Way LLC, as successor in interest to the Williams Family Trust,
for the premises located at 19320 Nordhoff Street, in
Northridge, California.

Subsequently, pursuant to the lease decision order, the Joint
Venture delivered a notice to the Debtors, Nordhoff, and other
parties-in-interest of the Joint Venture's intent to cause the
assumption by the Debtors, and assignment to the Joint Venture's
designee, of the Northridge Lease.  

Nordhoff objected.

Accordingly, in a stipulation approved by the Court, the
Debtors, the Joint Venture, and Nordhoff agreed that:

   -- to give the parties sufficient time to draft definitive
      documentation with respect to the Northridge Lease only,
      the designation rights period and assignment period will
      be extended until March 30, 2007; and

   -- the hearing on Nordhoff's objection to the assumption and
      assignment of the Northridge Lease is adjourned to March
      12.

                       About Tower Records

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

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

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


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

KUMPULAN BELTON: Bursa Extends Plan Filing Deadline to June 5
-------------------------------------------------------------
On March 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that the Bursa Malaysia Securities Bhd decided to
suspend the trading and commence delisting procedures against
Kumpulan Belton Bhd's securities on March 15 after the company
failed to timely submit its regularization plan to the
Securities Commission and other relevant authorities.

Kumpulan tried to ask for a three-month extension from the
March 6 deadline to June 5, 2007, to submit its regularization
plan.  However, the extension request was immediately denied by
the bourse.

Subsequently, OSK Securities, on behalf of Kumpulan Belton,
appealed Bursa Malaysia's earlier decision.  The appeal was
received by the bourse on March 14.

In an update, the company said in a disclosure that Bursa
Malaysia has reconsidered its request for time extension and
granted it until June 5 to submit its plan.

In addition, the bourse decided to defer the suspension and the
commencement of delisting procedures against the company's
securities.

                          *     *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


MBf CORP: Takes OSK's MYR87M Bid for 49% Equity in Insurance Arm
----------------------------------------------------------------
MBF Corp Bhd had accepted an offer from the OSK Securities Bhd
to acquire its 49% equity interest in its insurance unit -- QBE
Insurance Malaysia Bhd -- for MYR87 million.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 21, 2007, MBf disclosed with the Bursa Malaysia Securities
Bhd that it has received the approval of Bank Negara Malaysia to
commence discussions with an interested party for a possible
disposal of its equity interest in its insurance associate.

According to the company, OSK set the bid at MYR87 million or
1.5 times the net tangible assets value of QBE as at Dec. 31,
2006, whichever is the lower.

The company, however, clarifies that as to date, no agreement
has been executed by both parties.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.

The Group operates in three main areas, namely, Malaysia,
Indonesia and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


METROPLEX BERHAD: February Loan Default Totals MYR1.78 Million
--------------------------------------------------------------
Metroplex Berhad reported to the Bursa Malaysia Securities Bhd
the status of its default to various credit facilities as of
Feb. 28, 2007.

According to Metroplex, as of end-January 2007, its estimated
amount of default, which comprises of an aggregate of the
principal amount and its interest, reached MYR1,779,859,693.62.

Metroplex is still in negotiation with its lenders on a proposed
composite scheme of arrangement, which will essentially address
the default in payment.

A full-text copy of the company's default status report can be
viewed for free at:

            http://bankrupt.com/misc/metplex-default.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

Metroplex is classified under Bursa Malaysia Securities Berhad's
PN 17 Category and is therefore required to submit and implement
a plan to regularize its business condition.

As of October 31, 2006, the company reported MYR1.22 billion in
total assets and MYR1.46 billion in total liabilities, resulting
in a shareholders' deficit of MYR241.23 million.


PAN MALAYSIAN: To Wind Up Three Dormant Subsidiaries
----------------------------------------------------
Pan Malaysian Bhd is set to wind up three dormant subsidiaries
as part of its regularization plan, the company told the Bursa
Malaysia Securities Bhd.

The three subsidiaries facing creditors' voluntary wind-up are:

            a. Diriprop Sdn Bhd;

            b. Triple Tiara (M) Sdn Bhd; and

            c. United Interest Sdn Bhd.

These companies are wholly-owned subsidiaries of Hikari Builders
Sdn Bhd, which in turn is a 72.77%-owned subsidiary of Pan
Malaysian.  Hikari is also under creditors' voluntary wind-up.

Pan Malaysian said that the Voluntary Wind-Up is not expected to
have any material financial or operational effect for the
financial year ending March 31, 2007.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Group has been suffering recurring losses since 1999.  
Moreover, Pan Malaysian Industries Bhd's balance sheet went
upside down with a shareholders' deficit of MYR87.47 million as
of Dec. 31, 2006.  The company's balance sheet showed total
assets of MYR657.26 million and total liabilities of
MYR744.72 million.


PROTON HOLDINGS: Lands on Top 3 Spot in Indonesian Taxi Market
--------------------------------------------------------------
Proton Holdings Bhd has positioned itself in the top three spot
in Indonesia's taxi market in 2006, four years after marketing
its Wira taxis, Business Times reports.  

This year, Proton's Wira taxis have been outselling other brands
in the Indonesian market, which is traditionally dominated by
Toyota and Hyundai, the company's general manager for
international sales, Ahmad Tifli Datuk Mohd Talha, said.

Thus, Mr. Tifli said that starting September this year, Wira
taxis will be locally assembled at its Cikarang plant in
Indonesia.  The taxis are currently imported from Proton's plant
in Shah Alam.

Proton had delivered about 600 units to taxi operators in Pekan
Baru in Riau and Jakarta since it started selling Wira taxis in
the republic in August last year, Mr. Tifli said.

"We have firm orders of another 1,500 units and received
enquiries for about 3,000 units from taxi operators here"
Mr. Tifli added.

Proton's strong performance was partly due to the weak overall
automotive market in Indonesia and keen interest in newcomers,
the report says.

Sales of new cars dropped by about 40 per cent to some 310,000
units. The domestic taxi market is estimated at about 22,000
units a year.  The dismal overall sales figures have not
improved in January, with the number easing to 26,788 units from
31,175 units in December last year, Business Times notes.

                          *     *     *

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

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

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


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

IRON MOUNTAIN: Prices CDN$175 Million Senior Sub. Debt Offering
---------------------------------------------------------------
Iron Mountain Incorporated's wholly owned subsidiary, Iron
Mountain Nova Scotia Funding Company, has priced a private
placement of CDN$175 million in aggregate principal amount of
its 7-1/2% CAD Senior Subordinated Notes due 2017. The notes
will be sold at par.  The notes will be fully and
unconditionally guaranteed by Iron Mountain Incorporated and
certain of its wholly owned subsidiaries.  The net proceeds of
the offering will be used to repay a portion of amounts
outstanding under IRM's existing term loan facility.  The
closing of the offering is expected to occur on March 15, 2007,
and is subject to customary closing conditions.

The notes will be sold only to qualified institutional buyers
under Rule 144A under the Securities Act of 1933, as amended,
and to persons outside the United States pursuant to Regulation
S under the Securities Act, including in Canada to accredited
investors pursuant to National Instrument 45-106 -- Prospectus
and Registration Exemptions.  The securities to be offered have
not been registered under the Securities Act, or applicable
securities laws, and until so registered, may not be offered or
sold in the United States except pursuant to an exemption from
the registration requirements of the Securities Act and
applicable state securities laws.  The securities to be offered
are also exempt from the prospectus requirements of applicable
Canadian securities laws and may not be resold in Canada except
pursuant to a further exemption.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated (NYSE: IRM) is an international provider of
information storage and protection related services.  The
company offers comprehensive records management and data
protection solutions, along with the expertise to address
complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery. Founded
in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and
Asia Pacific.

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Standard & Poor's Ratings Services assigned its
'B' rating to Iron Mountain Inc.'s proposed EUR175 million 6.75%
senior subordinated notes due 2018.


IRON MOUNTAIN: Moody's Rates Proposed CDN$175-Mln Notes at B3
-------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
CDN$175 million senior subordinated notes due 2019 of Iron
Mountain Nova Scotia Funding Company, a Nova Scotia Unlimited
Liability Company and an indirect subsidiary of Iron Mountain
Incorporated.

The notes are guaranteed by Iron Mountain and are rated the same
as existing senior subordinated indebtedness and one notch lower
than the B2 Corporate Family Rating.  The B3 rating reflects
Moody's expectation of loss-given-default greater or equal to
50% but less than 70% (LGD 4).  The proposed notes are
redeemable on a "make whole basis" in the first five years, at a
premium between years five and eight and at par thereafter.

Proceeds from the notes will be used to repay outstanding
indebtedness and for general corporate purposes.  Existing
ratings are unaffected.

Moody's believes that the proposed refinancing does not
materially impact the credit profile of Iron Mountain.  Despite
meaningful improvement over the past two years, the Corporate
Family Rating of B2 and instrument ratings continue to reflect
high financial leverage, the significant amount of goodwill and
intangibles to total assets and the relatively low level of pro
forma free cash flow (defined as cash from operations less
capital expenditures less dividends) relative to debt.  The
ratings also reflect a capital intensive business with most
revenues deriving from paper document storage and related
services which require significant customized physical space.  

The ratings are supported by solid interest coverage for the
rating category of about 1.8 times in 2006 and adequate EBIT
return on assets of about 7% in the same period.  The ratings
also reflect the company's prominent position as a global leader
in information storage and data protection, including its
strategic expansion in the digital market in recent years.  The
ratings also benefit from the company's historical revenue
stability, geographical diversification and low customer
concentration.

The stable outlook reflects Iron Mountain's revenue stability
and successful record of acquiring and integrating assets, the
successful expansion in digital data storage and protection
services, as well as the recent reduction in the rate of
acquisitions.  Solid operating margins, EBIT to interest
coverage of 1.8 times and satisfactory EBIT return on average
assets (about 7.7% in 2005 and about 7.0% for 2006) further
support the stable outlook.  The outlook is constrained by
relatively narrow covenant cushions under the company's US
credit facilities.

Moody's took these rating actions:

    * Assigned a B3 (LGD4, 64%) rating to the proposed
      CDN$175-million senior subordinated notes due 2019;

    * Affirmed the B3 (LGD4, 64%) rated EUR225-million 6.75%
      Euro senior subordinated notes due 2018;

    * Affirmed the Ba2 (LGD1, 7%) rated US$400-million IMI
      revolving credit facility;

    * Affirmed the Ba2 (LGD1, 7%) rated US$312-million IMI term
      loan facility;

    * Affirmed the B3 (LGD4, 64%) rated US$72-million 8.25%
      senior subordinated notes due 2010;

    * Affirmed the B3 (LGD4, 64%) rated US$200-million 8.75%
      senior subordinated notes due 2018;

    * Affirmed the B3 (LGD4, 64%) rated US$448-million 8.625%
      senior subordinated notes due 2013;

    * Affirmed the B3 (LGD4, 64%) rated US$293.9-million 7.25%
      GBP senior subordinated notes due 2014;

    * Affirmed the B3 (LGD4, 64%) rated US$439-million 7.75%
      senior subordinated notes due 2016;

    * Affirmed the B3 (LGD4, 64%) rated US$316-million 6.625%
      senior subordinated notes due 2016;

    * Affirmed the (P)Ba2 (LGD2, 10%) rated secured drawings
      under the existing shelf;

    * Affirmed the (P)B3 (LGD4, 64%) rated subordinated draws
      under the existing shelf;

    * Affirmed the (P)Caa1 (LGD6, 97%) preferred stock draws
      under the existing shelf;

    * Affirmed the (P)B3 (LGD4, 64%) rated Trust preferred stock
      shelf;

    * Affirmed the B2 Corporate Family Rating;

    * Affirmed the B2 Probability of Default Rating.

The Speculative Grade Liquidity rating is unchanged at SGL-3.

The outlook for the ratings is stable.

Headquartered in Boston, Massachusetts, Iron Mountain
Incorporated (NYSE: IRM) is an international provider of
information storage and protection related services.  The
company offers comprehensive records management and data
protection solutions, along with the expertise to address
complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery.  
Founded in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and
Asia Pacific.

Iron Mountain entered the Asia Pacific region for the first time
in December of 2005 through the acquisition of the Australian
and New Zealand operations of Pickfords Records Management.   In
May 2006, Iron Mountain entered India when it formed a joint
venture with Mody Access.   And in June 2006, Iron Mountain
expanded its presence in Australia and New Zealand with the
acquisition of Melbourne-based DigiGuard.


WEIGHT WATCHERS: Board Declares US$0.175 Per Share Cash Dividend
----------------------------------------------------------------
Weight Watchers International Inc.'s board of directors declared
its quarterly cash dividend of US$0.175 per share, which
corresponds to an annual dividend rate of US$0.70 per share.  
This quarterly dividend will be payable on April 13, 2007, to
shareholders of record at the close of business on March 30,
2007.

Headquartered in New York, U.S.A., Weight Watchers International
Inc. (NYSE: WTW) -- http://www.weightwatchersinternational.com/
-- provides weight management services, with a presence in 30
countries around the world, including Brazil, Netherlands, and
New Zealand.  The company serves its customers through Weight
Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                          *     *     *

On December 27, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services placed
its ratings for commercial weight-loss service provider Weight
Watchers International Inc., including the 'BB' corporate credit
rating, on CreditWatch with negative implications, indicating
that the ratings could be lowered or affirmed after the
completion of Standard & Poor's review.

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. consumer services sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Weight
Watchers International, Inc.


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

CHIQUITA BRANDS: Inks Plea Agreement with U.S. Attorney and DOJ
---------------------------------------------------------------
Chiquita Brands International Inc. said Wednesday that it
entered into a plea agreement with the United States Attorney's
Office for the District of Colombia and the National Security
Division of the U.S. Department of Justice relating to the
previously disclosed investigation by the government into
payments made by the company's former banana-producing
subsidiary in Colombia to certain groups designated under U.S.
law as foreign terrorist organizations.  Chiquita voluntarily
disclosed the payments to the government in April 2003.  

Under the terms of the agreement, the company will plead guilty
to one count of Engaging in Transactions with a Specially-
Designated Global Terrorist, and will pay a fine of US$25
million, payable in five equal annual installments, with
interest.

The company said it will continue to cooperate with the
government in any continuing investigation into the matter.

The company previously recorded a reserve in 2006 of the full
US$25 million fine amount in anticipation of reaching a
settlement with the government.  The agreement is subject to
approval and acceptance by the United States District Court for
the District of Colombia.

                        CEO's Statement

Commenting on the agreement with the U.S. Department of Justice,
Fernando Aguirre, the company's chairman and chief executive
officer, said, "The information filed is part of a plea
agreement, which we view as a reasoned solution to the dilemma
the company faced several years ago."

"In 2003, Chiquita voluntarily disclosed to the Department of
Justice that its former banana-producing subsidiary had been
forced to make payments to right- and left-wing paramilitary
groups in Colombia to protect the lives of its employees.  The
company made this disclosure shortly after senior management
became aware that these groups had been designated as foreign
terrorist organizations under a U.S. statute that makes it a
crime to make payments to such organizations.  Since voluntarily
disclosing this information, Chiquita has continued to cooperate
with the DOJ's investigation," Mr. Aguirre continued.

"The payments made by the company were always motivated by our
good faith concern for the safety of our employees.  
Nevertheless, we recognized - and acted upon - our legal
obligation to inform the DOJ of this admittedly difficult
situation.  The agreement reached with the DOJ is in the best
interests of the company," he added.

           Amendment of Credit Pact with Operating Unit

As reported in the Troubled Company Reporter on Mar. 14, 2007,
Chiquita and its operating subsidiary, Chiquita Brands L.L.C.,
entered into an amendment effective March 7, 2007, of their
credit agreement dated as of June 28, 2005, with a syndicate of
banks, financial institutions and other institutional lenders.

The Amendment addressed the treatment under the Credit Agreement
of a US$25 million charge for the potential settlement of a
contingent liability related to the U.S. Department of Justice's
investigation of the company in connection with payments made by
its former Colombian subsidiary.  

Even without the Amendment, the company said it was in
compliance with the financial covenants under the Credit
Agreement at Dec. 31, 2006.   

According to the company, the Amendment, which makes certain
adjustments in the calculation of financial covenants relating
to the charge and certain legal fees and expenses, affords the
company greater flexibility to remain in compliance with the
financial covenants under the Credit Agreement in future
periods.

                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 US$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 US$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 US$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 Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.
It also distributes and markets fresh-cut fruit and other
branded, value-added fruit products.

                          *     *     *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC., as well as for its parent
Chiquita Brands International Inc.  Moody's said the outlook on
all ratings is stable.

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: Names Vanessa Vargas-Land as Vice President
------------------------------------------------------------
Chiquita Brands International appointed Vanessa L. Vargas-Land
as its vice president and chief compliance officer.  In this
role, she will be responsible for the day-to-day operation of
the company's compliance and ethics program.

"Vanessa's strong background in ethics and compliance in a
complex international environment will be a tremendous asset in
helping us to achieve the high standards of our Code of Conduct
and Core Values, as well as fully comply with the law and
regulations in the many countries in which Chiquita operates,"
said James Thompson, senior vice president and general counsel.
Mrs. Vargas will report to Thompson, but she will have a close
working relationship with Fernando Aguirre, chairman and chief
executive officer.  In addition, she will collaborate closely
with the company's corporate responsibility officer and the
Audit and Nominating & Governance Committees of the Board of
Directors.

"Chiquita is a great company with an already strong legal team
and culture of ethical responsibility," Mrs. Vargas said.  "I am
looking forward to adding my skills and experience to maintain
and enhance the company's commitment to the highest standards of
compliance."

Mrs. Vargas comes to Chiquita from Abbott Laboratories.  Most
recently, she served as ethics and compliance officer for the
company's nutrition division.  Prior to that, she developed and
implemented the compliance program for Abbott's affiliate
business units, located in 59 countries outside of the United
States. While at Abbott, she developed and led multiple training
initiatives regarding ethics and compliance.  Mrs. Vargas joined
Abbott in 2000 as litigation counsel.

Prior to joining Abbott, she worked with two Chicago law firms,
managing general business and commercial litigation, as well as
serving as trial lawyer on a broad range of issues.  Mrs. Vargas
earned her juris doctor degree and received her bachelor's
degree in English from the University of Illinois, Urbana-
Champaign.

                      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 Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.
It also distributes and markets fresh-cut fruit and other
branded, value-added fruit products.

                          *     *     *

In November 2006, Moody's Investors Service downgraded its
ratings for Chiquita Brands LLC., as well as for its parent
Chiquita Brands International Inc.  Moody's said the outlook on
all ratings is stable.

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.


GLOBE TELECOM: Discloses Agenda for Mar. 28 Stockholders Meeting
----------------------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia
Pacific, Globe Telecom, Inc., will hold its annual stockholders
meeting on March 28, 2007, at 2:30 p.m., at Intercontinental
Manila, in Makati City.

In an update, Globe Telecom informs the Philippine Stock
Exchange of the agenda of the ASM.   Among others, the
shareholders will be electing directors to the company's board.  
The shareholders will also elect auditors and fix their
remuneration.   

Only stockholders of record as of Feb. 16 will be entitled to
vote at the meeting, the company points out.

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

                          *     *     *

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

Globe's foreign currency senior unsecured debt rating of Ba2 is
above the Philippines' foreign currency country ceiling of Ba3.
The foreign currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government
declaring a debt moratorium to counter a foreign currency
crisis, Moody's says.

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

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


* Philippine Economy to Grow 5.8% in 2007, Merrill Lynch Says
-------------------------------------------------------------
Investment bank Merrill Lynch said it expects the Philippine
economy to grow at an annualized rate of 5.8% as it outperforms
its fiscal goals despite the upcoming May 14 elections.

The forecast is below the government's forecast of a 6.1-6.7%
growth in gross domestic product in 2007.

In a report titled "Benign Political Outlook", Merrill Lynch
said that a credit rating upgrade would also remain elusive for
the Philippines this year.

The investment bank said the main sources of growth for the
Philippines this year would be private consumption and export
earnings.

Last year, the country's domestic economy as measured by the
gross domestic product grew 5.4% or lower compared to the 5.5%
projection made by the government.

Merrill Lynch said services boom would continue to provide the
main impetus to economic activity and would offset the effect of
adverse weather conditions on agricultural output.

The investment bank said the Philippines would have to address
the weakness of fixed investments that remains a serious concern
and casts doubt about the growth potential over the medium term.

The American investment bank said the Philippine government
remains committed to achieve the budget deficit of PHP63 billion
or 0.9% of GDP this year after trimming the gap to its lowest
level in eight years last year.

The Philippines posted a budget shortfall of PHP62.2 billion or
1.04% of GDP last year from PHP146.8 billion or 2.7% of GDP in
2005.  The gap was less than half the programmed PHP125 billion
or 2.1% of GDP.

"The attainment of the fiscal deficit target of PHP63 billion
this year and a balanced budget for next year remain high on the
government's agenda," Merrill Lynch said.

The investment bank said the macroeconomic impact of the May 14
elections would be limited and there is no major risk of
slippage on the expenditure front due to the construction ban.

Merrill Lynch said the stable credit rating outlook of the
Philippines can be upgraded to positive later this year but the
country would have to wait until next year to get a full rating
upgrade.

"For a full rating upgrade, we think that it will have to wait
until next year," it said.

Rating agencies led by Standard and Poor's, Fitch Ratings and
Moody's Investor Service upgraded the country's credit rating
outlook to stable from negative last year after the government
successfully implemented Republic Act 9337 (Expanded Value Added
Tax Act of 2005).

                          *     *     *

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Jan. 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
BB+/Stable/B) proposed US$1.0 billion global bond issue maturing
in 2032.

On Nov. 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

PETROLEO BRASILEIRO: Gov't. Inks MOU with US to Promote Biofuels
----------------------------------------------------------------
Brazilian state-owned oil firm said in a statement that the
government has signed a memorandum of understanding or MOU with
the United States to promote biofuels.

As reported in the Troubled Company Reporter - Asia Pacific on
March 14, 2007, Brazilian President Luiz Inacio Lula da Silva
considered signing the memorandum aimed at incorporating ethanol
to the American energy grid an answer to the 21st century's
energy challenge.  He highlighted establishing the bases for the
global biofuel market as a huge contribution to the environment.  
President Lula da Silva and his US counterpart, George W. Bush,
visited Petroleo Brasileiro's facilities in Guarulhos, Sao
Paulo.  President Lula, accompanied by Petroleo Brasileiro
President Jose Sergio Gabrielli de Azevedo showed the American
president the several stages involved in ethanol and biodiesel
production.  

Business News Americas relates that the MOU provides guidelines
for bilateral cooperation for the promotion of ethanol on global
markets and help transfer technology to nations that want to
produce the fuel.

President Lula da Silva said in a transcript published by the
White House press office, "The MOU about cooperation in the
biofuel area signed today [March 9] is an answer to the great
energy challenges of the 21st century."

President Bush asked the US congress to authorize a US$1.6-
billion funding over 10 years for additional ethanol research,
BNamericas states.

                    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.


READER'S DIGEST: Names Eva Dillon as President & Group Publisher
----------------------------------------------------------------
Eva Dillon has been named President and Group Publisher,
Reader's Digest, responsible for Reader's Digest, RD Large Print
Edition and Selecciones magazines, the U.S. editions of the
company's flagship magazine, revealed by Mary Berner, President
and CEO of The Reader's Digest Association, Inc.

Dillon joins RDA from Conde Nast's Cookie magazine, where she
was Vice President and Publisher.  She starts immediately and
will be based in the New York office.  She will report directly
to Berner.

"We are delighted to welcome Eva Dillon to Reader's Digest,"
Berner said.  "Eva is a seasoned publishing executive with a
consistent track record of generating growth while working in a
variety of markets and categories, and I am confident that she
will make a significant contribution to the success of our
magazines here."

As President, Dillon will be responsible for advertising and
editorial at the Reader's Digest suite of U.S. magazines.  The
titles will be organized as a distinct RDA division as part of a
larger growth strategy that will emphasize consumer affinity
interests.

"I couldn't be happier to be joining Reader's Digest, especially
at this exciting time in the 85-year history of America's
favorite magazine.  I look forward to working with Mary Berner
and the entire Reader's Digest team," Dillon said.

Dillon was the launch Publisher of Cookie in March 2005 and took
it on a fast growth trajectory, positioning it as the first
family lifestyle magazine to bridge luxury and mass advertising.
Before going to Cookie, Dillon was Vice President, Publisher of
Jane magazine at Fairchild Publications, which later became part
of Conde Nast Publications.  During Dillon's tenure, Jane
doubled its revenues and was listed among the Adweek Top Ten
Hottest magazines for three straight years.  In 2002,
Advertising Age named Dillon as a "Woman to Watch" in an annual
special report on women in business.

Dillon earlier served as Associate Publisher of Glamour, and was
New York Regional Manager of TV Guide with responsibility for
more than US$100 million in revenue.  Earlier, she worked for
YM, Vogue, Harper's Bazaar and The New Yorker.

Denise Favorule, who had been serving as Senior Vice President
and Group Publishing Director, will be leaving the company.

                      About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc. (NYSE:RDA) -- http://www.rda.com/-- is a  
global publisher and direct marketer of products including
magazines, books, recorded music collections and home videos.
Products include Readers Digest magazine, which is published in
50 editions and 21 languages.  Annual revenues approximate
US$2.4 billion.

Reader's Digest has offices in Australia, Hong Kong, Malaysia,
Singapore, Taiwan, Philippines, Poland, Portugal, Hungary,
Korea, Malaysia, Thailand, India, and the United Kingdom.


REFCO INC: Plan Administrators Want May 11 Removal Period
---------------------------------------------------------
RJM, LLC, the duly appointed administrator of Refco, Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern
District of New York to extend until May 11, 2007, the period
within which Refco, Inc., and its debtor-subsidiaries may file
notices of removal with respect to pending actions under
Rule 9027(a)(2) of the Federal Rules of Bankruptcy Procedure.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York,
relates that as of their bankruptcy filing, the Debtors were
plaintiffs in 37 actions and proceedings in a variety of state
and federal courts throughout the country.

Mr. Clark states that since the Debtors have continued to focus
primarily on winding down their businesses, administering claims
and implementing the Plan, the Debtors have not reviewed all the
Actions to determine whether any of them should be removed.

Mr. Clark asserts that extension of the Removal Period will
afford the Debtors a sufficient opportunity to assess whether
the Actions can and should be removed, hence, protecting the
Debtors' valuable right to adjudicate lawsuits under Section
1452 of the Judiciary and Judicial Procedure Code.

                       About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000).


REFCO INC: RCM Trustee Objects to Sevilleja's US$4.2MM Claim
----------------------------------------------------------------
Marc S. Kirschner, as the duly appointed administrator and
Chapter 11 Trustee of Refco Capital Markets, Ltd.'s estate, asks
the Court to disallow and expunge Claim 10136 filed by Carlos
Sevilleja asserting not less than US$4,235,972 in connection
with Mr. Sevilleja's account at RCM.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, in New York,
relates that before Refco Inc. and its debtor-affiliates'
bankruptcy filing, Mr. Sevilleja and RCM entered into a master
agreement and executed various transactions in the Account,
which left RCM owing US$4,235,972 to Mr. Sevilleja.

Within 90 days before its bankruptcy filing, RCM separately
transferred an aggregate of US$105,000,000 from the Account to
Mr. Sevilleja.

Subsequently, the RCM Trustee filed a complaint against Mr.
Sevilleja to recover the Preferential Transfers.  Mr. Sevilleja
also filed its claim as a result of the Transactions under the
Agreement.

Under Section 547(b) of the Bankruptcy Code, Ms. Brozman notes
that the RCM Trustee may avoid the Preferential Transfers
because Mr. Sevilleja was a creditor of RCM at all times.

Ms. Brozman adds that the Preferential Transfers:

   (i) were made for the benefit of Mr. Sevilleja on account of
       a previous debt owed by RCM before the Preferential
       Transfers were made;

  (ii) were made while RCM was insolvent;

(iii) were made within 90 days before the Petition Date; and

  (iv) enabled Mr. Sevilleja to receive more than he would have
       received if (x) the Preferential Transfers had not been
       made, (y) the case was a Chapter 7 case, and (z) he had
       received payment of the debt provided by the Bankruptcy
       Code.

Ms. Brozman further contends that under Section 550, the RCM
Trustee may recover the Preferential Transfers, including
interest and costs since (i) they are avoidable under Section
547, and (ii) Mr. Sevilleja is the initial transferee of the
Preferential Transfers, or the immediate transferee of that
initial transferee.

Ms. Brozman insists that the Claim should be disallowed because
Mr. Sevilleja has not paid the amount of the Preferential
Transfers, or turned over any property, to RCM.

                         About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000).


SCOTTISH RE: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP, in Charlotte, North Carolina, expressed
substantial doubt about Scottish Re Group Limited's ability to
continue as a going concern after auditing the company's
consolidated financial statements for the year ended
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's net loss for the year ended Dec. 31, 2006, retained
deficit at Dec. 31, 2006, deteriorating financial performance,
and worsening liquidity and collateral position.

Scottish Re Group Limited reported a net loss of US$231.6
million for the fourth quarter ended Dec. 31, 2006, compared
with net income of US$60.8 million for the prior year period.  
For 2006, the company reported a net loss of US$366.7 million,
compared with net income of US$130.2 million for the prior year.

"We are disappointed with the results for the quarter, but are
pleased with our ability to maintain our business throughout
this very difficult period.  Although the consequences of the
rating downgrades have continued to impact our operating
results, we are confident that the proposed transaction with
MassMutual Capital and Cerberus will significantly improve our
financial situation and stabilize the company as we move into
the second quarter of 2007," said Paul Goldean, Chief Executive
Officer of Scottish Re Group Limited.

The net operating loss for the fourth quarter was primarily
attributable to these factors:

  -- 5% higher than expected mortality in the North America  
     segment of approximately US$11 million;

  -- Unfavorable lapse experience in the North America segment
     of approximately US$14 million;

  -- The reversal of an expected recovery from a specific client
     of approximately US$15 million due to corrected data from
     the client;

  -- The write-off of goodwill and unrecoverable deferred
     acquisition costs of approximately US$34 million and
     US$12 million, respectively, related to the International
     segment;

  -- Tax expense of US$118.2 million principally related to a
     US$91 million valuation allowance established on deferred
     tax assets.  The valuation allowance resulted from a    
     specific tax planning strategy no longer being available to
     the company.  The other components of the higher tax
     expense primarily related to valuation allowance movements
     on deferred tax assets based on actual results of legal
     entity statutory income and movements in statutory reserves
     for the period; and

  -- Higher operating expenses of approximately US$14 million,
     including legal, directors' fees and the relocation of the
     company's offices from Windsor to London, plus higher
     collateral finance facility and interest costs as a result
     of the rating downgrades and liquidity situation of
     approximately US$8 million.

Total revenues for the quarter ended Dec. 31, 2006, decreased to
US$668.2 million from US$675 million for the prior year period,
a decrease of 1%.  Excluding realized gains and losses and the
change in value of the embedded derivatives, total revenues for
the quarter increased to US$675.5 million from US$666 million
for the prior year period, an increase of 1.4%.  Total revenues
for the year ended Dec. 31, 2006, increased to US$2.451 billion
from US$2.297 billion for the prior year, an increase of 6.7%.  
Excluding realized gains and losses and the change in value of
the embedded derivatives, total revenues for the year ended Dec.
31, 2006, increased to US$2.473 billion from US$2.302 billion
for the prior year, an increase of 7.4%.

Total benefits and expenses increased to US$783 million for the
fourth quarter ended Dec. 31, 2006, from US$615.8 million for
the prior year period, an increase of 27.2%.  Total benefits and
expenses increased to US$2.598 billion for the year ended
Dec. 31, 2006, from US$2.183 billion for the prior year, an
increase of 19%.

The company's operating expense ratio (which is the ratio of
operating expenses to total revenue excluding realized gains and
losses and the change in value of embedded derivatives) for 2006
was 6.2%, as compared to an operating expense ratio of 5 for the
prior year.

For the fourth quarter, the company had a pre-tax loss of
US$114.8 million before minority interest as compared to a pre-
tax profit of US$59.2 million for the prior year period.  Income
tax expense for the fourth quarter was $118.2 million compared
to an income tax benefit of US$1.2 million in the same year
period.  For 2006, the company had a pre-tax loss of US$147.5
million before minority interest as compared to a pre-tax profit
before minority interest of US$113.6 million for the prior year.  
Income tax expense for 2006 was US$220.6 million compared to an
income tax benefit of US$16.4 million in the prior year.  The
change in effective tax rate in the fourth quarter compared to
the prior year is primarily related to valuation allowance
movements on deferred tax assets.

At Dec. 31, 2006, the company's balance sheet showed
US$13.436 billion in total assets, US$12.227 billion in total
liabilities, US$7.9 million in minority interest, US$143.7
million in Mezzanine Equity, and US$1.057 billion 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?1b43

                        MassMutual Merger

On Nov. 26, 2006, the company entered into a Securities Purchase
Agreement with MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group, and SRGL Acquisition, LLC, an
affiliate of Cerberus Capital Management, L.P. whereby, subject
to the terms and conditions set forth in the Securities Purchase
Agreement, the Investors will each purchase 500,000 of the
company's convertible cumulative participating preferred
shares, which will be newly issued, and which shares may be
converted into an aggregate of 150,000,000 ordinary shares,
subject to certain adjustments, if any, at any time and will
automatically convert on the ninth anniversary of the issue date
if not previously converted.

                         About Scottish Re

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

                          *     *     *

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

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

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

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

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


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

ABICO HOLDINGS: FY2006 Net Profit Plunges to THB39.73 Million
-------------------------------------------------------------
Abico Holding Pcl's net profit dropped to THB39.73 million in
the year ended Dec. 31, 2006, as compared with a net profit of
THB1.98 billion for the year ended Dec. 31, 2005.  

Abico Holding's balance sheets as of Dec. 31, 2006, showed total
assets of THB873.36 million and total liabilities of
THB824.87 million, resulting in a stockholders' equity of
THB48.49 million.

As of end-December 2006, Abico Holdings reported strained
liquidity with current assets of THB57.98 million available to
pay THB239.13 million of current liabilities coming due within
the next 12 months.

A full-text copy of Abico Holdings PCL's consolidated financial
statements for the fiscal year ended Dec. 31, 2006, can be
viewed for free at: http://bankrupt.com/misc/AbicoE2.xls

                  About Abico Holdings PCL

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading   
palm oil, real estate development and raw milk producer and
distributor.

On Apr. 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as its own rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 5, 2007, that the Stock Exchange of Thailand placed "SP" or
suspension sign on Abico Holdings' securities for the company's
failure to timely submit its financial statements for the period
ending Dec. 31, 2006.


DAIMLERCHRYSLER: Chrysler's Feb. Pre-Owned Vehicle Sales Up 9%
--------------------------------------------------------------
Continuing on the momentum started in January, DaimlerChrysler
AG's Chrysler Group reported that its Five Star(R) dealers set a
new February record of 10,187 Certified Pre-Owned Vehicle sales
in 2007, a 9% increase compared with February 2006 sales of
9,309 units.  Year-to-date sales also set a new record with
19,298 units, rising 9% from year-to-date sales in 2006.

Boosted by sales of the Jeep(R) Grand Cherokee (1,215 units) and
the Jeep Liberty (669 units), total Jeep sales accelerated 31%
in February.  In addition, both Dodge and Chrysler brand sales
rose 4% for the month.  Year-to-date sales were also up across
the board with Chrysler brand up 6%, Jeep brand up 26%, and the
Dodge brand up 3%.

"With America's Hottest Product's offered at our Five Star
dealers, Chrysler, Jeep and Dodge brands appeal to customers on
many levels and continue to set sales records,"
DaimlerChrysler Motors Remarketing Director Peter Grady said.

"In our quest to deliver a great product to our customers,
vehicles undergo a rigorous 125-point inspection to ensure only
the highest quality products are driven off our Five Star lots,"
he said.

The Chrysler Group offers one of the most comprehensive
Certified Pre-Owned Vehicle programs in the industry.  For a
vehicle to be certified under the Chrysler Group's used-vehicle
program, it must be a 2002 through 2007 model pre-owned vehicle
with less than 65,000 miles and pass a stringent 125-point
inspection.

The Chrysler Group's CPO vehicles are backed by an
eight-year/80,000-mile powertrain limited warranty, 24-hour,
365-day full roadside assistance with a US$35 per day rental car
allowance and a three-month or 3,000-mile Maximum Care warranty,
in addition to a Carfax Vehicle History Report and buyback
guarantee.

Marketed as "Brand Spankin' Used(R)," the Chrysler Group's CPO
vehicles are sold only through Chrysler, Jeep and Dodge
dealerships that have earned the automaker's Five Star
certification.

Five-Star certification is a comprehensive validation of the
dealership's facilities, operational processes, salesperson and
technician training accreditation as well as customer
satisfaction survey ratings.  Approximately 2,100 Chrysler Group
dealerships in the United States are certified Five Star
dealers.

                    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.


DAIMLERCHRYSLER: CEO Meets with Gov. on Chrysler Group Status
-------------------------------------------------------------
Michigan Governor Jennifer Granholm met with DaimlerChrysler AG
Chief Executive Dieter Zetsche in Stuttgart earlier this week,
The Associated Press reports.

The governor stressed that she hopes Chrysler Group will remain
in the state no matter who owns the company, AP adds.

"I wanted to make sure that he knew ... how important it is for
us to retain the investment, and have Daimler or DaimlerChrysler
or Chrysler grow in Michigan," she said in a telephone interview
with AP.  "He certainly was very understanding of that message."

According to that report, the governor also told her hope that
DaimlerChrysler would consider Michigan when it looks to build a
US$3 billion powertrain plant.

"I told him that Michigan is the right place for that investment
given the clustering of suppliers, R and D (research and
development) and manufacturers," she further said in AP's
interview. "He was very open to that.  However, the decision has
not been made."

The governor said Mr. Zetsche told her that Michigan is already
an excellent business partner, the AP notes.

"I feel optimistic that there will be a strong DaimlerChrysler
or Chrysler presence in Michigan in some shape or form," she
said to AP.

                    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.


DAIMLERCHRYSLER: Investors Want "Chrysler" Dropped from Name
------------------------------------------------------------
DaimlerChrysler AG shareholders have recommended that the
company remove "Chrysler" from its name and revert to its old
moniker -- Daimler-Benz AG -- and reincorporate under new
European guidelines, Bloomberg News reports.

"Maintaining a corporate name that evokes associations with the
failure of the business combination with Chrysler is detrimental
to the image of the corporation and its products," shareholders
Ekkehard Wenger and Leonhard Knoll wrote in an amendment to the
agenda for the April 4 annual meeting published on the company's
Website.

The shareholders' motion has heightened the tension between them
and the board following DaimlerChrysler CEO Dieter Zetsche's
Feb. 14, 2007, announcement that "all options are on the table"
for Chrysler, including a possible sale.  Investors have been
demanding for Chrysler's disposal since DaimlerChrysler's
inception in 1998, Bloomberg states.

In response to the motion, the company's management board said
on its Web site: "The DaimlerChrysler name is established all
over the world.  There are no grounds to change the name of the
corporation."

                   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.


KRUNG THAI BANK: To Float THB100 Bil. in New Bond Issue Program
---------------------------------------------------------------
Krung Thai Bank plans to float up to THB100 billion in new debt
to help refinance existing debt and support business expansion,
The Bangkok Post reports.

According to the report, KTB President Apisak Tantiworawong said
that bank directors are set to review the bond issue program.  
The details of the issue, including the timing and term of the
new instruments, are still to be finalized.

Bangkok Post, citing Mr. Apisak, says that debenture issues
would include domestic and overseas issues, and will follow on
from KTB's issue of last year's debt worth more than
THB20 million.  Interest rate trends in the local market are
falling, but the pace of rate cuts remains uncertain, the report
notes.

"How quickly rates fall depends on market liquidity and the
signals from the regulators. If the [Bank of Thailand's] policy
rate falls, it will only accelerate rate cuts by local banks,"
Bangkok Post quotes Mr. Apisak.

The report adds that excess market liquidity remained relatively
high at THB400 to THB500 million due to the continued strong
earnings of exporters.  

The report states that Mr. Apisak believes interest rate cuts
alone would not help boost economic growth.  

"We need to do several things at the same time, including
boosting domestic consumption. That will only happen once
confidence returns," Mr. Apisak said.  

Bangkok Post states that the central bank's one-day repurchase
rate currently stands at 4.5%, but is expected to be cut by up
to half a percentage point at the central bank's next Monetary
Policy Committee meeting on April 11.

                     About Krung Thai Bank

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/  
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 23, 2006, affirmed the C/D individual rating
of Krung Thai Bank and removed them from Rating Watch Negative
on which they were placed on September 20, 2006 following the
military coup.

The TCR-AP reported on Oct. 6, 2006, that Moody's has reinstated
the Ba1 rating previously assigned to Krung Thai Bank Public
Company Ltd's (KTB, D-/Baa1/P-2) Hybrid Tier 1 securities being
issued via its Singapore branch.  The rating outlook is stable.

Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the perpetual, non-cumulative, hybrid
Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


TOT PCL: To Take Back Management Rights of 3 Private Networks
-------------------------------------------------------------
TOT Pcl intends to take back the network-management rights of
its three major private concessionaires -- Advanced Info
Service, True Corporation, and TT&T PCL -- as part of its plan
to create a national telecom network, The Nation reports.

According to the report, TOT's board of directors believes that
the move would serve the company's goal of becoming Thailand's
national network provider because the three operators would be
put in a position where they would offer telecom services on a
non-profit bases.

The report, citing TOT board director Vuthiphong Priebjrivat,
states that the company is attempting to convert the existing
concession contracts into network-lease contracts for the
private concessionaires, and settle access-charge disputes with     
Total Access Communication and True Move -- CAT Telecom's
private cellular concessionaires.

The report explains that both operators want to stop paying the
access charge TOT is imposing for routing subscribers' calls to
different networks through TOT's facilities.  

The report further says that DTAC and True Move will only answer
for the interconnection charge stipulated in the Bilateral
Interconnection-Charge deal signed by major telecom operators in
2006.  

The Troubled Company Reporter - Asia Pacific reported on
Jan. 19, 2007, that DTAC filed a lawsuit against TOT at the
Central Administrative Court demanding more than THB73 million
in compensation from the state agency.  The report said that
DTAC has asked the court to issue an injunction to prevent TOT
from disconnecting its services.

The TCR-AP stated that the dispute began when TOT refused to
integrate 1.5 million new phone numbers from Total Access into
its network, citing their refusal to pay its access charges.
   
In a subsequent TCR-AP report on Feb. 5, 2007, Thailand's
National Telecommunications Commission instructed TOT to
integrate 1.5 million new mobile-phone numbers from each of DTAC
into its system immediately and permanently.  The NTC also
instructed the state telecom firm to do the same with DTAC's
rival, True Move.

The TCR-AP said that TOT would face fines or revocation of its
license if it refuses to heed the instructions.

According to The Nation, Mr. Vuthiphong says that TOT would
lease the networks to interested telecom operators when it takes
back network-management rights, and existing private networks
would then pay TOT for network leases at rates not exceeding
current concession-fee levels.  Penalties would also be
cancelled.     

The Nation states that although TOT and CAT Telecom granted
contracts to private telecom operators on a build-transfer-
operate basis, they have no right to manage these networks.  
Network ownership shifts back to the private operators once
contracts have ended.  

"Telecom networks should be monopolized by the government, while
the service providers can still compete freely," the report
quotes Mr. Vuthiphong.

The report says that Mr. Vuthiphong plans to advise CAT to do
the same thing, but he admits that TOT still needs to look at
certain technical and legal aspects to see if the plan could
actually be realized.

The report, citing a telecom analyst, says that a major cellular
operator like AIS would likely lose its competitive advantage if
TOT has authority.  A telecom industrialist also questioned the
appropriateness of TOT's plan to have a monopoly over telecom
networks.  

Telecom executives refuse to comment on TOT's plan as they are
still waiting for the state agency to disclose further details,
The Nation says.  

           About Total Access Communications, DTAC

Total Access Communications, DTAC -- http://www.dtac.co.th/--     
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

On Jan. 12, 2007, Fitch Ratings affirmed the ratings of Total
Access Communication following the proposed amendments to
Thailand's Foreign Business Act.

    -- Long-term foreign currency Issuer Default rating at BB+;

    -- National Long-term rating at A(tha);

    -- National Short-term rating at F2(tha); and

    -- National senior unsecured rating at A(tha).

The Outlook on DTAC's ratings is Stable.

                        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.


=============
V I E T N A M
=============

* Moody's Changes Vietnam's Rating Outlook to Positive
------------------------------------------------------
Moody's has changed to positive from stable its outlook for
Vietnam's Ba3 foreign-currency government bond rating, and has
assigned a Ba3 local-currency government bond rating, also with
a positive outlook.

"The change in outlook was prompted by continued success in the
country's externally oriented development policies and overall
stability in the government's fiscal position even as the
authorities deliberately run budget deficits to finance
investment and to boost the level of national income," said
Moody's Vice President Tom Byrne.

Vietnam's foreign-currency country ceiling for bonds and notes
remains at Ba2, with a stable outlook.  The outlook on the
country's B1 foreign-currency ceiling for deposits was changed
to positive from stable, and the local currency bond ceiling
remains at Ba1.

Vietnam's accession to the WTO in January 2007 and gaining of
permanent normal trade relations status from the US Congress
last December have already facilitated a surge in foreign
investment inflows, helping to ensure the long-term health of
the country's external payments position.

"The economic benefits already gained by liberalization have won
support for reform, and for those unconvinced, WTO membership
serves as an anchor for withstanding domestic opposition," said
Byrne.

He said the further institutionalization of reform now taking
place will likely support macroeconomic stability and help
enhance the country's credit fundamentals.  The establishment of
the State Capital Investment Corporation last year will help
quicken the pace of restructuring of state-owned enterprises and
state-owned banks.  He added that a timely advance of such
reform will minimize contingent fiscal liabilities.

"The attendant development of the capital markets should also
diversify funding sources away from an excessive reliance on
government and bank-financed debt," said Byrne.  "We recognize
that these developments are still in their early stages, but
steady progress will help provide for more balanced and less-
erratic growth in the future."

For Vietnam's rating to move up, he said, some concern about
policy capabilities will need to be allayed.  Namely, fiscal
deficits should be contained and the increase in government debt
restrained.  "Macroeconomic stability could be threatened by an
unabated surge in capital inflows due to loose monetary control
or an inappropriate exchange rate policy, and fiscal
sustainability could be challenged by excessive increases in
expenditure or a sharp fall in oil prices and petroleum sector
revenues," said Byrne.

"Key external indicators place Vietnam in a favorable position
compared with its peers," said Byrne.  However, he added that
deficiencies and the relative lack of timeliness and
transparency in the country's economic, fiscal and financial
statistics need to be further improved.

The ability of Vietnam to continue to attract large foreign
direct investment inflows while sustaining its high savings rate
will allow the country to maintain a relatively rapid and
sustainable economic growth rate.  "The long-run economic
prospects for Vietnam will remain favorable provided the
authorities can follow sound macroeconomic policies, enhance
further external competitiveness, and generate more momentum in
favor of reforming the country's backward banking and industrial
structures," said Byrne.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Stadium Australia Group           SAX     135.23      -41.84


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      20.12      -42.96
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hans Energy Company Limited       554      94.75      -10.76
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Genuine Material
   Co., Ltd.                      156      77.57      -77.92
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiamusi Paper Co. Ltd.            699     109.07      -86.57
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -28.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI     110.62      -74.82
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Mulialand Tbk                    MLND     141.33      -45.99
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


MALAYSIA

Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources                     ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Informatics Holdings Ltd         INFO      22.30       -9.14
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24





                            *********

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

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

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


                            *********


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

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